Summit Hotel Properties (NYSE:INN) Shares Gap Down – Here’s Why

Summit Hotel Properties, Inc. (NYSE:INN)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $5.52, but opened at $5.35. Summit Hotel Properties shares last traded at $5.43, with a volume of 75,775 shares traded.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on INN shares. Zacks Research lowered Summit Hotel Properties from a “hold” rating to a “strong sell” rating in a report on Wednesday, September 3rd. Wall Street Zen raised Summit Hotel Properties from a “sell” rating to a “hold” rating in a report on Saturday, August 9th. Bank of America lifted their price objective on Summit Hotel Properties from $5.00 to $5.75 and gave the stock a “neutral” rating in a report on Monday, July 21st. Weiss Ratings reissued a “sell (d)” rating on shares of Summit Hotel Properties in a report on Saturday, September 27th. Finally, Robert W. Baird dropped their target price on Summit Hotel Properties from $5.00 to $4.50 and set a “neutral” rating for the company in a report on Friday. Two research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Reduce” and an average price target of $5.13.

Summit Hotel Properties Stock Performance

The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.11. The stock has a fifty day moving average price of $5.47 and a 200-day moving average price of $4.97. The firm has a market capitalization of $590.62 million, a price-to-earnings ratio of -60.31 and a beta of 1.70.

Summit Hotel Properties (NYSE:INN) last released its quarterly earnings results on Tuesday, August 5th. The real estate investment trust reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.01. Summit Hotel Properties had a return on equity of 0.56% and a net margin of 1.00%.The firm had revenue of $192.92 million during the quarter, compared to analysts’ expectations of $194.49 million. Summit Hotel Properties has set its FY 2025 guidance at 0.900-0.900 EPS. As a group, analysts anticipate that Summit Hotel Properties, Inc. will post 0.88 earnings per share for the current fiscal year.

Summit Hotel Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Friday, August 15th were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 5.9%. The ex-dividend date of this dividend was Friday, August 15th. Summit Hotel Properties’s dividend payout ratio (DPR) is currently -355.56%.

Institutional Investors Weigh In On Summit Hotel Properties

Hedge funds and other institutional investors have recently bought and sold shares of the business. New York State Teachers Retirement System increased its holdings in Summit Hotel Properties by 11.2% during the 1st quarter. New York State Teachers Retirement System now owns 152,246 shares of the real estate investment trust’s stock valued at $824,000 after purchasing an additional 15,334 shares in the last quarter. Principal Financial Group Inc. increased its stake in shares of Summit Hotel Properties by 2.7% in the 1st quarter. Principal Financial Group Inc. now owns 539,713 shares of the real estate investment trust’s stock valued at $2,920,000 after buying an additional 14,115 shares during the period. GAMMA Investing LLC increased its stake in shares of Summit Hotel Properties by 453.0% in the 1st quarter. GAMMA Investing LLC now owns 8,218 shares of the real estate investment trust’s stock valued at $44,000 after buying an additional 6,732 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Summit Hotel Properties by 16.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,848,480 shares of the real estate investment trust’s stock valued at $10,000,000 after buying an additional 257,720 shares during the period. Finally, Public Sector Pension Investment Board increased its stake in shares of Summit Hotel Properties by 26.7% in the 1st quarter. Public Sector Pension Investment Board now owns 343,810 shares of the real estate investment trust’s stock valued at $1,860,000 after buying an additional 72,445 shares during the period. 96.47% of the stock is owned by institutional investors and hedge funds.

About Summit Hotel Properties

Summit Hotel Properties, Inc is a publicly traded real estate investment trust focused on owning premium-branded lodging properties with efficient operating models primarily in the upscale segment of the lodging industry. As of November 1, 2023, the Company’s portfolio consisted of 101 assets, 57 of which are wholly owned, with a total of 15,035 guestrooms located in 24 states.