Janney Montgomery Scott lowered shares of Summit Hotel Properties (NYSE:INN) from a buy rating to a neutral rating in a report published on Monday, November 20th, Marketbeat Ratings reports.
A number of other research analysts have also recently issued reports on INN. BidaskClub cut shares of Summit Hotel Properties from a hold rating to a sell rating in a research note on Thursday, July 27th. Zacks Investment Research cut shares of Summit Hotel Properties from a buy rating to a hold rating in a research note on Friday, July 28th. Royal Bank Of Canada reissued a buy rating and issued a $20.00 price target on shares of Summit Hotel Properties in a report on Friday, August 4th. Canaccord Genuity lowered their price target on shares of Summit Hotel Properties from $21.00 to $18.00 and set a buy rating for the company in a report on Friday, August 4th. Finally, Deutsche Bank reissued a buy rating and issued a $17.00 price target (down previously from $19.00) on shares of Summit Hotel Properties in a report on Wednesday, August 9th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Summit Hotel Properties has an average rating of Buy and an average target price of $17.50.
Shares of Summit Hotel Properties (INN) remained flat at $$15.00 on Monday. The stock had a trading volume of 419,593 shares, compared to its average volume of 870,162. The stock has a market cap of $1,560.00, a P/E ratio of 11.38 and a beta of 1.18. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.61 and a quick ratio of 1.61. Summit Hotel Properties has a fifty-two week low of $14.23 and a fifty-two week high of $19.39.
Summit Hotel Properties (NYSE:INN) last announced its quarterly earnings results on Monday, October 30th. The real estate investment trust reported $0.17 EPS for the quarter, hitting analysts’ consensus estimates of $0.17. Summit Hotel Properties had a net margin of 20.21% and a return on equity of 8.96%. The firm had revenue of $136.60 million during the quarter, compared to analysts’ expectations of $135.69 million. During the same quarter last year, the company earned $0.37 earnings per share. The company’s revenue for the quarter was up 15.5% compared to the same quarter last year. research analysts predict that Summit Hotel Properties will post 1.25 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, November 30th. Shareholders of record on Thursday, November 16th were issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 4.53%. The ex-dividend date was Wednesday, November 15th. Summit Hotel Properties’s dividend payout ratio is presently 82.93%.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. grew its holdings in Summit Hotel Properties by 23.3% during the 2nd quarter. BlackRock Inc. now owns 16,762,916 shares of the real estate investment trust’s stock worth $312,629,000 after acquiring an additional 3,170,833 shares during the period. Vanguard Group Inc. boosted its position in shares of Summit Hotel Properties by 28.3% during the second quarter. Vanguard Group Inc. now owns 16,660,607 shares of the real estate investment trust’s stock worth $310,721,000 after purchasing an additional 3,670,472 shares in the last quarter. Principal Financial Group Inc. boosted its position in shares of Summit Hotel Properties by 4.9% during the third quarter. Principal Financial Group Inc. now owns 4,135,461 shares of the real estate investment trust’s stock worth $66,127,000 after purchasing an additional 191,859 shares in the last quarter. State Street Corp boosted its position in shares of Summit Hotel Properties by 11.1% during the second quarter. State Street Corp now owns 4,031,665 shares of the real estate investment trust’s stock worth $75,190,000 after purchasing an additional 402,804 shares in the last quarter. Finally, Macquarie Group Ltd. boosted its position in shares of Summit Hotel Properties by 1.2% during the third quarter. Macquarie Group Ltd. now owns 2,978,880 shares of the real estate investment trust’s stock worth $47,632,000 after purchasing an additional 34,286 shares in the last quarter. 95.71% of the stock is owned by hedge funds and other institutional investors.
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Summit Hotel Properties Company Profile
Summit Hotel Properties, Inc is a real estate investment trust (REIT). The Company is focused primarily on owning premium-branded, select-service hotels in the Upscale segment of the United States lodging industry. The Company’s portfolio consists of 79 hotels with a total of 11,590 guestrooms located in 24 states.
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