Summit Hotel Properties Inc (NYSE:INN)’s share price reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $12.05 and last traded at $12.05, with a volume of 31924 shares changing hands. The stock had previously closed at $12.33.
Separately, Zacks Investment Research raised Summit Hotel Properties from a “sell” rating to a “hold” rating in a research report on Saturday, June 23rd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have issued a buy rating to the stock. Summit Hotel Properties has a consensus rating of “Buy” and a consensus target price of $16.21.
The stock has a market capitalization of $1.25 billion, a price-to-earnings ratio of 8.79, a PEG ratio of 4.25 and a beta of 1.21. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.51 and a quick ratio of 1.51.
Summit Hotel Properties (NYSE:INN) last announced its quarterly earnings results on Wednesday, August 1st. The real estate investment trust reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.03. The company had revenue of $152.20 million for the quarter, compared to the consensus estimate of $151.13 million. Summit Hotel Properties had a return on equity of 6.53% and a net margin of 14.16%. The firm’s revenue for the quarter was up 17.9% compared to the same quarter last year. During the same period last year, the firm earned $0.36 EPS. On average, research analysts predict that Summit Hotel Properties Inc will post 1.28 EPS for the current year.
A number of institutional investors and hedge funds have recently made changes to their positions in INN. BlackRock Inc. grew its position in Summit Hotel Properties by 8.5% during the 2nd quarter. BlackRock Inc. now owns 17,499,148 shares of the real estate investment trust’s stock worth $250,413,000 after purchasing an additional 1,371,193 shares during the period. Duff & Phelps Investment Management Co. grew its position in Summit Hotel Properties by 205.1% during the 2nd quarter. Duff & Phelps Investment Management Co. now owns 1,823,875 shares of the real estate investment trust’s stock worth $26,100,000 after purchasing an additional 1,226,150 shares during the period. Northern Trust Corp grew its position in Summit Hotel Properties by 39.7% during the 2nd quarter. Northern Trust Corp now owns 2,675,449 shares of the real estate investment trust’s stock worth $38,286,000 after purchasing an additional 760,506 shares during the period. Segall Bryant & Hamill LLC acquired a new stake in Summit Hotel Properties during the 2nd quarter worth about $10,777,000. Finally, Federated Investors Inc. PA acquired a new stake in shares of Summit Hotel Properties during the 2nd quarter valued at about $10,523,000. 99.12% of the stock is currently owned by institutional investors.
Summit Hotel Properties Company Profile (NYSE:INN)
Summit Hotel Properties, Inc is a publicly-traded real estate investment trust focused on owning premium-branded hotels with efficient operating models primarily in the upscale segment of the lodging industry. As of August 1, 2018, the Company's portfolio consisted of 77 hotels with a total of 11,657 guestrooms located in 26 states.
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