Summit Hotel Properties Inc. (NYSE:INN) Receives $17.81 Average Target Price from Brokerages
Shares of Summit Hotel Properties Inc. (NYSE:INN) have been assigned a consensus recommendation of “Buy” from the twelve analysts that are currently covering the firm. One research analyst has rated the stock with a hold rating and nine have issued a buy rating on the company. The average 1-year target price among analysts that have covered the stock in the last year is $17.81.
INN has been the subject of several recent research reports. Zacks Investment Research cut Summit Hotel Properties from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 13th. Deutsche Bank AG reaffirmed a “buy” rating on shares of Summit Hotel Properties in a research report on Sunday, June 26th. Canaccord Genuity reaffirmed a “buy” rating and set a $16.00 price objective on shares of Summit Hotel Properties in a research report on Tuesday, August 16th. Finally, JMP Securities upped their price objective on Summit Hotel Properties from $14.00 to $15.50 and gave the stock a “market outperform” rating in a research report on Thursday, August 4th.
Summit Hotel Properties (NYSE:INN) opened at 12.81 on Thursday. The company has a market capitalization of $1.12 billion, a P/E ratio of 7.37 and a beta of 0.98. Summit Hotel Properties has a 12 month low of $9.00 and a 12 month high of $14.58. The firm has a 50-day moving average price of $13.62 and a 200 day moving average price of $12.83.
Summit Hotel Properties (NYSE:INN) last posted its quarterly earnings data on Tuesday, August 2nd. The real estate investment trust reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.03. The company earned $127.19 million during the quarter, compared to analysts’ expectations of $127.70 million. Summit Hotel Properties had a return on equity of 19.19% and a net margin of 34.98%. Summit Hotel Properties’s revenue for the quarter was up 5.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.14 earnings per share. Analysts expect that Summit Hotel Properties will post $1.35 EPS for the current year.
A number of hedge funds have recently added to or reduced their stakes in the stock. Amalgamated Bank acquired a new stake in Summit Hotel Properties during the second quarter valued at about $144,000. PineBridge Investments L.P. raised its stake in Summit Hotel Properties by 4.3% in the second quarter. PineBridge Investments L.P. now owns 11,064 shares of the real estate investment trust’s stock valued at $146,000 after buying an additional 459 shares in the last quarter. Raymond James Trust N.A. acquired a new stake in Summit Hotel Properties during the second quarter valued at about $147,000. Intrust Bank NA acquired a new stake in Summit Hotel Properties during the second quarter valued at about $149,000. Finally, M&T Bank Corp raised its stake in Summit Hotel Properties by 7.8% in the first quarter. M&T Bank Corp now owns 13,326 shares of the real estate investment trust’s stock valued at $160,000 after buying an additional 962 shares in the last quarter. Hedge funds and other institutional investors own 94.66% of the company’s stock.
Summit Hotel Properties Company Profile
Summit Hotel Properties, Inc is a holding company and conducts all of its operations through its Summit Hotel OP, LP (operating partnership). The Company is a real estate investments trust (REIT) and self-managed hotel investment company. The Company operates in the segment of activities related to investing in real estate.
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