Summit Hotel Properties Inc. (INN) Stock Rating Upgraded by Zacks Investment Research
Summit Hotel Properties Inc. (NYSE:INN) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Wednesday.
According to Zacks, “Summit Hotel Properties, Inc. is a publicly traded real estate investment trust focused primarily on owning premium-branded, select-service hotels in the upscale and upper midscale segments of the lodging industry. “
A number of other equities research analysts have also weighed in on INN. Canaccord Genuity reissued a “buy” rating on shares of Summit Hotel Properties in a report on Tuesday, August 2nd. JMP Securities upped their price objective on shares of Summit Hotel Properties from $14.00 to $15.50 and gave the company a “market outperform” rating in a research note on Thursday, August 4th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $17.22.
Shares of Summit Hotel Properties (NYSE:INN) opened at 13.30 on Wednesday. The firm has a market capitalization of $1.16 billion, a price-to-earnings ratio of 7.09 and a beta of 0.92. Summit Hotel Properties has a one year low of $9.00 and a one year high of $14.58. The company’s 50 day moving average is $13.09 and its 200-day moving average is $13.08.
Summit Hotel Properties (NYSE:INN) last posted its earnings results on Wednesday, November 2nd. The real estate investment trust reported $0.37 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.33 by $0.04. Summit Hotel Properties had a net margin of 38.34% and a return on equity of 19.64%. The firm had revenue of $118.34 million for the quarter, compared to analyst estimates of $117.99 million. During the same period in the previous year, the firm posted $0.37 EPS. The company’s revenue for the quarter was down 5.4% compared to the same quarter last year. Equities analysts expect that Summit Hotel Properties will post $1.37 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 30th. Investors of record on Wednesday, November 16th will be paid a dividend of $0.1625 per share. The ex-dividend date is Monday, November 14th. This is a positive change from Summit Hotel Properties’s previous quarterly dividend of $0.13. This represents a $0.65 annualized dividend and a yield of 4.89%. Summit Hotel Properties’s dividend payout ratio is currently 28.19%.
A number of hedge funds and other institutional investors have recently modified their holdings of INN. LSV Asset Management raised its position in shares of Summit Hotel Properties by 28.5% in the second quarter. LSV Asset Management now owns 3,538,983 shares of the real estate investment trust’s stock valued at $46,856,000 after buying an additional 784,498 shares in the last quarter. Bank of Montreal Can acquired a new position in Summit Hotel Properties during the second quarter valued at $9,871,000. Hancock Holding Co. acquired a new position in Summit Hotel Properties during the second quarter valued at $8,447,000. BlackRock Fund Advisors increased its position in Summit Hotel Properties by 9.8% in the third quarter. BlackRock Fund Advisors now owns 6,075,163 shares of the real estate investment trust’s stock valued at $79,949,000 after buying an additional 541,011 shares during the last quarter. Finally, BlackRock Institutional Trust Company N.A. increased its position in Summit Hotel Properties by 15.1% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 3,495,080 shares of the real estate investment trust’s stock valued at $46,275,000 after buying an additional 459,447 shares during the last quarter. 94.50% of the stock is currently owned by institutional investors and hedge funds.
About Summit Hotel Properties
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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