Summit Hotel Properties Inc. (INN) Receives $18.29 Consensus Price Target from Analysts
Shares of Summit Hotel Properties Inc. (NYSE:INN) have been assigned a consensus recommendation of “Buy” from the eleven research firms that are currently covering the firm. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $18.29.
A number of equities research analysts have issued reports on the stock. Zacks Investment Research raised shares of Summit Hotel Properties from a “sell” rating to a “hold” rating in a report on Wednesday, November 9th. Canaccord Genuity set a $16.00 price objective on shares of Summit Hotel Properties and gave the company a “buy” rating in a report on Wednesday, November 2nd. Finally, JMP Securities increased 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 report on Thursday, August 4th.
Shares of Summit Hotel Properties (NYSE:INN) opened at 14.25 on Thursday. The company’s 50-day moving average is $13.10 and its 200-day moving average is $13.10. The company has a market capitalization of $1.24 billion, a price-to-earnings ratio of 7.59 and a beta of 0.92. Summit Hotel Properties has a 12-month low of $9.00 and a 12-month high of $14.58.
Summit Hotel Properties (NYSE:INN) last released its earnings results on Wednesday, November 2nd. The real estate investment trust reported $0.37 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $118.34 million for the quarter, compared to analysts’ expectations of $117.99 million. During the same quarter last year, the business earned $0.37 EPS. The firm’s revenue was down 5.4% compared to the same quarter last year. Analysts predict that Summit Hotel Properties will post $1.37 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 30th. Investors of record on Wednesday, November 16th will be issued a $0.1625 dividend. The ex-dividend date of this dividend 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 dividend on an annualized basis and a dividend yield of 4.56%. Summit Hotel Properties’s dividend payout ratio (DPR) is 28.19%.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Advisor Group Inc. increased its stake in shares of Summit Hotel Properties by 12.0% in the third quarter. Advisor Group Inc. now owns 7,670 shares of the real estate investment trust’s stock worth $101,000 after buying an additional 821 shares in the last quarter. HighTower Advisors LLC bought a new stake in shares of Summit Hotel Properties during the third quarter worth about $134,000. Amalgamated Bank bought a new stake in shares of Summit Hotel Properties during the second quarter worth about $144,000. PineBridge Investments L.P. increased its stake in shares of 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 worth $146,000 after buying an additional 459 shares in the last quarter. Finally, Raymond James Trust N.A. bought a new stake in shares of Summit Hotel Properties during the second quarter worth about $147,000. 94.15% of the stock is owned by hedge funds and other institutional investors.
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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