Summit Hotel Properties, Inc. (NYSE:INN) has been assigned an average rating of “Buy” from the eleven brokerages that are presently covering the company, MarketBeat.com reports. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating on the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $18.00.

A number of research analysts recently commented on INN shares. Cantor Fitzgerald cut their target price on Summit Hotel Properties to $19.00 and set a “buy” rating for the company in a research note on Monday, June 5th. Canaccord Genuity restated a “buy” rating and issued a $18.00 target price (down from $19.00) on shares of Summit Hotel Properties in a research note on Monday, May 15th. Robert W. Baird restated an “outperform” rating and issued a $18.00 target price (up from $17.00) on shares of Summit Hotel Properties in a research note on Friday, June 16th. Raymond James Financial, Inc. restated a “market perform” rating on shares of Summit Hotel Properties in a research note on Friday, July 14th. Finally, Zacks Investment Research upgraded Summit Hotel Properties from a “hold” rating to a “buy” rating and set a $21.00 target price for the company in a research note on Thursday, July 6th.

In related news, Chairman Daniel P. Hansen acquired 10,000 shares of the company’s stock in a transaction on Wednesday, August 9th. The stock was purchased at an average cost of $15.60 per share, for a total transaction of $156,000.00. Following the completion of the purchase, the chairman now directly owns 800,256 shares of the company’s stock, valued at approximately $12,483,993.60. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 1.71% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in INN. BlackRock Inc. raised its position in Summit Hotel Properties by 23.3% in the second quarter. BlackRock Inc. now owns 16,762,916 shares of the real estate investment trust’s stock valued at $312,629,000 after buying an additional 3,170,833 shares in the last quarter. Vanguard Group Inc. raised its position in Summit Hotel Properties by 28.3% in the second quarter. Vanguard Group Inc. now owns 16,660,607 shares of the real estate investment trust’s stock valued at $310,721,000 after buying an additional 3,670,472 shares in the last quarter. Wellington Management Group LLP raised its position in Summit Hotel Properties by 1.0% in the first quarter. Wellington Management Group LLP now owns 4,118,206 shares of the real estate investment trust’s stock valued at $65,808,000 after buying an additional 40,438 shares in the last quarter. State Street Corp raised its position in Summit Hotel Properties by 11.1% in the second quarter. State Street Corp now owns 4,031,665 shares of the real estate investment trust’s stock valued at $75,190,000 after buying an additional 402,804 shares in the last quarter. Finally, Principal Financial Group Inc. raised its position in Summit Hotel Properties by 18.0% in the second quarter. Principal Financial Group Inc. now owns 3,943,602 shares of the real estate investment trust’s stock valued at $73,548,000 after buying an additional 602,124 shares in the last quarter. Hedge funds and other institutional investors own 88.14% of the company’s stock.

Shares of Summit Hotel Properties (NYSE:INN) opened at 14.71 on Tuesday. The company has a market cap of $1.53 billion, a price-to-earnings ratio of 16.09 and a beta of 1.17. Summit Hotel Properties has a 52 week low of $12.45 and a 52 week high of $19.39. The company has a 50 day moving average of $17.12 and a 200-day moving average of $16.85.

Summit Hotel Properties (NYSE:INN) last posted its quarterly earnings data on Wednesday, August 2nd. The real estate investment trust reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.38 by $0.02. Summit Hotel Properties had a net margin of 21.97% and a return on equity of 9.89%. The business had revenue of $124.11 million during the quarter, compared to the consensus estimate of $132.21 million. During the same period in the prior year, the company posted $0.42 earnings per share. The firm’s revenue was down 2.4% compared to the same quarter last year. On average, equities research analysts expect that Summit Hotel Properties will post $0.84 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 31st. Shareholders of record on Wednesday, August 16th will be paid a dividend of $0.17 per share. The ex-dividend date is Monday, August 14th. This represents a $0.68 annualized dividend and a yield of 4.62%. Summit Hotel Properties’s dividend payout ratio is currently 75.56%.

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About Summit Hotel Properties

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.

Analyst Recommendations for Summit Hotel Properties (NYSE:INN)

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