Zacks: Brokerages Anticipate Summit Hotel Properties Inc (INN) Will Post Quarterly Sales of $126.50 Million
Wall Street brokerages expect Summit Hotel Properties Inc (NYSE:INN) to post $126.50 million in sales for the current quarter, according to Zacks. Four analysts have made estimates for Summit Hotel Properties’ earnings, with the lowest sales estimate coming in at $125.78 million and the highest estimate coming in at $127.00 million. Summit Hotel Properties reported sales of $110.32 million in the same quarter last year, which indicates a positive year-over-year growth rate of 14.7%. The business is scheduled to issue its next earnings report after the market closes on Wednesday, February 21st.
According to Zacks, analysts expect that Summit Hotel Properties will report full year sales of $126.50 million for the current year, with estimates ranging from $509.41 million to $510.64 million. For the next year, analysts forecast that the company will report sales of $581.46 million per share, with estimates ranging from $576.80 million to $590.84 million. Zacks’ sales calculations are a mean average based on a survey of research firms that that provide coverage for Summit Hotel Properties.
INN has been the subject of several research analyst reports. KeyCorp set a $17.00 price objective on shares of Summit Hotel Properties and gave the company a “buy” rating in a research report on Sunday, October 29th. Raymond James Financial raised shares of Summit Hotel Properties from a “market perform” rating to an “outperform” rating and set a $17.50 price target for the company in a research report on Monday, October 30th. Zacks Investment Research raised shares of Summit Hotel Properties from a “sell” rating to a “hold” rating in a report on Wednesday, November 1st. Janney Montgomery Scott lowered shares of Summit Hotel Properties from a “buy” rating to a “neutral” rating in a report on Monday, November 20th. Finally, Cantor Fitzgerald reissued a “buy” rating and issued a $17.00 price target on shares of Summit Hotel Properties in a research note on Monday, November 20th. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Summit Hotel Properties has a consensus rating of “Hold” and an average price target of $17.50.
Shares of Summit Hotel Properties (NYSE INN) traded up $0.23 during trading on Friday, reaching $14.63. 1,267,664 shares of the company’s stock traded hands, compared to its average volume of 754,906. Summit Hotel Properties has a one year low of $14.03 and a one year high of $19.39. The company has a market cap of $1,530.00, a PE ratio of 17.84, a price-to-earnings-growth ratio of 2.28 and a beta of 1.22. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.64.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, February 28th. Stockholders of record on Friday, February 16th will be paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 4.92%. The ex-dividend date of this dividend is Thursday, February 15th. This is a boost from Summit Hotel Properties’s previous quarterly dividend of $0.17. Summit Hotel Properties’s dividend payout ratio is 82.93%.
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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 83 hotels with a total of 12,242 guestrooms located in 26 states.
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