Bank of America Reaffirms Underperform Rating for Summit Hotel Properties (NYSE:INN)

Summit Hotel Properties (NYSE:INN)‘s stock had its “underperform” rating reiterated by investment analysts at Bank of America in a research report issued on Tuesday,Benzinga reports. They presently have a $4.50 price target on the real estate investment trust’s stock, down from their prior price target of $5.75. Bank of America‘s target price would suggest a potential downside of 13.54% from the stock’s current price.

A number of other equities analysts have also issued reports on the stock. Zacks Research raised shares of Summit Hotel Properties from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 21st. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Summit Hotel Properties in a report on Tuesday, October 14th. Summit Redstone set a $4.50 target price on shares of Summit Hotel Properties in a report on Tuesday. Wall Street Zen lowered shares of Summit Hotel Properties from a “hold” rating to a “sell” rating in a report on Saturday, October 18th. Finally, Robert W. Baird cut their target price on shares of Summit Hotel Properties from $5.00 to $4.50 and set a “neutral” rating for the company in a report on Friday, October 3rd. Two investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Reduce” and an average target price of $4.50.

Summit Hotel Properties Stock Performance

INN opened at $5.21 on Tuesday. Summit Hotel Properties has a 12-month low of $3.57 and a 12-month high of $6.99. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.11. The firm has a market capitalization of $566.35 million, a PE ratio of -57.83 and a beta of 1.70. The firm has a 50 day moving average of $5.51 and a two-hundred day moving average of $5.07.

Summit Hotel Properties (NYSE:INN) last posted its quarterly earnings results on Tuesday, August 5th. The real estate investment trust reported $0.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.01. Summit Hotel Properties had a net margin of 1.00% and a return on equity of 0.56%. The company had revenue of $192.92 million during the quarter, compared to analyst estimates of $194.49 million. On average, analysts anticipate that Summit Hotel Properties will post 0.88 EPS for the current year.

Institutional Investors Weigh In On Summit Hotel Properties

A number of institutional investors have recently added to or reduced their stakes in the stock. Long Pond Capital LP acquired a new stake in Summit Hotel Properties in the 2nd quarter valued at $47,846,000. Jennison Associates LLC grew its stake in Summit Hotel Properties by 1.7% in the 2nd quarter. Jennison Associates LLC now owns 6,957,732 shares of the real estate investment trust’s stock valued at $35,415,000 after acquiring an additional 114,369 shares during the period. Nuveen LLC acquired a new stake in Summit Hotel Properties in the 1st quarter valued at $16,641,000. Geode Capital Management LLC grew its stake in Summit Hotel Properties by 1.8% in the 2nd quarter. Geode Capital Management LLC now owns 2,877,261 shares of the real estate investment trust’s stock valued at $14,647,000 after acquiring an additional 50,295 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in Summit Hotel Properties by 16.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,848,480 shares of the real estate investment trust’s stock valued at $10,000,000 after acquiring an additional 257,720 shares during the period. Institutional investors and hedge funds own 96.47% of the company’s stock.

About Summit Hotel Properties

Summit Hotel Properties, Inc is a publicly traded real estate investment trust focused on owning premium-branded lodging properties with efficient operating models primarily in the upscale segment of the lodging industry. As of November 1, 2023, the Company’s portfolio consisted of 101 assets, 57 of which are wholly owned, with a total of 15,035 guestrooms located in 24 states.