Zacks Investment Research upgraded shares of Summit Hotel Properties, Inc. (NYSE:INN) from a hold rating to a buy rating in a research report sent to investors on Monday, July 31st. Zacks Investment Research currently has $20.00 target price on the real estate investment trust’s stock.
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. “
Several other analysts also recently commented on the stock. Cantor Fitzgerald decreased their target price on shares of Summit Hotel Properties to $19.00 and set a buy rating for the company in a research report on Monday, June 5th. Canaccord Genuity reissued a buy rating and issued a $18.00 target price (down from $19.00) on shares of Summit Hotel Properties in a research report on Monday, May 15th. Robert W. Baird reissued an outperform rating and issued a $18.00 target price (up from $17.00) on shares of Summit Hotel Properties in a research report on Friday, June 16th. BidaskClub downgraded shares of Summit Hotel Properties from a strong-buy rating to a buy rating in a research report on Friday, June 30th. Finally, Raymond James Financial, Inc. reissued a market perform rating on shares of Summit Hotel Properties in a research report on Friday, July 14th. One analyst has rated the stock with a sell rating, two have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of Buy and an average target price of $18.43.
Summit Hotel Properties (NYSE:INN) traded up 1.16% during trading on Monday, reaching $15.71. 1,367,929 shares of the company’s stock were exchanged. Summit Hotel Properties has a 52 week low of $12.45 and a 52 week high of $19.39. The company’s 50 day moving average price is $17.80 and its 200-day moving average price is $16.88. The stock has a market capitalization of $1.64 billion, a price-to-earnings ratio of 17.19 and a beta of 1.17.
Summit Hotel Properties (NYSE:INN) last announced its quarterly earnings data on Wednesday, August 2nd. The real estate investment trust reported $0.36 EPS for the quarter, missing the Zacks’ consensus estimate of $0.38 by $0.02. The company had revenue of $124.11 million for the quarter, compared to analysts’ expectations of $132.21 million. Summit Hotel Properties had a net margin of 21.97% and a return on equity of 9.89%. The business’s revenue for the quarter was down 2.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.42 earnings per share. On average, equities analysts expect that Summit Hotel Properties will post $0.87 EPS for the current year.
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The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 31st. Stockholders of record on Wednesday, August 16th will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.33%. The ex-dividend date is Monday, August 14th. Summit Hotel Properties’s payout ratio is 75.56%.
In other news, Chairman Daniel P. Hansen acquired 10,000 shares of Summit Hotel Properties stock in a transaction dated Wednesday, August 9th. The stock was acquired 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 owns 800,256 shares of the company’s stock, valued at $12,483,993.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.94% of the stock is currently owned by insiders.
Hedge funds have recently modified their holdings of the company. BlackRock Inc. boosted its stake in shares of Summit Hotel Properties by 7,558.2% in the first quarter. BlackRock Inc. now owns 13,592,083 shares of the real estate investment trust’s stock worth $217,201,000 after buying an additional 13,414,600 shares during the last quarter. Vanguard Group Inc. boosted 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 during the last quarter. State Street Corp boosted its position in Summit Hotel Properties by 49.4% in the first quarter. State Street Corp now owns 3,628,861 shares of the real estate investment trust’s stock valued at $57,993,000 after buying an additional 1,199,672 shares during the last quarter. GW&K Investment Management LLC bought a new position in Summit Hotel Properties during the second quarter valued at approximately $17,718,000. Finally, Principal Financial Group Inc. boosted its position in shares of Summit Hotel Properties by 24.5% in the first quarter. Principal Financial Group Inc. now owns 3,341,478 shares of the real estate investment trust’s stock worth $53,397,000 after buying an additional 656,792 shares in the last quarter. Institutional investors and hedge funds own 88.16% of the company’s stock.
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 81 hotels with a total of 11,608 guestrooms located in 24 states.
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