Summit Hotel Properties, Inc. (NYSE:INN)‘s stock had its “hold” rating reaffirmed by stock analysts at KeyCorp in a research note issued to investors on Friday.
A number of other analysts have also recently issued reports on the company. Bank of America Corporation cut Summit Hotel Properties from a “buy” rating to an “underperform” rating and decreased their target price for the stock from $19.00 to $14.00 in a report on Monday, August 14th. BidaskClub cut Summit Hotel Properties from a “hold” rating to a “sell” rating in a report on Friday, August 11th. Deutsche Bank AG reiterated a “buy” rating and set a $17.00 target price (down previously from $19.00) on shares of Summit Hotel Properties in a report on Wednesday, August 9th. Canaccord Genuity decreased their target price on Summit Hotel Properties from $21.00 to $18.00 and set a “buy” rating for the company in a report on Friday, August 4th. Finally, Royal Bank Of Canada reiterated a “buy” rating and set a $20.00 target price on shares of Summit Hotel Properties in a report on Friday, August 4th. Two research analysts have rated the stock with a sell rating, three have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $18.00.
Shares of Summit Hotel Properties (INN) opened at 14.58 on Friday. The company’s 50-day moving average is $16.80 and its 200-day moving average is $16.81. The company has a market cap of $1.52 billion, a price-to-earnings ratio of 15.95 and a beta of 1.17. Summit Hotel Properties has a one year low of $12.45 and a one year high of $19.39.
Summit Hotel Properties (NYSE:INN) last issued its earnings results on Wednesday, August 2nd. The real estate investment trust reported $0.36 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.38 by $0.02. Summit Hotel Properties had a return on equity of 9.89% and a net margin of 21.97%. The firm had revenue of $124.11 million for the quarter, compared to analysts’ expectations of $132.21 million. During the same quarter in the previous year, the firm posted $0.42 EPS. The firm’s revenue for the quarter was down 2.4% compared to the same quarter last year. On average, equities analysts predict that Summit Hotel Properties will post $0.84 EPS for the current year.
In related news, Chairman Daniel P. Hansen purchased 10,000 shares of Summit Hotel Properties stock in a transaction that occurred on Wednesday, August 9th. The shares were purchased at an average cost of $15.60 per share, with a total value of $156,000.00. Following the transaction, the chairman now owns 800,256 shares of the company’s stock, valued at approximately $12,483,993.60. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 1.71% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the company. 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 during the period. 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 during the period. Wellington Management Group LLP raised its position in shares of 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 worth $65,808,000 after buying an additional 40,438 shares during the last quarter. State Street Corp raised its position in shares of 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 worth $75,190,000 after buying an additional 402,804 shares during the last quarter. Finally, Principal Financial Group Inc. raised its position in shares of 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 worth $73,548,000 after buying an additional 602,124 shares during the last quarter. 88.14% of the stock is currently owned by hedge funds and other institutional investors.
Summit Hotel Properties Company Profile
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.
Receive News & Ratings for Summit Hotel Properties Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Summit Hotel Properties Inc. and related companies with MarketBeat.com's FREE daily email newsletter.
