Zacks Investment Research upgraded shares of Summit Hotel Properties (NYSE:INN) from a sell rating to a hold rating in a research report sent to investors on Saturday, June 9th.
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. “
INN has been the subject of a number of other reports. Cantor Fitzgerald set a $17.00 price target on shares of Summit Hotel Properties and gave the company a buy rating in a research report on Friday, February 23rd. ValuEngine upgraded shares of Summit Hotel Properties from a hold rating to a buy rating in a research report on Tuesday, May 1st. Royal Bank of Canada restated a buy rating and set a $16.00 price target on shares of Summit Hotel Properties in a research report on Tuesday, February 27th. Robert W. Baird set a $16.00 price target on shares of Summit Hotel Properties and gave the company a buy rating in a research report on Monday, February 26th. Finally, Deutsche Bank reduced their price target on shares of Summit Hotel Properties from $17.00 to $16.00 and set a buy rating for the company in a research report on Monday, February 26th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company. Summit Hotel Properties presently has an average rating of Hold and a consensus target price of $16.83.
Summit Hotel Properties (NYSE:INN) last issued its earnings results on Wednesday, May 2nd. The real estate investment trust reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.03). Summit Hotel Properties had a net margin of 14.10% and a return on equity of 6.23%. The business had revenue of $140.20 million for the quarter, compared to the consensus estimate of $138.99 million. During the same period in the previous year, the firm earned $0.32 EPS. The company’s revenue was up 18.8% compared to the same quarter last year. sell-side analysts anticipate that Summit Hotel Properties will post 1.34 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, May 31st. Investors of record on Wednesday, May 16th were given a $0.18 dividend. The ex-dividend date of this dividend was Tuesday, May 15th. This represents a $0.72 annualized dividend and a yield of 5.09%. Summit Hotel Properties’s dividend payout ratio (DPR) is presently 53.73%.
A number of large investors have recently made changes to their positions in INN. Meeder Asset Management Inc. grew its position in Summit Hotel Properties by 1,845.3% in the first quarter. Meeder Asset Management Inc. now owns 9,668 shares of the real estate investment trust’s stock worth $132,000 after acquiring an additional 9,171 shares in the last quarter. Elkfork Partners LLC purchased a new stake in Summit Hotel Properties during the fourth quarter valued at about $183,000. Point72 Asia Hong Kong Ltd purchased a new stake in Summit Hotel Properties during the first quarter valued at about $193,000. Canandaigua National Bank & Trust Co. purchased a new stake in Summit Hotel Properties during the first quarter valued at about $194,000. Finally, Xact Kapitalforvaltning AB purchased a new stake in Summit Hotel Properties during the fourth quarter valued at about $200,000. Institutional investors own 98.54% 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 hotels with efficient operating models primarily in the upscale segment of the lodging industry. As of February 21, 2018, the Company's portfolio consisted of 83 hotels with a total of 12,242 guestrooms located in 26 states.
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