Summit Hotel Properties (NYSE:INN) was upgraded by stock analysts at ValuEngine from a “strong sell” rating to a “sell” rating in a research report issued on Thursday.
Other analysts also recently issued reports about the stock. Bank of America downgraded shares of Summit Hotel Properties from a “buy” rating to a “neutral” rating in a research report on Tuesday, October 23rd. Zacks Investment Research upgraded shares of Summit Hotel Properties from a “strong sell” rating to a “hold” rating in a research report on Thursday, October 4th. Deutsche Bank decreased their price objective on shares of Summit Hotel Properties from $16.00 to $14.00 and set a “buy” rating on the stock in a research report on Thursday, November 1st. Raymond James decreased their price objective on shares of Summit Hotel Properties from $16.00 to $14.00 and set a “buy” rating on the stock in a research report on Thursday, November 1st. Finally, TheStreet downgraded shares of Summit Hotel Properties from a “b-” rating to a “c+” rating in a research report on Monday, November 5th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company. Summit Hotel Properties currently has an average rating of “Buy” and an average price target of $15.17.
Shares of INN stock traded up $0.18 on Thursday, hitting $11.12. 1,473,800 shares of the stock traded hands, compared to its average volume of 654,126. The company has a market capitalization of $1.15 billion, a price-to-earnings ratio of 8.30, a PEG ratio of 5.89 and a beta of 1.36. Summit Hotel Properties has a 52 week low of $10.68 and a 52 week high of $16.15. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.52 and a quick ratio of 1.52.
Summit Hotel Properties (NYSE:INN) last announced its quarterly earnings data on Tuesday, October 30th. The real estate investment trust reported $0.33 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.35 by ($0.02). The firm had revenue of $142.34 million for the quarter, compared to the consensus estimate of $141.18 million. Summit Hotel Properties had a net margin of 16.76% and a return on equity of 7.79%. The firm’s revenue for the quarter was up 4.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.35 earnings per share. Equities research analysts expect that Summit Hotel Properties will post 1.26 earnings per share for the current fiscal year.
In related news, Chairman Daniel P. Hansen bought 10,000 shares of the business’s stock in a transaction that occurred on Friday, November 2nd. The stock was bought at an average cost of $11.35 per share, with a total value of $113,500.00. Following the completion of the purchase, the chairman now owns 1,001,155 shares of the company’s stock, valued at approximately $11,363,109.25. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.12% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of INN. Clearbridge Investments LLC grew its stake in Summit Hotel Properties by 1,036,353.0% during the third quarter. Clearbridge Investments LLC now owns 1,565,044 shares of the real estate investment trust’s stock valued at $21,175,000 after acquiring an additional 1,564,893 shares in the last quarter. BlackRock Inc. grew its stake in Summit Hotel Properties by 8.5% during the second quarter. BlackRock Inc. now owns 17,499,148 shares of the real estate investment trust’s stock valued at $250,413,000 after acquiring an additional 1,371,193 shares in the last quarter. Northern Trust Corp grew its stake in Summit Hotel Properties by 39.7% during the second quarter. Northern Trust Corp now owns 2,675,449 shares of the real estate investment trust’s stock valued at $38,286,000 after acquiring an additional 760,506 shares in the last quarter. Segall Bryant & Hamill LLC purchased a new position in Summit Hotel Properties during the second quarter valued at $10,777,000. Finally, Federated Investors Inc. PA purchased a new position in Summit Hotel Properties during the second quarter valued at $10,523,000.
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 October 30, 2018, the Company's portfolio consisted of 77 hotels with a total of 11,659 guestrooms located in 26 states.
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