Summit Hotel Properties (NYSE:INN) Downgraded to “Strong Sell” Rating by Zacks Research

Zacks Research downgraded shares of Summit Hotel Properties (NYSE:INN) from a hold rating to a strong sell rating in a research report report published on Monday morning,Zacks.com reports.

INN has been the subject of several other research reports. Robert W. Baird set a $5.00 price target on Summit Hotel Properties in a research note on Wednesday, December 17th. Weiss Ratings restated a “sell (d+)” rating on shares of Summit Hotel Properties in a research note on Monday, December 29th. Summit Redstone set a $4.50 price target on shares of Summit Hotel Properties in a research note on Tuesday, November 4th. Wall Street Zen cut shares of Summit Hotel Properties from a “hold” rating to a “sell” rating in a report on Saturday, October 18th. Finally, Bank of America restated an “underperform” rating and issued a $4.50 target price (down previously from $5.75) on shares of Summit Hotel Properties in a report on Tuesday, November 4th. One research analyst has rated the stock with a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, Summit Hotel Properties presently has an average rating of “Strong Sell” and an average price target of $4.67.

Summit Hotel Properties Stock Performance

Summit Hotel Properties stock opened at $4.81 on Monday. Summit Hotel Properties has a 1-year low of $3.57 and a 1-year high of $6.96. The firm has a market cap of $523.65 million, a P/E ratio of -30.19 and a beta of 1.31. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 1.14. The firm has a 50-day moving average of $5.13 and a 200-day moving average of $5.32.

Summit Hotel Properties (NYSE:INN) last issued its quarterly earnings data on Tuesday, November 4th. The real estate investment trust reported $0.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.15 by $0.02. Summit Hotel Properties had a net margin of 0.04% and a return on equity of 0.02%. The business had revenue of $177.12 million for the quarter, compared to the consensus estimate of $179.03 million. Sell-side analysts expect that Summit Hotel Properties will post 0.88 EPS for the current year.

Summit Hotel Properties Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 28th. Stockholders of record on Friday, November 14th were given a dividend of $0.08 per share. The ex-dividend date was Friday, November 14th. This represents a $0.32 annualized dividend and a dividend yield of 6.6%. Summit Hotel Properties’s dividend payout ratio (DPR) is presently -200.00%.

Insiders Place Their Bets

In other Summit Hotel Properties news, Director Mehulkumar Bhikhubhai Patel sold 25,000 shares of Summit Hotel Properties stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $4.84, for a total value of $121,000.00. Following the sale, the director owned 444,295 shares of the company’s stock, valued at $2,150,387.80. The trade was a 5.33% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 3.37% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Quarry LP bought a new stake in Summit Hotel Properties during the third quarter worth approximately $35,000. Signaturefd LLC boosted its holdings in shares of Summit Hotel Properties by 36.4% in the 2nd quarter. Signaturefd LLC now owns 8,656 shares of the real estate investment trust’s stock worth $44,000 after purchasing an additional 2,309 shares during the period. BNP Paribas Financial Markets increased its position in shares of Summit Hotel Properties by 53.6% during the 2nd quarter. BNP Paribas Financial Markets now owns 10,807 shares of the real estate investment trust’s stock valued at $55,000 after purchasing an additional 3,773 shares during the last quarter. Tower Research Capital LLC TRC raised its holdings in Summit Hotel Properties by 148.1% during the 2nd quarter. Tower Research Capital LLC TRC now owns 10,793 shares of the real estate investment trust’s stock valued at $55,000 after buying an additional 6,442 shares during the period. Finally, Coldstream Capital Management Inc. raised its holdings in Summit Hotel Properties by 119.6% during the 2nd quarter. Coldstream Capital Management Inc. now owns 11,438 shares of the real estate investment trust’s stock valued at $58,000 after buying an additional 6,229 shares during the period. Institutional investors own 96.47% of the company’s stock.

Summit Hotel Properties Company Profile

Summit Hotel Properties is a real estate investment trust (REIT) that acquires, owns and operates branded select-service hotels and extended-stay properties across the United States. The company focuses on upper-midscale and upscale lodging segments, targeting established national brands to combine the operational efficiencies of limited-service properties with strong franchise affiliation.

The company’s portfolio comprises over thirty hotels carrying well-known flags such as Marriott, Hilton, Hyatt and IHG.