Summit Hotel Properties Inc (INN) Releases FY14 Earnings Guidance
Summit Hotel Properties Inc (NYSE:INN) updated its FY14 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $0.88-0.92 for the period, compared to the Thomson Reuters consensus estimate of $0.88, AR Network reports. Summit Hotel Properties also updated its Q3 guidance to $0.24-0.26 EPS.
A number of research firms have recently commented on INN. Analysts at Robert W. Baird raised their price target on shares of Summit Hotel Properties from $11.00 to $12.00 in a research note on Wednesday, July 23rd. On a related note, analysts at Zacks upgraded shares of Summit Hotel Properties from an underperform rating to a neutral rating in a research note on Friday, June 13th. They now have a $10.60 price target on the stock. Finally, analysts at MLV & Co
raised their price target on shares of Summit Hotel Properties from $1.00 to $12.00 in a research note on Thursday, June 12th. They now have a buy rating on the stock. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Summit Hotel Properties has a consensus rating of Buy and an average price target of $11.01.
Summit Hotel Properties Inc (NYSE:INN) traded up 1.26% during mid-day trading on Wednesday, hitting $10.48. The stock had a trading volume of 320,241 shares. Summit Hotel Properties Inc has a 52 week low of $8.50 and a 52 week high of $10.79. The stock’s 50-day moving average is $10.54 and its 200-day moving average is $9.62. The company’s market cap is $896.6 million.
Summit Hotel Properties (NYSE:INN) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.28 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.26 by $0.02. The company had revenue of $105.53 million for the quarter, compared to the consensus estimate of $101.11 million. Summit Hotel Properties’s revenue was up 33.4% compared to the same quarter last year. On average, analysts predict that Summit Hotel Properties Inc will post $0.89 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Friday, August 29th. Shareholders of record on Friday, August 15th will be paid a dividend of $0.1175 per share. This represents a $0.47 annualized dividend and a dividend yield of 4.48%. The ex-dividend date is Wednesday, August 13th. This is a positive change from Summit Hotel Properties’s previous quarterly dividend of $0.11.
Summit Hotel Properties, Inc (NYSE:INN), is a real estate investment trust (REIT).
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