Summit Hotel Properties, Inc. (NYSE:INN) had its target price cut by stock analysts at Canaccord Genuity from $21.00 to $18.00 in a research report issued to clients and investors on Friday. The brokerage currently has a “buy” rating on the real estate investment trust’s stock. Canaccord Genuity’s target price would indicate a potential upside of 9.96% from the stock’s previous close.

Several other research firms also recently commented on INN. Robert W. Baird reiterated an “outperform” rating and issued a $18.00 price objective (up previously from $17.00) on shares of Summit Hotel Properties in a research note on Friday, June 16th. Zacks Investment Research upgraded Summit Hotel Properties from a “hold” rating to a “buy” rating and set a $21.00 target price on the stock in a research report on Thursday, July 6th. BidaskClub downgraded Summit Hotel Properties from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 30th. Cantor Fitzgerald dropped their target price on Summit Hotel Properties to $19.00 and set a “buy” rating on the stock in a research report on Monday, June 5th. Finally, UBS AG downgraded Summit Hotel Properties from an “outperform” rating to a “market perform” rating in a research report on Friday, July 14th. Three analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Summit Hotel Properties currently has an average rating of “Buy” and a consensus price target of $18.57.

Summit Hotel Properties (INN) traded up 0.68% on Friday, hitting $16.37. The company had a trading volume of 1,128,437 shares. The company has a market capitalization of $1.71 billion, a P/E ratio of 18.19 and a beta of 1.17. The stock’s 50-day moving average price is $18.43 and its 200 day moving average price is $16.89. 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 posted its quarterly earnings data on Wednesday, August 2nd. The real estate investment trust reported $0.36 EPS for the quarter, missing the consensus estimate of $0.38 by $0.02. Summit Hotel Properties had a net margin of 21.97% and a return on equity of 9.89%. The firm had revenue of $124.11 million during the quarter, compared to analysts’ expectations of $132.21 million. During the same quarter in the previous year, the company posted $0.42 EPS. Summit Hotel Properties’s revenue for the quarter was down 2.4% on a year-over-year basis. On average, analysts expect that Summit Hotel Properties will post $0.83 EPS for the current fiscal year.

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Several large investors have recently modified their holdings of INN. Daiwa Securities Group Inc. increased its stake in shares of Summit Hotel Properties by 39.2% in the first quarter. Daiwa Securities Group Inc. now owns 7,100 shares of the real estate investment trust’s stock worth $113,000 after buying an additional 2,000 shares during the period. Ameritas Investment Partners Inc. acquired a new stake in shares of Summit Hotel Properties during the first quarter worth about $119,000. Point72 Asia Hong Kong Ltd acquired a new stake in shares of Summit Hotel Properties during the first quarter worth about $120,000. LS Investment Advisors LLC increased its stake in shares of Summit Hotel Properties by 161.8% in the first quarter. LS Investment Advisors LLC now owns 8,536 shares of the real estate investment trust’s stock worth $136,000 after buying an additional 5,275 shares during the period. Finally, Paloma Partners Management Co acquired a new stake in shares of Summit Hotel Properties during the first quarter worth about $162,000. Institutional investors own 88.04% of the company’s stock.

About Summit Hotel Properties

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 81 hotels with a total of 11,608 guestrooms located in 24 states.

Analyst Recommendations for Summit Hotel Properties (NYSE:INN)

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