Analysts expect that Summit Hotel Properties, Inc. (NYSE:INN) will post $136.42 million in sales for the current quarter, Zacks Investment Research reports. Four analysts have issued estimates for Summit Hotel Properties’ earnings, with the lowest sales estimate coming in at $135.30 million and the highest estimate coming in at $137.22 million. Summit Hotel Properties reported sales of $118.34 million in the same quarter last year, which would suggest a positive year over year growth rate of 15.3%. The company is scheduled to issue its next quarterly earnings results on Wednesday, November 1st.

According to Zacks, analysts expect that Summit Hotel Properties will report full-year sales of $136.42 million for the current year, with estimates ranging from $504.90 million to $511.44 million. For the next year, analysts anticipate that the firm will report sales of $550.05 million per share, with estimates ranging from $543.40 million to $554.99 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that cover Summit Hotel Properties.

Summit Hotel Properties (NYSE:INN) last announced its quarterly earnings data on Wednesday, August 2nd. The real estate investment trust reported $0.36 EPS for the quarter, missing the Thomson Reuters’ 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 company had revenue of $124.11 million during the quarter, compared to analysts’ expectations of $132.21 million. During the same period in the previous year, the business earned $0.42 earnings per share. The business’s revenue for the quarter was down 2.4% compared to the same quarter last year.

A number of equities research analysts have weighed in on INN shares. Canaccord Genuity boosted their price objective on Summit Hotel Properties from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, May 25th. Deutsche Bank AG boosted their price objective on Summit Hotel Properties from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, May 25th. Cantor Fitzgerald reduced their price objective on Summit Hotel Properties to $19.00 and set a “buy” rating for the company in a research note on Monday, June 5th. Zacks Investment Research upgraded Summit Hotel Properties from a “hold” rating to a “buy” rating and set a $21.00 price objective for the company in a research note on Thursday, July 6th. Finally, BidaskClub cut Summit Hotel Properties from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 30th. Two research analysts have rated the stock with a sell rating, three have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Summit Hotel Properties presently has an average rating of “Buy” and a consensus target price of $17.86.

Summit Hotel Properties (NYSE:INN) opened at 14.88 on Monday. The firm has a market cap of $1.55 billion, a P/E ratio of 16.28 and a beta of 1.20. Summit Hotel Properties has a one year low of $12.45 and a one year high of $19.39. The company has a 50-day moving average of $15.79 and a 200 day moving average of $16.72.

The business also recently declared a quarterly dividend, which was paid on Thursday, August 31st. Stockholders of record on Wednesday, August 16th were paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 4.57%. The ex-dividend date of this dividend was Monday, August 14th. Summit Hotel Properties’s dividend payout ratio (DPR) is presently 75.56%.

In related news, Chairman Daniel P. Hansen purchased 10,000 shares of the business’s stock in a transaction dated Wednesday, August 9th. The stock was acquired at an average price of $15.60 per share, for a total transaction of $156,000.00. Following the completion of the purchase, the chairman now directly owns 800,256 shares of the company’s stock, valued at $12,483,993.60. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. 1.71% of the stock is owned by corporate insiders.

Institutional investors have recently added to or reduced their stakes in the company. Daiwa Securities Group Inc. raised its stake in shares of Summit Hotel Properties by 39.2% during the first quarter. Daiwa Securities Group Inc. now owns 7,100 shares of the real estate investment trust’s stock worth $113,000 after purchasing an additional 2,000 shares during the last quarter. Pacad Investment Ltd. purchased a new stake in shares of Summit Hotel Properties during the second quarter worth approximately $114,000. Ameritas Investment Partners Inc. purchased a new stake in shares of Summit Hotel Properties during the first quarter worth approximately $119,000. Point72 Asia Hong Kong Ltd purchased a new stake in shares of Summit Hotel Properties during the first quarter worth approximately $120,000. Finally, Riverhead Capital Management LLC raised its stake in shares of Summit Hotel Properties by 120.3% during the second quarter. Riverhead Capital Management LLC now owns 6,828 shares of the real estate investment trust’s stock worth $127,000 after purchasing an additional 3,728 shares during the last quarter. Institutional investors and hedge funds own 95.30% of the company’s stock.

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Summit Hotel Properties Company Profile

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 79 hotels with a total of 11,590 guestrooms located in 24 states.

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