Summit Hotel Properties, Inc. (INN) Given Consensus Recommendation of “Buy” by Brokerages
Shares of Summit Hotel Properties, Inc. (NYSE:INN) have been assigned a consensus recommendation of “Buy” from the twelve ratings firms that are covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a sell recommendation, three have assigned a hold recommendation, six have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $17.86.
Several analysts have recently weighed in on the company. Robert W. Baird reissued an “outperform” rating and issued a $18.00 target price (up from $17.00) on shares of Summit Hotel Properties in a report on Friday, June 16th. Zacks Investment Research raised Summit Hotel Properties from a “hold” rating to a “buy” rating and set a $21.00 target price for the company in a report on Thursday, July 6th. BidaskClub downgraded Summit Hotel Properties from a “strong-buy” rating to a “buy” rating in a report on Friday, June 30th. Cantor Fitzgerald reduced their target price on Summit Hotel Properties to $19.00 and set a “buy” rating for the company in a report on Monday, June 5th. Finally, Raymond James Financial, Inc. reissued a “market perform” rating on shares of Summit Hotel Properties in a report on Friday, July 14th.
In related news, Chairman Daniel P. Hansen acquired 10,000 shares of Summit Hotel Properties stock in a transaction on Wednesday, August 9th. The stock was purchased at an average cost of $15.60 per share, with a total value of $156,000.00. Following the purchase, the chairman now directly owns 800,256 shares in the company, valued at $12,483,993.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.71% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently bought and sold shares of the business. Pacad Investment Ltd. purchased a new stake in Summit Hotel Properties during the 2nd quarter valued at approximately $114,000. Riverhead Capital Management LLC raised its stake in Summit Hotel Properties by 120.3% during the 2nd quarter. Riverhead Capital Management LLC now owns 6,828 shares of the real estate investment trust’s stock valued at $127,000 after acquiring an additional 3,728 shares during the last quarter. Daiwa Securities Group Inc. raised its stake in Summit Hotel Properties by 39.2% during the 1st quarter. Daiwa Securities Group Inc. now owns 7,100 shares of the real estate investment trust’s stock valued at $113,000 after acquiring an additional 2,000 shares during the last quarter. Ameritas Investment Partners Inc. purchased a new stake in Summit Hotel Properties during the 1st quarter valued at approximately $119,000. Finally, Point72 Asia Hong Kong Ltd purchased a new stake in Summit Hotel Properties during the 1st quarter valued at approximately $120,000. 95.30% of the stock is owned by hedge funds and other institutional investors.
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Summit Hotel Properties (NYSE INN) opened at 15.50 on Friday. The stock has a market capitalization of $1.62 billion, a PE ratio of 16.96 and a beta of 1.20. The stock has a 50 day moving average price of $15.46 and a 200 day moving average price of $16.70. Summit Hotel Properties has a 52 week low of $12.45 and a 52 week high of $19.39.
Summit Hotel Properties (NYSE:INN) last posted its earnings results on Wednesday, August 2nd. The real estate investment trust reported $0.36 earnings per share 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 firm 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 firm posted $0.42 earnings per share. The firm’s revenue for the quarter was down 2.4% on a year-over-year basis. Equities analysts forecast that Summit Hotel Properties will post $0.86 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 31st. Shareholders of record on Wednesday, August 16th were paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 4.39%. The ex-dividend date was Monday, August 14th. Summit Hotel Properties’s dividend payout ratio is presently 75.56%.
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 79 hotels with a total of 11,590 guestrooms located in 24 states.
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