Summit Hotel Properties, Inc. (NYSE:INN) has been given an average recommendation of “Hold” by the twelve research firms that are currently covering the firm, MarketBeat.com reports. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $17.43.

INN has been the subject of a number of analyst reports. Zacks Investment Research raised shares of Summit Hotel Properties from a “hold” rating to a “buy” rating and set a $20.00 price objective for the company in a research report on Monday, July 31st. BidaskClub lowered shares of Summit Hotel Properties from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 30th. Canaccord Genuity cut their price objective on shares of Summit Hotel Properties from $21.00 to $18.00 and set a “buy” rating for the company in a research report on Friday, August 4th. Royal Bank Of Canada reissued a “buy” rating and issued a $20.00 price objective on shares of Summit Hotel Properties in a research report on Friday, August 4th. Finally, Deutsche Bank AG reissued a “buy” rating and issued a $17.00 price objective (down previously from $19.00) on shares of Summit Hotel Properties in a research report on Wednesday, August 9th.

Shares of Summit Hotel Properties (NYSE:INN) opened at 16.07 on Wednesday. Summit Hotel Properties has a 12-month low of $12.45 and a 12-month high of $19.39. The firm has a 50-day moving average of $15.28 and a 200 day moving average of $16.75. The stock has a market capitalization of $1.68 billion, a price-to-earnings ratio of 17.58 and a beta of 1.22.

Summit Hotel Properties (NYSE:INN) last posted its quarterly earnings data on Wednesday, August 2nd. The real estate investment trust reported $0.36 earnings per share for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.02). The firm had revenue of $124.11 million during the quarter, compared to analyst estimates of $132.21 million. Summit Hotel Properties had a net margin of 21.97% and a return on equity of 9.89%. The business’s quarterly revenue was down 2.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.42 EPS. Equities analysts forecast that Summit Hotel Properties will post $0.86 earnings per share for the current fiscal year.

In related news, Chairman Daniel P. Hansen purchased 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 9th. The stock was purchased at an average price of $15.60 per share, with a total value of $156,000.00. Following the completion of the transaction, the chairman now owns 800,256 shares of the company’s stock, valued at approximately $12,483,993.60. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.71% of the company’s stock.

A number of hedge funds have recently modified their holdings of INN. Wells Fargo & Company MN increased its position in Summit Hotel Properties by 2.9% during the first quarter. Wells Fargo & Company MN now owns 201,928 shares of the real estate investment trust’s stock worth $3,226,000 after purchasing an additional 5,654 shares during the last quarter. UBS Asset Management Americas Inc. increased its position in Summit Hotel Properties by 28.8% during the first quarter. UBS Asset Management Americas Inc. now owns 157,613 shares of the real estate investment trust’s stock worth $2,519,000 after purchasing an additional 35,206 shares during the last quarter. Karp Capital Management Corp acquired a new position in Summit Hotel Properties during the first quarter worth approximately $472,000. Sei Investments Co. increased its position in Summit Hotel Properties by 0.7% during the first quarter. Sei Investments Co. now owns 34,910 shares of the real estate investment trust’s stock worth $558,000 after purchasing an additional 232 shares during the last quarter. Finally, Parametric Portfolio Associates LLC increased its position in Summit Hotel Properties by 6.0% during the first quarter. Parametric Portfolio Associates LLC now owns 282,819 shares of the real estate investment trust’s stock worth $4,519,000 after purchasing an additional 16,134 shares during the last quarter. 95.29% of the stock is owned by hedge funds and other institutional investors.

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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.

Analyst Recommendations for Summit Hotel Properties (NYSE:INN)

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