Summit Hotel Properties, Inc. (INN) Releases Quarterly Earnings Results, Meets Expectations
Summit Hotel Properties, Inc. (NYSE:INN) issued its quarterly earnings data on Monday. The real estate investment trust reported $0.17 earnings per share for the quarter, hitting the consensus estimate of $0.17, Yahoo Finance reports. Summit Hotel Properties had a net margin of 21.97% and a return on equity of 9.89%. The company had revenue of $136.60 million for the quarter, compared to analysts’ expectations of $135.69 million. During the same quarter in the previous year, the firm posted $0.37 earnings per share. Summit Hotel Properties’s revenue for the quarter was up 15.5% on a year-over-year basis. Summit Hotel Properties updated its Q4 guidance to $0.26-$0.29 EPS and its FY17 guidance to $1.29-$1.32 EPS.
Summit Hotel Properties (NYSE INN) traded down 1.31% during trading on Tuesday, reaching $15.76. 387,340 shares of the company traded hands. Summit Hotel Properties has a 12-month low of $12.45 and a 12-month high of $19.39. The firm has a market capitalization of $1.64 billion, a price-to-earnings ratio of 17.24 and a beta of 1.22. The firm’s 50 day moving average price is $15.73 and its 200 day moving average price is $16.76.
The company also recently announced a quarterly dividend, which will be paid on Thursday, November 30th. Investors of record on Thursday, November 16th will be issued a $0.17 dividend. The ex-dividend date of this dividend is Wednesday, November 15th. This represents a $0.68 annualized dividend and a yield of 4.26%. Summit Hotel Properties’s payout ratio is 75.56%.
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Several analysts recently weighed in on the stock. Zacks Investment Research raised shares of Summit Hotel Properties from a “hold” rating to a “buy” rating and set a $21.00 price objective on the stock in a research note on Thursday, July 6th. Canaccord Genuity reduced their price objective on shares of Summit Hotel Properties from $21.00 to $18.00 and set a “buy” rating on the stock in a research note on Friday, August 4th. KeyCorp set a $17.00 price objective on shares of Summit Hotel Properties and gave the stock a “buy” rating in a research note on Sunday. Royal Bank Of Canada reissued a “buy” rating and issued a $20.00 price objective on shares of Summit Hotel Properties in a research note on Friday, August 4th. Finally, Raymond James Financial, Inc. raised shares of Summit Hotel Properties from a “market perform” rating to an “outperform” rating and set a $17.50 price objective on the stock in a research note on Monday. Three research analysts have rated the stock with a sell rating, one has issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. Summit Hotel Properties has an average rating of “Buy” and an average price target of $17.72.
In other news, Chairman Daniel P. Hansen purchased 10,000 shares of the business’s stock in a transaction on Wednesday, August 9th. The shares were acquired at an average price of $15.60 per share, with a total value of $156,000.00. Following the acquisition, the chairman now directly owns 800,256 shares in the company, valued at $12,483,993.60. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 1.71% of the stock is owned by company insiders.
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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