Summit Hotel Properties Inc (INN) Expected to Announce Quarterly Sales of $126.50 Million
Wall Street analysts forecast that Summit Hotel Properties Inc (NYSE:INN) will report sales of $126.50 million for the current fiscal quarter, Zacks reports. Four analysts have provided estimates for Summit Hotel Properties’ earnings. The lowest sales estimate is $125.78 million and the highest is $127.00 million. Summit Hotel Properties reported sales of $110.32 million during the same quarter last year, which indicates a positive year-over-year growth rate of 14.7%. The firm is expected to report its next earnings results on Thursday, February 22nd.
On average, analysts expect that Summit Hotel Properties will report full-year sales of $126.50 million for the current fiscal year, with estimates ranging from $509.41 million to $510.64 million. For the next financial year, analysts forecast that the firm will post sales of $581.46 million per share, with estimates ranging from $576.80 million to $590.84 million. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that that provide coverage for Summit Hotel Properties.
Summit Hotel Properties (NYSE:INN) last issued its quarterly earnings results on Monday, October 30th. The real estate investment trust reported $0.17 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.17. Summit Hotel Properties had a return on equity of 8.96% and a net margin of 20.21%. The business had revenue of $136.60 million for the quarter, compared to analyst estimates of $135.69 million. During the same quarter in the previous year, the firm earned $0.37 earnings per share. The company’s revenue was up 15.5% on a year-over-year basis.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP boosted its position in Summit Hotel Properties by 10.2% in the second quarter. Dimensional Fund Advisors LP now owns 1,374,090 shares of the real estate investment trust’s stock valued at $25,627,000 after buying an additional 127,226 shares during the last quarter. New York State Common Retirement Fund boosted its position in Summit Hotel Properties by 17.0% in the second quarter. New York State Common Retirement Fund now owns 109,400 shares of the real estate investment trust’s stock valued at $2,040,000 after buying an additional 15,899 shares during the last quarter. Macquarie Group Ltd. boosted its position in Summit Hotel Properties by 2.4% in the second quarter. Macquarie Group Ltd. now owns 2,944,594 shares of the real estate investment trust’s stock valued at $54,917,000 after buying an additional 69,729 shares during the last quarter. Prudential Financial Inc. boosted its position in Summit Hotel Properties by 48.5% in the third quarter. Prudential Financial Inc. now owns 973,365 shares of the real estate investment trust’s stock valued at $15,564,000 after buying an additional 317,971 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its position in Summit Hotel Properties by 26.3% in the third quarter. Russell Investments Group Ltd. now owns 200,170 shares of the real estate investment trust’s stock valued at $3,200,000 after buying an additional 41,662 shares during the last quarter. Hedge funds and other institutional investors own 95.67% of the company’s stock.
Shares of Summit Hotel Properties (INN) opened at $15.46 on Wednesday. Summit Hotel Properties has a 52 week low of $14.23 and a 52 week high of $19.39. The firm has a market capitalization of $1,593.35, a PE ratio of 18.85 and a beta of 1.19. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.64.
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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 83 hotels with a total of 12,242 guestrooms located in 26 states.
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