Shares of Summit Hotel Properties Inc (NYSE:INN) have been given a consensus rating of “Buy” by the thirteen brokerages that are currently covering the stock, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, three have issued a hold recommendation, seven have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $17.19.
INN has been the topic of several research reports. Cantor Fitzgerald restated a “buy” rating and set a $17.00 price objective on shares of Summit Hotel Properties in a report on Monday, November 20th. KeyCorp set a $17.00 price objective on Summit Hotel Properties and gave the stock a “buy” rating in a report on Sunday, October 29th. Zacks Investment Research upgraded Summit Hotel Properties from a “sell” rating to a “hold” rating in a report on Wednesday, November 1st. Janney Montgomery Scott downgraded Summit Hotel Properties from a “buy” rating to a “neutral” rating in a report on Monday, November 20th. Finally, Raymond James Financial upgraded Summit Hotel Properties from a “market perform” rating to an “outperform” rating and set a $17.50 price objective on the stock in a report on Monday, October 30th.
Several large investors have recently made changes to their positions in INN. Schwab Charles Investment Management Inc. increased its holdings in shares of Summit Hotel Properties by 22.0% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 986,630 shares of the real estate investment trust’s stock valued at $18,401,000 after acquiring an additional 178,202 shares during the period. Neuberger Berman Group LLC purchased a new position in shares of Summit Hotel Properties in the 2nd quarter valued at $325,000. Swiss National Bank increased its holdings in shares of Summit Hotel Properties by 17.9% in the 2nd quarter. Swiss National Bank now owns 170,300 shares of the real estate investment trust’s stock valued at $3,176,000 after acquiring an additional 25,800 shares during the period. Schroder Investment Management Group increased its holdings in shares of Summit Hotel Properties by 21.9% in the 2nd quarter. Schroder Investment Management Group now owns 74,600 shares of the real estate investment trust’s stock valued at $1,392,000 after acquiring an additional 13,400 shares during the period. Finally, Wells Fargo & Company MN increased its holdings in shares of Summit Hotel Properties by 14.3% in the 2nd quarter. Wells Fargo & Company MN now owns 230,759 shares of the real estate investment trust’s stock valued at $4,305,000 after acquiring an additional 28,831 shares during the period. Institutional investors and hedge funds own 95.67% of the company’s stock.
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 consensus estimate of $0.17. The firm had revenue of $136.60 million for the quarter, compared to the consensus estimate of $135.69 million. Summit Hotel Properties had a return on equity of 8.96% and a net margin of 20.21%. The company’s revenue for the quarter was up 15.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.37 earnings per share. research analysts anticipate that Summit Hotel Properties will post 1.25 EPS for the current year.
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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 83 hotels with a total of 12,242 guestrooms located in 26 states.
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