Summit Hotel Properties Inc (INN) Expected to Post Earnings of $0.29 Per Share

Equities analysts predict that Summit Hotel Properties Inc (NYSE:INN) will announce earnings of $0.29 per share for the current quarter, according to Zacks Investment Research. Four analysts have issued estimates for Summit Hotel Properties’ earnings. The lowest EPS estimate is $0.26 and the highest is $0.30. Summit Hotel Properties reported earnings per share of $0.30 in the same quarter last year, which suggests a negative year-over-year growth rate of 3.3%. The company is expected to report its next quarterly earnings report on Wednesday, February 20th.

On average, analysts expect that Summit Hotel Properties will report full-year earnings of $1.34 per share for the current fiscal year, with EPS estimates ranging from $1.32 to $1.36. For the next year, analysts expect that the company will report earnings of $1.37 per share, with EPS estimates ranging from $1.33 to $1.40. Zacks Investment Research’s EPS calculations are an average based on a survey of research analysts that cover Summit Hotel Properties.

Summit Hotel Properties (NYSE:INN) last issued its quarterly earnings results on Tuesday, October 30th. The real estate investment trust reported $0.33 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.35 by ($0.02). The company had revenue of $142.34 million for the quarter, compared to analyst estimates of $141.18 million. Summit Hotel Properties had a return on equity of 7.79% and a net margin of 16.76%. The firm’s quarterly revenue was up 4.2% on a year-over-year basis. During the same quarter last year, the company earned $0.35 EPS.

A number of research analysts have issued reports on INN shares. Zacks Investment Research downgraded shares of Summit Hotel Properties from a “hold” rating to a “sell” rating in a research report on Thursday, August 2nd. Bank of America downgraded shares of Summit Hotel Properties from a “buy” rating to a “neutral” rating in a research report on Tuesday, October 23rd. ValuEngine downgraded shares of Summit Hotel Properties from a “sell” rating to a “strong sell” rating in a research report on Tuesday, October 23rd. Raymond James cut their target price on shares of Summit Hotel Properties from $16.00 to $14.00 and set a “buy” rating on the stock in a research report on Thursday, November 1st. Finally, Deutsche Bank cut their target price on shares of Summit Hotel Properties from $16.00 to $14.00 and set a “buy” rating on the stock in a research report on Thursday, November 1st. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company. Summit Hotel Properties currently has a consensus rating of “Hold” and an average price target of $15.17.

NYSE INN traded down $0.02 on Friday, hitting $11.67. 738,439 shares of the company were exchanged, compared to its average volume of 753,011. The company has a quick ratio of 1.52, a current ratio of 1.52 and a debt-to-equity ratio of 0.80. Summit Hotel Properties has a 1-year low of $10.91 and a 1-year high of $16.15. The company has a market cap of $1.22 billion, a price-to-earnings ratio of 8.71, a price-to-earnings-growth ratio of 5.33 and a beta of 1.35.

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 30th. Shareholders of record on Friday, November 16th will be given a dividend of $0.18 per share. The ex-dividend date is Thursday, November 15th. This represents a $0.72 dividend on an annualized basis and a yield of 6.17%. Summit Hotel Properties’s payout ratio is presently 53.73%.

In other Summit Hotel Properties news, Chairman Daniel P. Hansen bought 10,000 shares of the business’s stock in a transaction on Friday, November 2nd. The shares were bought at an average cost of $11.35 per share, for a total transaction of $113,500.00. Following the transaction, the chairman now owns 1,001,155 shares in the company, valued at approximately $11,363,109.25. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 2.12% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. BlackRock Inc. increased its stake in shares of Summit Hotel Properties by 7.0% in the 3rd quarter. BlackRock Inc. now owns 18,728,410 shares of the real estate investment trust’s stock valued at $253,395,000 after acquiring an additional 1,229,262 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Summit Hotel Properties by 1.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,713,119 shares of the real estate investment trust’s stock valued at $23,179,000 after acquiring an additional 27,543 shares during the last quarter. AXA increased its stake in shares of Summit Hotel Properties by 8.8% in the 3rd quarter. AXA now owns 112,700 shares of the real estate investment trust’s stock valued at $1,525,000 after acquiring an additional 9,100 shares during the last quarter. Wasatch Advisors Inc. increased its stake in shares of Summit Hotel Properties by 18.5% in the 3rd quarter. Wasatch Advisors Inc. now owns 1,014,732 shares of the real estate investment trust’s stock valued at $13,729,000 after acquiring an additional 158,131 shares during the last quarter. Finally, GW&K Investment Management LLC increased its stake in shares of Summit Hotel Properties by 19.6% in the 3rd quarter. GW&K Investment Management LLC now owns 1,791,347 shares of the real estate investment trust’s stock valued at $24,237,000 after acquiring an additional 293,092 shares during the last quarter. 99.06% of the stock is owned by institutional investors.

About Summit Hotel Properties

Summit Hotel Properties, Inc is a publicly-traded real estate investment trust focused on owning premium-branded hotels with efficient operating models primarily in the upscale segment of the lodging industry. As of August 1, 2018, the Company's portfolio consisted of 77 hotels with a total of 11,657 guestrooms located in 26 states.

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