Cantor Fitzgerald reissued their buy rating on shares of Summit Hotel Properties Inc (NYSE:INN) in a research note released on Friday morning. Cantor Fitzgerald currently has a $18.00 price target on the real estate investment trust’s stock, up from their previous price target of $17.00.
Several other research analysts have also recently weighed in on INN. Zacks Investment Research cut shares of Summit Hotel Properties from a buy rating to a hold rating in a report on Tuesday, February 14th. Bank of America Corp raised shares of Summit Hotel Properties from an underperform rating to a buy rating and set a $17.00 price target on the stock in a report on Friday, March 3rd. Finally, Royal Bank of Canada reaffirmed a buy rating and issued a $18.00 price target on shares of Summit Hotel Properties in a report on Monday, May 8th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. The stock presently has an average rating of Buy and an average target price of $17.42.
Summit Hotel Properties (NYSE:INN) opened at 16.56 on Friday. The stock has a 50 day moving average price of $16.44 and a 200 day moving average price of $15.52. Summit Hotel Properties has a 52 week low of $11.36 and a 52 week high of $17.45. The company has a market cap of $1.55 billion, a price-to-earnings ratio of 20.50 and a beta of 1.01.
Summit Hotel Properties (NYSE:INN) last released its quarterly earnings results on Thursday, February 23rd. The real estate investment trust reported $0.30 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.27. The firm had revenue of $110.33 million for the quarter, compared to analysts’ expectations of $110.08 million. Summit Hotel Properties had a net margin of 38.34% and a return on equity of 19.64%. The business’s quarterly revenue was up .3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.27 earnings per share. On average, equities analysts forecast that Summit Hotel Properties will post $0.74 earnings per share for the current year.
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The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 31st. Investors of record on Tuesday, May 16th will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 4.11%. The ex-dividend date is Friday, May 12th. This is a boost from Summit Hotel Properties’s previous quarterly dividend of $0.16. Summit Hotel Properties’s dividend payout ratio is currently 34.57%.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Advisors LLC boosted its position in Summit Hotel Properties by 179.3% in the third quarter. BlackRock Advisors LLC now owns 142,630 shares of the real estate investment trust’s stock worth $1,877,000 after buying an additional 91,555 shares in the last quarter. BlackRock Fund Advisors boosted its position in Summit Hotel Properties by 9.8% in the third quarter. BlackRock Fund Advisors now owns 6,075,163 shares of the real estate investment trust’s stock worth $79,949,000 after buying an additional 541,011 shares in the last quarter. TIAA CREF Investment Management LLC boosted its position in Summit Hotel Properties by 8.8% in the third quarter. TIAA CREF Investment Management LLC now owns 514,199 shares of the real estate investment trust’s stock worth $6,767,000 after buying an additional 41,463 shares in the last quarter. Rhumbline Advisers boosted its position in Summit Hotel Properties by 6.2% in the third quarter. Rhumbline Advisers now owns 132,971 shares of the real estate investment trust’s stock worth $1,750,000 after buying an additional 7,725 shares in the last quarter. Finally, BlackRock Group LTD boosted its position in Summit Hotel Properties by 3.9% in the third quarter. BlackRock Group LTD now owns 615,232 shares of the real estate investment trust’s stock worth $8,097,000 after buying an additional 22,810 shares in the last quarter. 92.76% of the stock is currently owned by institutional investors and hedge funds.
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 75 hotels with over 10,444 guestrooms located in 22 states.
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