Cantor Fitzgerald reissued their buy rating on shares of Summit Hotel Properties, Inc. (NYSE:INN) in a report published on Friday, May 12th, Marketbeat reports. Cantor Fitzgerald currently has a $18.00 target price on the real estate investment trust’s stock, up from their prior target price of $17.00.
Other analysts have also recently issued research reports about the company. Zacks Investment Research cut Summit Hotel Properties from a hold rating to a sell rating in a research report on Monday, February 20th. Bank of America Corporation upgraded Summit Hotel Properties from an underperform rating to a buy rating and set a $17.00 target price on the stock in a research report on Friday, March 3rd. Finally, Royal Bank Of Canada reiterated a buy rating and set a $18.00 target price on shares of Summit Hotel Properties in a research report on Monday, May 8th. One equities research analyst has rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of Buy and a consensus price target of $17.94.
Shares of Summit Hotel Properties (NYSE:INN) traded down 0.32% during trading on Friday, hitting $18.89. The stock had a trading volume of 2,761,213 shares. The stock has a 50-day moving average price of $17.61 and a 200 day moving average price of $16.21. Summit Hotel Properties has a 12 month low of $11.90 and a 12 month high of $19.15. The company has a market cap of $1.77 billion, a P/E ratio of 23.38 and a beta of 1.18.
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The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 31st. Shareholders of record on Tuesday, May 16th were issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 3.60%. The ex-dividend date was Friday, May 12th. This is a positive change from Summit Hotel Properties’s previous quarterly dividend of $0.16. Summit Hotel Properties’s payout ratio is currently 85.00%.
Several large investors have recently made changes to their positions in the company. BlackRock Inc. raised its stake in shares of Summit Hotel Properties by 7,558.2% in the first quarter. BlackRock Inc. now owns 13,592,083 shares of the real estate investment trust’s stock valued at $217,201,000 after buying an additional 13,414,600 shares during the period. State Street Corp raised its stake in shares of Summit Hotel Properties by 49.4% in the first quarter. State Street Corp now owns 3,628,861 shares of the real estate investment trust’s stock valued at $57,993,000 after buying an additional 1,199,672 shares during the period. Vanguard Group Inc. raised its stake in shares of Summit Hotel Properties by 6.0% in the first quarter. Vanguard Group Inc. now owns 12,990,135 shares of the real estate investment trust’s stock valued at $207,583,000 after buying an additional 732,109 shares during the period. Principal Financial Group Inc. raised its stake in shares of Summit Hotel Properties by 24.5% in the first quarter. Principal Financial Group Inc. now owns 3,341,478 shares of the real estate investment trust’s stock valued at $53,397,000 after buying an additional 656,792 shares during the period. Finally, BlackRock Fund Advisors raised its stake in shares of 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 valued at $79,949,000 after buying an additional 541,011 shares during the period. 87.21% 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 76 hotels with over 10,705 guestrooms located in 22 states.
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