Summit Hotel Properties, Inc. (INN) Upgraded by Zacks Investment Research to “Buy”

Zacks Investment Research upgraded shares of Summit Hotel Properties, Inc. (NYSE:INN) from a hold rating to a buy rating in a report published on Monday, July 31st. Zacks Investment Research currently has $20.00 price objective on the real estate investment trust’s stock.

According to Zacks, “Summit Hotel Properties, Inc. is a publicly traded real estate investment trust focused primarily on owning premium-branded, select-service hotels in the upscale and upper midscale segments of the lodging industry. “

Several other analysts have also weighed in on the company. UBS AG lowered Summit Hotel Properties from an outperform rating to a market perform rating in a report on Friday, July 14th. BidaskClub downgraded Summit Hotel Properties from a hold rating to a sell rating in a research report on Thursday, July 27th. ValuEngine raised Summit Hotel Properties from a buy rating to a strong-buy rating in a research report on Tuesday, June 6th. Cantor Fitzgerald reaffirmed a buy rating and issued a $18.00 price objective (up previously from $17.00) on shares of Summit Hotel Properties in a research report on Friday, May 12th. Finally, Royal Bank Of Canada reissued a buy rating and set a $18.00 price target on shares of Summit Hotel Properties in a research report on Monday, May 8th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of Buy and a consensus price target of $18.00.

Summit Hotel Properties (NYSE:INN) opened at 14.69 on Monday. The firm’s 50-day moving average is $17.23 and its 200-day moving average is $16.84. The company has a market capitalization of $1.53 billion, a PE ratio of 16.07 and a beta of 1.17. Summit Hotel Properties has a 12 month low of $12.45 and a 12 month high of $19.39.

Summit Hotel Properties (NYSE:INN) last issued its quarterly earnings data on Wednesday, August 2nd. The real estate investment trust reported $0.36 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.38 by $0.02. The firm had revenue of $124.11 million for the quarter, compared to analysts’ expectations of $132.21 million. Summit Hotel Properties had a return on equity of 9.89% and a net margin of 21.97%. The firm’s revenue was down 2.4% on a year-over-year basis. During the same period last year, the company earned $0.42 earnings per share. Equities analysts anticipate that Summit Hotel Properties will post $0.84 EPS for the current fiscal year.

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The business also recently declared a quarterly dividend, which will be paid on Thursday, August 31st. Investors of record on Wednesday, August 16th will be given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 4.63%. The ex-dividend date of this dividend is Monday, August 14th. Summit Hotel Properties’s dividend payout ratio is currently 75.56%.

In related news, Chairman Daniel P. Hansen purchased 10,000 shares of Summit Hotel Properties stock in a transaction that occurred on Wednesday, August 9th. The stock was bought at an average cost of $15.60 per share, for a total transaction of $156,000.00. Following the completion of the transaction, the chairman now owns 800,256 shares in the company, valued at $12,483,993.60. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 1.94% of the stock is currently owned by company insiders.

A number of hedge funds have recently modified their holdings of the stock. Amalgamated Bank raised its stake in shares of Summit Hotel Properties by 0.7% in the first quarter. Amalgamated Bank now owns 11,794 shares of the real estate investment trust’s stock valued at $188,000 after buying an additional 82 shares during the last quarter. Sei Investments Co. raised its stake in shares of Summit Hotel Properties by 0.7% in the first quarter. Sei Investments Co. now owns 34,910 shares of the real estate investment trust’s stock worth $558,000 after buying an additional 232 shares in the last quarter. Elgethun Capital Management raised its stake in shares of Summit Hotel Properties by 0.6% in the second quarter. Elgethun Capital Management now owns 41,959 shares of the real estate investment trust’s stock worth $783,000 after buying an additional 243 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its stake in shares of Summit Hotel Properties by 1.7% in the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 15,169 shares of the real estate investment trust’s stock worth $283,000 after buying an additional 250 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of Summit Hotel Properties by 0.4% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 89,547 shares of the real estate investment trust’s stock worth $1,431,000 after buying an additional 314 shares in the last quarter. 88.14% of the stock is currently owned by institutional investors.

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 79 hotels with a total of 11,590 guestrooms located in 24 states.

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