Summit Hotel Properties, Inc. (INN) Lifted to Outperform at Raymond James Financial, Inc.

Summit Hotel Properties, Inc. (NYSE:INN) was upgraded by equities research analysts at Raymond James Financial, Inc. from a “market perform” rating to an “outperform” rating in a research report issued on Monday.

Several other equities analysts have also weighed in on the stock. Zacks Investment Research upgraded shares of Summit Hotel Properties from a “hold” rating to a “buy” rating and set a $21.00 price objective for the company in a research report on Thursday, July 6th. KeyCorp reaffirmed a “hold” rating on shares of Summit Hotel Properties in a research note on Friday, August 25th. Bank of America Corporation lowered shares of Summit Hotel Properties from a “buy” rating to an “underperform” rating and reduced their price objective for the company from $19.00 to $14.00 in a research note on Monday, August 14th. BidaskClub lowered shares of Summit Hotel Properties from a “buy” rating to a “hold” rating in a research note on Wednesday, July 12th. Finally, Robert W. Baird reaffirmed a “buy” rating and set a $17.00 price objective on shares of Summit Hotel Properties in a research note on Friday, September 8th. Three investment analysts have rated the stock with a sell rating, one has issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Summit Hotel Properties currently has an average rating of “Buy” and an average target price of $17.75.

Summit Hotel Properties (INN) opened at 15.70 on Monday. Summit Hotel Properties has a 12 month low of $12.45 and a 12 month high of $19.39. The firm’s 50-day moving average is $15.70 and its 200-day moving average is $16.75. The firm has a market cap of $1.64 billion, a PE ratio of 17.18 and a beta of 1.22.

Summit Hotel Properties (NYSE:INN) last posted its quarterly earnings data on Wednesday, August 2nd. The real estate investment trust reported $0.36 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.38 by ($0.02). Summit Hotel Properties had a net margin of 21.97% and a return on equity of 9.89%. The business had revenue of $124.11 million for the quarter, compared to the consensus estimate of $132.21 million. During the same quarter last year, the business posted $0.42 EPS. The business’s revenue for the quarter was down 2.4% on a year-over-year basis. Equities analysts expect that Summit Hotel Properties will post $0.86 earnings per share for the current year.

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In related news, Chairman Daniel P. Hansen acquired 10,000 shares of the stock in a transaction dated Wednesday, August 9th. The shares were acquired at an average price of $15.60 per share, for a total transaction of $156,000.00. Following the completion of the purchase, the chairman now owns 800,256 shares in the company, valued at approximately $12,483,993.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.71% of the company’s stock.

Institutional investors have recently made changes to their positions in the company. Goldman Sachs Group Inc. grew its stake in shares of Summit Hotel Properties by 4.9% in the first quarter. Goldman Sachs Group Inc. now owns 538,127 shares of the real estate investment trust’s stock worth $8,599,000 after acquiring an additional 25,273 shares during the last quarter. New York State Common Retirement Fund grew its stake in shares of Summit Hotel Properties by 17.0% in the second quarter. New York State Common Retirement Fund now owns 109,400 shares of the real estate investment trust’s stock worth $2,040,000 after acquiring an additional 15,899 shares during the last quarter. Macquarie Group Ltd. grew its stake in shares of Summit Hotel Properties by 2.4% in the second quarter. Macquarie Group Ltd. now owns 2,944,594 shares of the real estate investment trust’s stock worth $54,917,000 after acquiring an additional 69,729 shares during the last quarter. IndexIQ Advisors LLC grew its stake in shares of Summit Hotel Properties by 54.4% in the second quarter. IndexIQ Advisors LLC now owns 153,946 shares of the real estate investment trust’s stock worth $2,871,000 after acquiring an additional 54,243 shares during the last quarter. Finally, Louisiana State Employees Retirement System grew its stake in shares of Summit Hotel Properties by 11.3% in the second quarter. Louisiana State Employees Retirement System now owns 42,400 shares of the real estate investment trust’s stock worth $791,000 after acquiring an additional 4,300 shares during the last quarter. Institutional investors and hedge funds own 95.42% of the company’s stock.

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

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