Summit Hotel Properties, Inc. (INN) Updates Q4 Earnings Guidance

Summit Hotel Properties, Inc. (NYSE:INN) issued an update on its fourth quarter earnings guidance on Monday morning. The company provided earnings per share guidance of $0.26-$0.29 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.29. Summit Hotel Properties also updated its FY17 guidance to $1.29-$1.32 EPS.

Shares of Summit Hotel Properties, Inc. (INN) traded up 1.72% during midday trading on Monday, hitting $15.97. The company had a trading volume of 1,032,971 shares. Summit Hotel Properties, Inc. has a 12-month low of $12.45 and a 12-month high of $19.39. The company has a market capitalization of $1.67 billion, a price-to-earnings ratio of 17.47 and a beta of 1.22. The company’s 50-day moving average price is $15.70 and its 200 day moving average price is $16.75.

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

Several equities research analysts have issued reports on INN shares. Zacks Investment Research raised shares of Summit Hotel Properties from a hold rating to a buy rating and set a $21.00 target price on the stock in a research report on Thursday, July 6th. BidaskClub cut shares of Summit Hotel Properties from a buy rating to a hold rating in a research report on Wednesday, July 12th. UBS AG cut shares of Summit Hotel Properties from an outperform rating to a market perform rating in a research report on Friday, July 14th. Raymond James Financial, Inc. reiterated a market perform rating on shares of Summit Hotel Properties in a research note on Friday, July 14th. Finally, Royal Bank Of Canada reiterated a buy rating and set a $20.00 price target on shares of Summit Hotel Properties in a research note on Friday, August 4th. Three equities research analysts have rated the stock with a sell rating, one has given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of Buy and an average target price of $17.72.

In related news, Chairman Daniel P. Hansen acquired 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 9th. The stock was purchased at an average price of $15.60 per share, for a total transaction of $156,000.00. Following the transaction, the chairman now owns 800,256 shares in the company, valued at approximately $12,483,993.60. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.71% of the company’s stock.

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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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