Summit Hotel Properties, Inc. (INN) PT Set at $17.00 by KeyCorp

KeyCorp set a $17.00 price objective on Summit Hotel Properties, Inc. (NYSE:INN) in a research report released on Sunday. The brokerage currently has a buy rating on the real estate investment trust’s stock.

Other research analysts have also issued reports about the stock. Zacks Investment Research upgraded shares of Summit Hotel Properties from a hold rating to a buy rating and set a $20.00 price objective for the company in a report on Wednesday, July 12th. Deutsche Bank AG restated a buy rating and issued a $17.00 price objective (down from $19.00) on shares of Summit Hotel Properties in a report on Wednesday, August 9th. Canaccord Genuity decreased their price objective on shares of Summit Hotel Properties from $21.00 to $18.00 and set a buy rating for the company in a report on Friday, August 4th. Royal Bank Of Canada restated a buy rating and issued a $20.00 price objective on shares of Summit Hotel Properties in a report on Friday, August 4th. Finally, Robert W. Baird restated a buy rating and issued a $17.00 price objective on shares of Summit Hotel Properties in a report on Friday, September 8th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Summit Hotel Properties presently has an average rating of Buy and a consensus target price of $17.72.

Summit Hotel Properties (NYSE:INN) last issued its quarterly earnings data on Monday, October 30th. The real estate investment trust reported $0.17 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.17. Summit Hotel Properties had a net margin of 20.21% and a return on equity of 8.96%. The business had revenue of $136.60 million during the quarter, compared to analyst estimates of $135.69 million. During the same period in the prior year, the business earned $0.37 EPS. The company’s revenue for the quarter was up 15.5% on a year-over-year basis.

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The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 30th. Stockholders of record on Thursday, November 16th will be given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.30%. The ex-dividend date is Wednesday, November 15th. Summit Hotel Properties’s dividend payout ratio is presently 82.93%.

In other Summit Hotel Properties news, Chairman Daniel P. Hansen bought 10,000 shares of Summit Hotel Properties stock in a transaction dated Wednesday, August 9th. The shares were purchased at an average cost of $15.60 per share, with a total value of $156,000.00. Following the transaction, the chairman now directly owns 800,256 shares of the company’s stock, valued at $12,483,993.60. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.71% of the stock is owned by corporate insiders.

Large investors have recently added to or reduced their stakes in the company. Pacad Investment Ltd. purchased a new stake in shares of Summit Hotel Properties in the 2nd quarter worth about $114,000. Riverhead Capital Management LLC grew its position in shares of Summit Hotel Properties by 120.3% in the 2nd quarter. Riverhead Capital Management LLC now owns 6,828 shares of the real estate investment trust’s stock worth $127,000 after buying an additional 3,728 shares during the period. Paloma Partners Management Co purchased a new stake in shares of Summit Hotel Properties in the 1st quarter worth about $162,000. GAM Holding AG grew its position in shares of Summit Hotel Properties by 25.7% in the 2nd quarter. GAM Holding AG now owns 8,803 shares of the real estate investment trust’s stock worth $164,000 after buying an additional 1,800 shares during the period. Finally, LS Investment Advisors LLC grew its position in shares of Summit Hotel Properties by 5.4% in the 2nd quarter. LS Investment Advisors LLC now owns 8,995 shares of the real estate investment trust’s stock worth $168,000 after buying an additional 459 shares during the period. 95.42% of the stock is currently owned by hedge funds and other 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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