Summit Hotel Properties (INN) Sees Unusually-High Trading Volume

Summit Hotel Properties Inc (NYSE:INN) saw strong trading volume on Friday . 3,440,900 shares changed hands during mid-day trading, an increase of 277% from the previous session’s volume of 913,450 shares.The stock last traded at $15.52 and had previously closed at $15.16.

A number of equities analysts have recently commented on the company. Zacks Investment Research cut Summit Hotel Properties from a “hold” rating to a “sell” rating in a report on Thursday, November 23rd. Cantor Fitzgerald reiterated a “buy” rating and issued a $17.00 target price on shares of Summit Hotel Properties in a report on Monday, November 20th. Janney Montgomery Scott cut Summit Hotel Properties from a “buy” rating to a “neutral” rating in a report on Monday, November 20th. KeyCorp upgraded Summit Hotel Properties from a “sector weight” rating to an “overweight” rating and set a $17.00 target price for the company in a report on Tuesday, September 26th. Finally, Raymond James Financial upgraded Summit Hotel Properties from a “market perform” rating to an “outperform” rating and set a $17.50 target price for the company in a report on Monday, October 30th. Two research analysts have rated the stock with a sell rating, three have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $17.50.

The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.61 and a current ratio of 1.61. The firm has a market capitalization of $1,590.00, a price-to-earnings ratio of 18.63 and a beta of 1.19.

Summit Hotel Properties (NYSE:INN) last posted its quarterly earnings data on Monday, October 30th. The real estate investment trust reported $0.17 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.17. Summit Hotel Properties had a return on equity of 8.96% and a net margin of 20.21%. The company had revenue of $136.60 million during the quarter, compared to analysts’ expectations of $135.69 million. During the same quarter in the previous year, the business earned $0.37 EPS. Summit Hotel Properties’s revenue was up 15.5% compared to the same quarter last year. sell-side analysts anticipate that Summit Hotel Properties Inc will post 1.25 earnings per share for the current year.

A number of institutional investors and hedge funds have recently bought and sold shares of INN. Schwab Charles Investment Management Inc. boosted its holdings in Summit Hotel Properties by 22.0% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 986,630 shares of the real estate investment trust’s stock valued at $18,401,000 after acquiring an additional 178,202 shares during the period. Neuberger Berman Group LLC purchased a new position in Summit Hotel Properties during the 2nd quarter valued at $325,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Summit Hotel Properties by 109.1% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,806 shares of the real estate investment trust’s stock valued at $202,000 after acquiring an additional 5,639 shares during the period. Pacad Investment Ltd. bought a new stake in Summit Hotel Properties during the 2nd quarter valued at $114,000. Finally, Swiss National Bank raised its position in Summit Hotel Properties by 17.9% during the 2nd quarter. Swiss National Bank now owns 170,300 shares of the real estate investment trust’s stock valued at $3,176,000 after purchasing an additional 25,800 shares in the last quarter. Institutional investors own 95.67% of the company’s stock.

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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 83 hotels with a total of 12,242 guestrooms located in 26 states.

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