Summit Hotel Properties Inc (NYSE:INN) shares traded up 6.2% during mid-day trading on Wednesday . The stock traded as high as $4.37 and last traded at $4.27, 99,657 shares traded hands during mid-day trading. A decline of 95% from the average session volume of 1,855,593 shares. The stock had previously closed at $4.02.
INN has been the subject of several analyst reports. Zacks Investment Research cut Summit Hotel Properties from a “hold” rating to a “sell” rating in a report on Tuesday, March 17th. Capital One Financial raised Summit Hotel Properties from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $13.00 to $13.50 in a report on Monday, January 13th. Royal Bank of Canada reaffirmed a “buy” rating and issued a $13.00 price objective on shares of Summit Hotel Properties in a report on Sunday, December 22nd. Finally, ValuEngine raised Summit Hotel Properties from a “strong sell” rating to a “sell” rating in a report on Friday, January 10th. Two research analysts have rated the stock with a sell rating and three have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $13.63.
The stock has a market capitalization of $422.80 million, a price-to-earnings ratio of 6.83 and a beta of 1.31. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.09 and a current ratio of 1.09. The company has a fifty day simple moving average of $8.59 and a two-hundred day simple moving average of $11.09.
Summit Hotel Properties (NYSE:INN) last announced its quarterly earnings data on Tuesday, February 25th. The real estate investment trust reported $0.05 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.02 by $0.03. The firm had revenue of $133.78 million during the quarter, compared to analysts’ expectations of $130.67 million. Summit Hotel Properties had a return on equity of 6.86% and a net margin of 15.04%. The company’s quarterly revenue was up 1.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.30 EPS. As a group, equities analysts anticipate that Summit Hotel Properties Inc will post 1.09 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 14th were issued a $0.18 dividend. The ex-dividend date was Thursday, February 13th. This represents a $0.72 annualized dividend and a yield of 16.48%. Summit Hotel Properties’s dividend payout ratio is presently 57.60%.
Hedge funds and other institutional investors have recently made changes to their positions in the business. CWM LLC acquired a new position in shares of Summit Hotel Properties during the 4th quarter worth $36,000. Sunbelt Securities Inc. acquired a new position in shares of Summit Hotel Properties during the 4th quarter worth $26,197,000. Vident Investment Advisory LLC acquired a new position in shares of Summit Hotel Properties during the 4th quarter worth $126,000. Redpoint Investment Management Pty Ltd acquired a new position in shares of Summit Hotel Properties during the 3rd quarter worth $130,000. Finally, Cresset Asset Management LLC acquired a new position in shares of Summit Hotel Properties during the 4th quarter worth $139,000.
About Summit Hotel Properties (NYSE:INN)
Summit Hotel Properties, Inc is a publicly-traded real estate investment trust focused on owning premium-branded hotels with efficient operating models primarily in the upscale segment of the lodging industry. As of April 18, 2019, the Company's portfolio consisted of 69 hotels with a total of 10,714 guestrooms located in 24 states.
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