Summit Hotel Properties (INN) Cut to “Hold” at Zacks Investment Research

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Zacks Investment Research cut shares of Summit Hotel Properties (NYSE:INN) from a buy rating to a hold rating in a research report report published on Saturday morning.

According to Zacks, “Summit Hotel Properties, Inc. is a publicly traded real estate investment trust focused primarily on owning premium-branded, select-service hotels in the upscale and upper midscale segments of the lodging industry. “

A number of other equities analysts have also weighed in on INN. ValuEngine lowered shares of Summit Hotel Properties from a sell rating to a strong sell rating in a research report on Tuesday, October 23rd. Bank of America lowered shares of Summit Hotel Properties from a buy rating to a neutral rating in a research report on Tuesday, October 23rd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company’s stock. The stock has an average rating of Hold and an average price target of $15.80.

Shares of NYSE:INN opened at $11.54 on Friday. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.51 and a quick ratio of 1.51. The stock has a market cap of $1.19 billion, a price-to-earnings ratio of 8.61, a price-to-earnings-growth ratio of 5.19 and a beta of 1.21. Summit Hotel Properties has a twelve month low of $10.91 and a twelve month high of $16.29.

Summit Hotel Properties (NYSE:INN) last issued its earnings results on Wednesday, August 1st. The real estate investment trust reported $0.40 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.03. The firm had revenue of $152.20 million during the quarter, compared to analyst estimates of $151.13 million. Summit Hotel Properties had a net margin of 14.16% and a return on equity of 6.53%. The company’s quarterly revenue was up 17.9% on a year-over-year basis. During the same quarter last year, the business earned $0.36 earnings per share. Analysts predict that Summit Hotel Properties will post 1.28 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 30th. Stockholders of record on Friday, November 16th will be given a $0.18 dividend. The ex-dividend date of this dividend is Thursday, November 15th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 6.24%. Summit Hotel Properties’s dividend payout ratio (DPR) is currently 53.73%.

Several hedge funds have recently added to or reduced their stakes in INN. Paloma Partners Management Co bought a new position in shares of Summit Hotel Properties in the second quarter valued at approximately $182,000. Tower Research Capital LLC TRC bought a new position in shares of Summit Hotel Properties in the second quarter valued at approximately $185,000. Xact Kapitalforvaltning AB boosted its position in shares of Summit Hotel Properties by 49.6% in the first quarter. Xact Kapitalforvaltning AB now owns 19,618 shares of the real estate investment trust’s stock valued at $267,000 after acquiring an additional 6,500 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new position in shares of Summit Hotel Properties in the second quarter valued at approximately $317,000. Finally, Jane Street Group LLC bought a new position in shares of Summit Hotel Properties in the first quarter valued at approximately $360,000. Institutional investors own 99.19% of the company’s stock.

Summit Hotel Properties Company Profile

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 August 1, 2018, the Company's portfolio consisted of 77 hotels with a total of 11,657 guestrooms located in 26 states.

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