Zacks Investment Research Lowers Summit Hotel Properties, Inc. (INN) to Hold
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. “
Separately, Canaccord Genuity reaffirmed a buy rating and set a $17.00 price target (up from $15.00) on shares of Summit Hotel Properties in a research report on Friday, December 23rd. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Summit Hotel Properties currently has an average rating of Buy and a consensus target price of $15.08.
Summit Hotel Properties (NYSE:INN) opened at 16.18 on Tuesday. Summit Hotel Properties has a 52-week low of $10.00 and a 52-week high of $16.40. The company has a 50 day moving average of $15.90 and a 200-day moving average of $14.39. The stock has a market capitalization of $1.41 billion, a P/E ratio of 8.62 and a beta of 1.01.
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The firm also recently declared a quarterly dividend, which will be paid on Tuesday, February 28th. Shareholders of record on Tuesday, February 14th will be given a dividend of $0.1625 per share. The ex-dividend date is Friday, February 10th. This represents a $0.65 dividend on an annualized basis and a yield of 4.02%. Summit Hotel Properties’s dividend payout ratio (DPR) is 34.57%.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Advisor Group Inc. boosted its position in shares of Summit Hotel Properties by 12.0% in the third quarter. Advisor Group Inc. now owns 7,670 shares of the real estate investment trust’s stock worth $101,000 after buying an additional 821 shares during the period. Amalgamated Bank acquired a new position in shares of Summit Hotel Properties during the second quarter worth $144,000. Teacher Retirement System of Texas boosted its position in shares of Summit Hotel Properties by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 12,122 shares of the real estate investment trust’s stock worth $160,000 after buying an additional 1,469 shares during the period. Intrust Bank NA boosted its position in shares of Summit Hotel Properties by 11.2% in the third quarter. Intrust Bank NA now owns 12,500 shares of the real estate investment trust’s stock worth $165,000 after buying an additional 1,259 shares during the period. Finally, Stifel Financial Corp boosted its position in shares of Summit Hotel Properties by 13.9% in the second quarter. Stifel Financial Corp now owns 13,433 shares of the real estate investment trust’s stock worth $179,000 after buying an additional 1,639 shares during the period. 92.76% 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 81 hotels with over 10,957 guestrooms located in 23 states.
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