Summit Hotel Properties (NYSE:INN) Sets New 52-Week High – Time to Buy?

Summit Hotel Properties, Inc. (NYSE:INN)’s stock price reached a new 52-week high on Tuesday. The company traded as high as $7.36 and last traded at $7.4150, with a volume of 389,498 shares changing hands. The stock had previously closed at $7.21.

Analysts Set New Price Targets

Several equities research analysts have commented on INN shares. Zacks Research lowered shares of Summit Hotel Properties from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 24th. Weiss Ratings lowered shares of Summit Hotel Properties from a “hold (c-)” rating to a “sell (d+)” rating in a report on Thursday, October 8th. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Summit Hotel Properties has an average rating of “Hold” and an average price target of $6.00.

Summit Hotel Properties Price Performance

The company’s fifty day moving average is $6.31 and its 200 day moving average is $5.67. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 1.16. The stock has a market cap of $779.23 million, a PE ratio of -38.03, a price-to-earnings-growth ratio of 4.12 and a beta of 1.27.

Summit Hotel Properties (NYSE:INN) last announced its earnings results on Tuesday, November 3rd. The real estate investment trust reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.03. Summit Hotel Properties had a negative return on equity of 0.31% and a negative net margin of 0.49%. The business had revenue of $185.71 million for the quarter, compared to the consensus estimate of $180.92 million. As a group, sell-side analysts anticipate that Summit Hotel Properties, Inc. will post 0.79 earnings per share for the current fiscal year.

Summit Hotel Properties Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, November 30th. Investors of record on Monday, November 16th will be issued a $0.08 dividend. The ex-dividend date of this dividend is Monday, November 16th. This represents a $0.32 annualized dividend and a yield of 4.4%. Summit Hotel Properties’s dividend payout ratio is currently -168.42%.

Institutional Investors Weigh In On Summit Hotel Properties

Institutional investors have recently made changes to their positions in the company. Integrated Wealth Concepts LLC acquired a new position in Summit Hotel Properties in the second quarter valued at approximately $39,000. Legal & General Group Plc acquired a new stake in Summit Hotel Properties in the second quarter worth approximately $71,000. Signaturefd LLC grew its holdings in Summit Hotel Properties by 49.6% during the third quarter. Signaturefd LLC now owns 11,468 shares of the real estate investment trust’s stock worth $68,000 after acquiring an additional 3,804 shares during the period. Pallas Capital Advisors LLC bought a new stake in Summit Hotel Properties during the second quarter worth approximately $86,000. Finally, SummitTX Capital L.P. acquired a new stake in shares of Summit Hotel Properties during the first quarter worth $57,000. 96.47% of the stock is currently owned by institutional investors.

About Summit Hotel Properties

Summit Hotel Properties, Inc. is a real estate investment trust that owns and invests in hotels in the United States. Its portfolio focuses primarily on select-service and limited-service properties, which offer lodging and essential guest amenities without the extensive facilities of full-service hotels. The company’s hotels operate under well-known hospitality brands, including brands affiliated with Marriott, Hilton, Hyatt and IHG. Summit targets markets it considers attractive for lodging investment, including urban and other locations with barriers to new hotel development.