Brokerages Set Summit Hotel Properties, Inc. (NYSE:INN) Price Target at $5.00

Shares of Summit Hotel Properties, Inc. (NYSE:INN) have received an average rating of “Reduce” from the five brokerages that are presently covering the firm, MarketBeat reports. Three investment analysts have rated the stock with a sell rating, one has issued a hold rating and one has assigned a buy rating to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $5.00.

Several equities analysts recently weighed in on the stock. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Summit Hotel Properties in a research report on Monday, December 29th. Bank of America reissued an “underperform” rating and issued a $4.50 price objective (down from $5.75) on shares of Summit Hotel Properties in a research note on Tuesday, November 4th. Wall Street Zen cut Summit Hotel Properties from a “hold” rating to a “sell” rating in a research report on Saturday, October 18th. Robert W. Baird set a $5.00 price target on Summit Hotel Properties in a research report on Wednesday, December 17th. Finally, Deutsche Bank Aktiengesellschaft set a $6.00 price objective on Summit Hotel Properties and gave the company a “buy” rating in a research note on Tuesday, January 13th.

Insider Buying and Selling

In other Summit Hotel Properties news, Director Mehulkumar Bhikhubhai Patel sold 25,000 shares of Summit Hotel Properties stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $4.84, for a total transaction of $121,000.00. Following the transaction, the director owned 444,295 shares of the company’s stock, valued at $2,150,387.80. This trade represents a 5.33% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 3.37% of the company’s stock.

Hedge Funds Weigh In On Summit Hotel Properties

Several institutional investors have recently modified their holdings of INN. Versor Investments LP lifted its holdings in Summit Hotel Properties by 286.9% during the fourth quarter. Versor Investments LP now owns 144,300 shares of the real estate investment trust’s stock worth $703,000 after acquiring an additional 107,000 shares during the period. M&T Bank Corp purchased a new stake in shares of Summit Hotel Properties during the 4th quarter valued at $58,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Summit Hotel Properties by 12.4% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 133,079 shares of the real estate investment trust’s stock worth $648,000 after purchasing an additional 14,633 shares during the period. Pensionfund Sabic bought a new stake in shares of Summit Hotel Properties during the 4th quarter worth $91,000. Finally, Pensionfund PDN purchased a new position in shares of Summit Hotel Properties in the 4th quarter worth about $336,000. 96.47% of the stock is owned by institutional investors.

Summit Hotel Properties Stock Performance

NYSE INN opened at $4.49 on Friday. The company has a market cap of $488.51 million, a P/E ratio of -28.06 and a beta of 1.29. The company has a fifty day simple moving average of $4.80 and a 200 day simple moving average of $5.19. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 1.14. Summit Hotel Properties has a 12-month low of $3.57 and a 12-month high of $6.73.

Summit Hotel Properties Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, February 27th. Investors of record on Friday, February 13th will be issued a dividend of $0.08 per share. The ex-dividend date is Friday, February 13th. This represents a $0.32 annualized dividend and a yield of 7.1%. Summit Hotel Properties’s payout ratio is -200.00%.

Summit Hotel Properties Company Profile

Summit Hotel Properties is a real estate investment trust (REIT) that acquires, owns and operates branded select-service hotels and extended-stay properties across the United States. The company focuses on upper-midscale and upscale lodging segments, targeting established national brands to combine the operational efficiencies of limited-service properties with strong franchise affiliation.

The company’s portfolio comprises over thirty hotels carrying well-known flags such as Marriott, Hilton, Hyatt and IHG.