Summit Hotel Properties, Inc. (INN) Rating Reiterated by Cantor Fitzgerald
Cantor Fitzgerald reissued their buy rating on shares of Summit Hotel Properties, Inc. (NYSE:INN) in a report published on Monday. The firm currently has a $17.00 target price on the real estate investment trust’s stock.
“Asset Recycling. On 11/13, the company announced the acquisition of four hotels that have 652 rooms for $164m at a 7.8% cap rate (including capex). The hotels are located in New Haven, Boston/Waltham, Cleveland and Tucson. Three markets are new for the company and, as a result, add further to regional diversification. The company plans to spend $7-9m in capital improvements over the next two years (more than 50% of the improvement is expected for the hotel in Boston). TTM RevPAR (as of 3Q17) for the four hotels is about 10% higher than the company’s RevPAR for the same period. These acquisitions bring the YTD total to $600m and are in line with the company’s acquisition strategy, which is focused on upscale hotels and value-add opportunities such as renovations. We expect acquisitions to continue and currently include $200m of additional acquisitions for 2018. YTD, the company has sold hotels for $120.2m and remains opportunistic in regard to dispositions.”,” Cantor Fitzgerald’s analyst wrote.
A number of other equities analysts also recently commented on the stock. KeyCorp restated a hold rating on shares of Summit Hotel Properties in a research report on Friday, August 25th. BidaskClub upgraded shares of Summit Hotel Properties from a sell rating to a hold rating in a research report on Wednesday, August 2nd. Zacks Investment Research upgraded shares of Summit Hotel Properties from a sell rating to a hold rating in a research report on Wednesday, November 1st. Robert W. Baird restated a buy rating and set a $17.00 price objective on shares of Summit Hotel Properties in a research report on Friday, September 8th. Finally, Bank of America Corporation downgraded shares of Summit Hotel Properties from a buy rating to an underperform rating and cut their price objective for the stock from $19.00 to $14.00 in a research report on Monday, August 14th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of Hold and an average price target of $17.50.
Shares of Summit Hotel Properties (INN) opened at $15.37 on Monday. Summit Hotel Properties has a 12-month low of $14.01 and a 12-month high of $19.39. The company has a market cap of $1,602.73, a price-to-earnings ratio of 11.56 and a beta of 1.20. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.61 and a quick ratio of 1.61.
Summit Hotel Properties (NYSE:INN) last released its quarterly earnings results on Monday, October 30th. The real estate investment trust reported $0.17 EPS for the quarter, meeting the consensus estimate of $0.17. Summit Hotel Properties had a net margin of 20.21% and a return on equity of 8.96%. The firm had revenue of $136.60 million during the quarter, compared to the consensus estimate of $135.69 million. During the same quarter in the prior year, the firm earned $0.37 EPS. Summit Hotel Properties’s revenue for the quarter was up 15.5% on a year-over-year basis. equities analysts forecast that Summit Hotel Properties will post 1.27 earnings per share for the current year.
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The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 30th. Shareholders of record on Thursday, November 16th will be given a dividend of $0.17 per share. The ex-dividend date is Wednesday, November 15th. This represents a $0.68 dividend on an annualized basis and a yield of 4.42%. Summit Hotel Properties’s payout ratio is currently 82.93%.
Institutional investors have recently made changes to their positions in the business. Pacad Investment Ltd. purchased a new position in Summit Hotel Properties during the 2nd quarter worth $114,000. Riverhead Capital Management LLC grew its stake in shares of Summit Hotel Properties by 120.3% during the 2nd quarter. Riverhead Capital Management LLC now owns 6,828 shares of the real estate investment trust’s stock worth $127,000 after purchasing an additional 3,728 shares during the period. GAM Holding AG grew its stake in shares of Summit Hotel Properties by 25.7% during the 2nd quarter. GAM Holding AG now owns 8,803 shares of the real estate investment trust’s stock worth $164,000 after purchasing an additional 1,800 shares during the period. Ameritas Investment Partners Inc. grew its stake in shares of Summit Hotel Properties by 20.1% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 8,982 shares of the real estate investment trust’s stock worth $168,000 after purchasing an additional 1,506 shares during the period. Finally, LS Investment Advisors LLC grew its stake in shares of Summit Hotel Properties by 5.4% during the 2nd quarter. LS Investment Advisors LLC now owns 8,995 shares of the real estate investment trust’s stock worth $168,000 after purchasing an additional 459 shares during the period. Institutional investors own 91.78% of the company’s stock.
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 79 hotels with a total of 11,590 guestrooms located in 24 states.
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