Summit Hotel Properties Inc (INN) Receives Average Recommendation of “Buy” from Analysts
Summit Hotel Properties Inc (NYSE:INN) has been given an average recommendation of “Buy” by the ten research firms that are currently covering the stock, Marketbeat reports. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating on the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $16.58.
Several brokerages have recently issued reports on INN. ValuEngine downgraded Summit Hotel Properties from a “hold” rating to a “sell” rating in a research report on Wednesday, June 6th. Zacks Investment Research downgraded Summit Hotel Properties from a “hold” rating to a “sell” rating in a research report on Friday, June 1st.
Several hedge funds and other institutional investors have recently modified their holdings of INN. BlackRock Inc. boosted its position in shares of Summit Hotel Properties by 8.5% during the second quarter. BlackRock Inc. now owns 17,499,148 shares of the real estate investment trust’s stock worth $250,413,000 after buying an additional 1,371,193 shares during the period. Nuveen Asset Management LLC raised its holdings in Summit Hotel Properties by 21.9% during the first quarter. Nuveen Asset Management LLC now owns 6,973,825 shares of the real estate investment trust’s stock worth $94,914,000 after purchasing an additional 1,253,785 shares in the last quarter. Duff & Phelps Investment Management Co. raised its holdings in Summit Hotel Properties by 205.1% during the second quarter. Duff & Phelps Investment Management Co. now owns 1,823,875 shares of the real estate investment trust’s stock worth $26,100,000 after purchasing an additional 1,226,150 shares in the last quarter. Northern Trust Corp raised its holdings in Summit Hotel Properties by 39.7% during the second quarter. Northern Trust Corp now owns 2,675,449 shares of the real estate investment trust’s stock worth $38,286,000 after purchasing an additional 760,506 shares in the last quarter. Finally, Segall Bryant & Hamill LLC bought a new stake in Summit Hotel Properties during the second quarter worth approximately $10,777,000. Institutional investors and hedge funds own 98.77% of the company’s stock.
Summit Hotel Properties (NYSE:INN) last issued its quarterly earnings data on Wednesday, August 1st. The real estate investment trust reported $0.40 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.37 by $0.03. The business had revenue of $152.20 million during the quarter, compared to the consensus estimate of $151.13 million. Summit Hotel Properties had a return on equity of 6.53% and a net margin of 14.16%. The business’s revenue was up 17.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.36 earnings per share. analysts predict that Summit Hotel Properties will post 1.28 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 31st. Stockholders of record on Thursday, August 16th were given a dividend of $0.18 per share. The ex-dividend date of this dividend was Wednesday, August 15th. This represents a $0.72 annualized dividend and a dividend yield of 5.37%. Summit Hotel Properties’s dividend payout ratio is presently 53.73%.
About Summit Hotel Properties
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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