Summit Hotel Properties, Inc. (NYSE:INN) was downgraded by analysts at Bank of America Corporation from a “buy” rating to an “underperform” rating in a report issued on Monday, MarketBeat reports. They presently have a $14.00 target price on the real estate investment trust’s stock, down from their previous target price of $19.00. Bank of America Corporation’s price target would indicate a potential downside of 7.28% from the company’s previous close.

Several other equities research analysts also recently weighed in on INN. Royal Bank Of Canada reaffirmed a “buy” rating and set a $18.00 price target on shares of Summit Hotel Properties in a research report on Monday, May 8th. Zacks Investment Research raised Summit Hotel Properties from a “sell” rating to a “hold” rating in a research report on Tuesday, May 9th. Cantor Fitzgerald reaffirmed a “buy” rating and set a $18.00 price target (up from $17.00) on shares of Summit Hotel Properties in a research report on Friday, May 12th. Canaccord Genuity reaffirmed a “buy” rating and set a $18.00 price target (down from $19.00) on shares of Summit Hotel Properties in a research report on Monday, May 15th. Finally, Deutsche Bank AG increased their price target on Summit Hotel Properties from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, May 25th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $18.43.

Summit Hotel Properties (NYSE INN) traded down 2.83% during mid-day trading on Monday, hitting $15.10. The company’s stock had a trading volume of 1,801,451 shares. The firm’s 50-day moving average is $17.80 and its 200-day moving average is $16.88. The company has a market cap of $1.57 billion, a P/E ratio of 16.52 and a beta of 1.17. Summit Hotel Properties has a 12-month low of $12.45 and a 12-month high of $19.39.

Summit Hotel Properties (NYSE:INN) last issued its earnings results on Wednesday, August 2nd. The real estate investment trust reported $0.36 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.38 by $0.02. The firm had revenue of $124.11 million during the quarter, compared to analysts’ expectations of $132.21 million. Summit Hotel Properties had a return on equity of 9.89% and a net margin of 21.97%. The business’s revenue was down 2.4% on a year-over-year basis. During the same quarter last year, the business earned $0.42 EPS. Analysts predict that Summit Hotel Properties will post $0.87 EPS for the current fiscal year.

TRADEMARK VIOLATION NOTICE: “Summit Hotel Properties, Inc. (INN) Cut to Underperform at Bank of America Corporation” was originally reported by Watch List News and is the property of of Watch List News. If you are accessing this news story on another domain, it was copied illegally and republished in violation of United States & international copyright legislation. The original version of this news story can be viewed at https://www.watchlistnews.com/summit-hotel-properties-inc-nyseinn-cut-to-underperform-at-bank-of-america-corporation/1485699.html.

In other Summit Hotel Properties news, Chairman Daniel P. Hansen bought 10,000 shares of the company’s stock in a transaction dated Wednesday, August 9th. The shares were purchased at an average cost of $15.60 per share, for a total transaction of $156,000.00. Following the transaction, the chairman now directly owns 800,256 shares of the company’s stock, valued at $12,483,993.60. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. 1.94% of the stock is owned by company insiders.

Large investors have recently bought and sold shares of the stock. Wells Fargo & Company MN boosted its stake in Summit Hotel Properties by 2.9% in the first quarter. Wells Fargo & Company MN now owns 201,928 shares of the real estate investment trust’s stock worth $3,226,000 after buying an additional 5,654 shares during the period. Exane Derivatives acquired a new stake in Summit Hotel Properties during the first quarter worth approximately $736,000. DUPONT CAPITAL MANAGEMENT Corp boosted its stake in Summit Hotel Properties by 487.9% in the first quarter. DUPONT CAPITAL MANAGEMENT Corp now owns 55,402 shares of the real estate investment trust’s stock worth $885,000 after buying an additional 45,978 shares during the period. Strs Ohio boosted its stake in Summit Hotel Properties by 1.8% in the first quarter. Strs Ohio now owns 158,746 shares of the real estate investment trust’s stock worth $2,536,000 after buying an additional 2,882 shares during the period. Finally, Fisher Asset Management LLC boosted its stake in Summit Hotel Properties by 40.4% in the first quarter. Fisher Asset Management LLC now owns 62,148 shares of the real estate investment trust’s stock worth $993,000 after buying an additional 17,871 shares during the period. Hedge funds and other institutional investors own 88.14% of the company’s stock.

Summit Hotel Properties Company Profile

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 a total of 11,608 guestrooms located in 24 states.

Analyst Recommendations for Summit Hotel Properties (NYSE:INN)

Receive News & Ratings for Summit Hotel Properties Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Summit Hotel Properties Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.