Summit Hotel Properties, Inc. (INN) Cut to Underperform at Bank of America Corporation
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.
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.
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