Summit Hotel Properties (NYSE:INN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Friday. The brokerage currently has a $14.00 price target on the real estate investment trust’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 12.99% from the stock’s current price.

According to Zacks, “Summit Hotel Properties, Inc. is a publicly traded real estate investment trust focused primarily on owning premium-branded, select-service hotels in the upscale and upper midscale segments of the lodging industry. “

Shares of INN opened at $12.39 on Friday. The company has a market capitalization of $1.42 billion, a P/E ratio of 9.25, a P/E/G ratio of 4.82 and a beta of 1.21. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.79. Summit Hotel Properties has a 1-year low of $12.33 and a 1-year high of $16.39.

Summit Hotel Properties (NYSE:INN) last announced its earnings results on Wednesday, August 1st. The real estate investment trust reported $0.40 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.03. The business had revenue of $152.20 million for the quarter, compared to the consensus estimate of $151.13 million. Summit Hotel Properties had a net margin of 14.16% and a return on equity of 6.53%. Summit Hotel Properties’s quarterly revenue was up 17.9% on a year-over-year basis. During the same period last year, the firm posted $0.36 earnings per share. On average, analysts anticipate that Summit Hotel Properties will post 1.28 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Profund Advisors LLC raised its stake in Summit Hotel Properties by 23.7% in the first quarter. Profund Advisors LLC now owns 19,734 shares of the real estate investment trust’s stock valued at $269,000 after purchasing an additional 3,786 shares in the last quarter. UBS Group AG raised its stake in Summit Hotel Properties by 4.0% in the first quarter. UBS Group AG now owns 107,703 shares of the real estate investment trust’s stock valued at $1,465,000 after purchasing an additional 4,134 shares in the last quarter. People s United Financial Inc. raised its stake in shares of Summit Hotel Properties by 3.9% during the second quarter. People s United Financial Inc. now owns 122,981 shares of the real estate investment trust’s stock worth $1,760,000 after acquiring an additional 4,667 shares in the last quarter. Sei Investments Co. raised its stake in shares of Summit Hotel Properties by 17.5% during the first quarter. Sei Investments Co. now owns 31,720 shares of the real estate investment trust’s stock worth $432,000 after acquiring an additional 4,720 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. raised its stake in shares of Summit Hotel Properties by 8.1% during the first quarter. Nomura Asset Management Co. Ltd. now owns 63,700 shares of the real estate investment trust’s stock worth $867,000 after acquiring an additional 4,800 shares in the last quarter. 98.77% of the stock is currently owned by institutional investors and hedge funds.

Summit Hotel Properties Company Profile

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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Analyst Recommendations for Summit Hotel Properties (NYSE:INN)

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