Summit Hotel Properties (NYSE:INN) Posts Earnings Results, Beats Estimates By $0.02 EPS

Summit Hotel Properties (NYSE:INN) issued its earnings results on Tuesday. The real estate investment trust reported $0.17 earnings per share for the quarter, beating analysts’ consensus estimates of $0.15 by $0.02, Zacks reports. Summit Hotel Properties had a net margin of 1.00% and a return on equity of 0.56%.

Summit Hotel Properties Stock Down 0.9%

NYSE:INN traded down $0.05 on Tuesday, hitting $5.18. The stock had a trading volume of 1,421,750 shares, compared to its average volume of 1,139,751. The firm’s fifty day simple moving average is $5.51 and its two-hundred day simple moving average is $5.08. The stock has a market cap of $563.09 million, a P/E ratio of -57.50 and a beta of 1.70. Summit Hotel Properties has a 1 year low of $3.57 and a 1 year high of $6.99. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.80 and a current ratio of 0.80.

Summit Hotel Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Shareholders of record on Friday, November 14th will be paid a $0.08 dividend. The ex-dividend date is Friday, November 14th. This represents a $0.32 annualized dividend and a yield of 6.2%. Summit Hotel Properties’s dividend payout ratio (DPR) is -355.56%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Tower Research Capital LLC TRC grew its position in shares of Summit Hotel Properties by 148.1% during the 2nd quarter. Tower Research Capital LLC TRC now owns 10,793 shares of the real estate investment trust’s stock valued at $55,000 after acquiring an additional 6,442 shares during the period. BNP Paribas Financial Markets boosted its holdings in shares of Summit Hotel Properties by 53.6% in the second quarter. BNP Paribas Financial Markets now owns 10,807 shares of the real estate investment trust’s stock worth $55,000 after acquiring an additional 3,773 shares during the period. Bayesian Capital Management LP purchased a new position in Summit Hotel Properties during the 2nd quarter valued at about $65,000. Corient Private Wealth LLC purchased a new stake in shares of Summit Hotel Properties in the second quarter worth $86,000. Finally, Creative Planning bought a new stake in shares of Summit Hotel Properties during the 2nd quarter valued at about $94,000. 96.47% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have recently issued reports on INN. Robert W. Baird dropped their price target on shares of Summit Hotel Properties from $5.00 to $4.50 and set a “neutral” rating for the company in a research note on Friday, October 3rd. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Summit Hotel Properties in a report on Tuesday, October 14th. Zacks Research raised Summit Hotel Properties from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 21st. Bank of America reaffirmed an “underperform” rating and set a $4.50 target price (down from $5.75) on shares of Summit Hotel Properties in a report on Tuesday. Finally, Summit Redstone set a $4.50 target price on Summit Hotel Properties in a report on Tuesday. Two equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Summit Hotel Properties presently has an average rating of “Reduce” and a consensus price target of $4.50.

About Summit Hotel Properties

Summit Hotel Properties, Inc is a publicly traded real estate investment trust focused on owning premium-branded lodging properties with efficient operating models primarily in the upscale segment of the lodging industry. As of November 1, 2023, the Company’s portfolio consisted of 101 assets, 57 of which are wholly owned, with a total of 15,035 guestrooms located in 24 states.