Zacks: Brokerages Expect Summit Hotel Properties, Inc. (INN) Will Announce Quarterly Sales of $126.27 Million
Wall Street brokerages expect Summit Hotel Properties, Inc. (NYSE:INN) to post $126.27 million in sales for the current quarter, according to Zacks Investment Research. Four analysts have made estimates for Summit Hotel Properties’ earnings. The highest sales estimate is $127.00 million and the lowest is $125.44 million. Summit Hotel Properties reported sales of $110.32 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 14.5%. The firm is scheduled to announce its next earnings report on Thursday, February 22nd.
According to Zacks, analysts expect that Summit Hotel Properties will report full-year sales of $126.27 million for the current year, with estimates ranging from $509.66 million to $511.44 million. For the next financial year, analysts forecast that the company will report sales of $572.26 million per share, with estimates ranging from $554.99 million to $580.78 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Summit Hotel Properties.
Summit Hotel Properties (NYSE:INN) last announced its earnings results on Monday, October 30th. The real estate investment trust reported $0.17 earnings per share for the quarter, meeting the consensus estimate of $0.17. The firm had revenue of $136.60 million for the quarter, compared to the consensus estimate of $135.69 million. Summit Hotel Properties had a return on equity of 8.96% and a net margin of 20.21%. The firm’s revenue for the quarter was up 15.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.37 EPS.
Several brokerages have recently issued reports on INN. Zacks Investment Research upgraded Summit Hotel Properties from a “sell” rating to a “hold” rating in a research report on Wednesday, December 6th. Janney Montgomery Scott cut Summit Hotel Properties from a “buy” rating to a “neutral” rating in a research report on Monday, November 20th. Robert W. Baird reiterated a “buy” rating and set a $17.00 price target on shares of Summit Hotel Properties in a research report on Friday, September 8th. KeyCorp set a $17.00 price target on Summit Hotel Properties and gave the company a “buy” rating in a research report on Sunday, October 29th. Finally, Cantor Fitzgerald reiterated a “buy” rating and set a $17.00 price target on shares of Summit Hotel Properties in a research report on Monday, November 20th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $17.50.
Summit Hotel Properties (NYSE INN) opened at $14.96 on Thursday. Summit Hotel Properties has a 1 year low of $14.23 and a 1 year high of $19.39. The stock has a market capitalization of $1,554.76, a price-to-earnings ratio of 11.21 and a beta of 1.18. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.61 and a current ratio of 1.61.
The business also recently announced a quarterly dividend, which was paid on Thursday, November 30th. Investors of record on Thursday, November 16th were issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.55%. The ex-dividend date of this dividend was Wednesday, November 15th. Summit Hotel Properties’s payout ratio is 82.93%.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP grew its holdings in shares of Summit Hotel Properties by 10.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,374,090 shares of the real estate investment trust’s stock worth $25,627,000 after acquiring an additional 127,226 shares during the last quarter. New York State Common Retirement Fund boosted its position in shares of Summit Hotel Properties by 17.0% in the second quarter. New York State Common Retirement Fund now owns 109,400 shares of the real estate investment trust’s stock worth $2,040,000 after buying an additional 15,899 shares during the period. Macquarie Group Ltd. boosted its position in shares of Summit Hotel Properties by 2.4% in the second quarter. Macquarie Group Ltd. now owns 2,944,594 shares of the real estate investment trust’s stock worth $54,917,000 after buying an additional 69,729 shares during the period. Prudential Financial Inc. boosted its position in shares of Summit Hotel Properties by 48.5% in the third quarter. Prudential Financial Inc. now owns 973,365 shares of the real estate investment trust’s stock worth $15,564,000 after buying an additional 317,971 shares during the period. Finally, IndexIQ Advisors LLC boosted its position in shares of Summit Hotel Properties by 54.4% in the second quarter. IndexIQ Advisors LLC now owns 153,946 shares of the real estate investment trust’s stock worth $2,871,000 after buying an additional 54,243 shares during the period. Institutional investors and hedge funds own 95.71% 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 79 hotels with a total of 11,590 guestrooms located in 24 states.
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