Raymond James Financial, Inc. upgraded shares of Summit Hotel Properties, Inc. (NYSE:INN) from a market perform rating to an outperform rating in a research note published on Monday morning, MarketBeat Ratings reports. The firm currently has $17.50 price target on the real estate investment trust’s stock.

Other equities analysts have also recently issued reports about the stock. Zacks Investment Research raised shares of Summit Hotel Properties from a hold rating to a buy rating and set a $21.00 price target on the stock in a research report on Thursday, July 6th. Deutsche Bank AG reissued a buy rating and set a $17.00 price target (down from $19.00) on shares of Summit Hotel Properties in a research report on Wednesday, August 9th. Canaccord Genuity reduced their price target on shares of Summit Hotel Properties from $21.00 to $18.00 and set a buy rating on the stock in a research report on Friday, August 4th. Royal Bank Of Canada reissued a buy rating and set a $20.00 price target on shares of Summit Hotel Properties in a research report on Friday, August 4th. Finally, Robert W. Baird reissued a buy rating and set a $17.00 price target on shares of Summit Hotel Properties in a research report on Friday, September 8th. Two analysts have rated the stock with a sell rating, two have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of Buy and a consensus price target of $17.72.

Summit Hotel Properties (NYSE:INN) last announced its quarterly earnings results on Monday, October 30th. The real estate investment trust reported $0.17 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.17. The company had revenue of $136.60 million for the quarter, compared to analysts’ expectations of $135.69 million. Summit Hotel Properties had a net margin of 20.21% and a return on equity of 8.96%. The business’s quarterly revenue was up 15.5% compared to the same quarter last year. During the same period last year, the firm posted $0.37 earnings per share.

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The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 30th. Investors of record on Thursday, November 16th will be given a $0.17 dividend. The ex-dividend date of this dividend is Wednesday, November 15th. This represents a $0.68 annualized dividend and a yield of 4.30%. Summit Hotel Properties’s dividend payout ratio is currently 82.93%.

In related news, Chairman Daniel P. Hansen acquired 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 9th. The shares were acquired at an average cost of $15.60 per share, with a total value of $156,000.00. Following the transaction, the chairman now owns 800,256 shares of the company’s stock, valued at approximately $12,483,993.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.71% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Amalgamated Bank lifted its position in Summit Hotel Properties by 0.7% in the 1st quarter. Amalgamated Bank now owns 11,794 shares of the real estate investment trust’s stock valued at $188,000 after acquiring an additional 82 shares in the last quarter. Elgethun Capital Management lifted its position in Summit Hotel Properties by 0.6% in the 2nd quarter. Elgethun Capital Management now owns 41,959 shares of the real estate investment trust’s stock valued at $783,000 after acquiring an additional 243 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its position in Summit Hotel Properties by 1.7% in the 2nd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 15,169 shares of the real estate investment trust’s stock valued at $283,000 after acquiring an additional 250 shares in the last quarter. Nisa Investment Advisors LLC lifted its position in Summit Hotel Properties by 1.0% in the 2nd quarter. Nisa Investment Advisors LLC now owns 35,630 shares of the real estate investment trust’s stock valued at $664,000 after acquiring an additional 350 shares in the last quarter. Finally, M&T Bank Corp lifted its position in Summit Hotel Properties by 3.0% in the 2nd quarter. M&T Bank Corp now owns 13,673 shares of the real estate investment trust’s stock valued at $255,000 after acquiring an additional 402 shares in the last quarter. 95.42% of the stock is currently owned by institutional investors and hedge funds.

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.

Analyst Recommendations for Summit Hotel Properties (NYSE:INN)

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