Janney Montgomery Scott Lowers Summit Hotel Properties, Inc. (INN) to Neutral
Summit Hotel Properties, Inc. (NYSE:INN) was downgraded by research analysts at Janney Montgomery Scott from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Monday.
A number of other research analysts have also weighed in on the company. KeyCorp restated a “hold” rating on shares of Summit Hotel Properties in a report on Friday, August 25th. Bank of America Corporation lowered Summit Hotel Properties from a “buy” rating to an “underperform” rating and dropped their target price for the company from $19.00 to $14.00 in a report on Monday, August 14th. Zacks Investment Research lowered Summit Hotel Properties from a “buy” rating to a “hold” rating in a report on Friday, July 28th. Raymond James Financial, Inc. upgraded Summit Hotel Properties from a “market perform” rating to an “outperform” rating and set a $17.50 target price on the stock in a report on Monday, October 30th. Finally, Robert W. Baird reaffirmed 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 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 assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $17.72.
Summit Hotel Properties (NYSE INN) opened at $15.32 on Monday. Summit Hotel Properties has a fifty-two week low of $13.94 and a fifty-two week high of $19.39. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.64. The firm has a market capitalization of $1,597.52, a P/E ratio of 11.52 and a beta of 1.20.
Summit Hotel Properties (NYSE:INN) last posted its earnings results on Monday, October 30th. The real estate investment trust reported $0.17 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.17. Summit Hotel Properties had a return on equity of 8.96% and a net margin of 20.21%. The company had revenue of $136.60 million for the quarter, compared to analyst estimates of $135.69 million. During the same quarter last year, the company earned $0.37 earnings per share. The company’s revenue for the quarter was up 15.5% on a year-over-year basis. sell-side analysts forecast that Summit Hotel Properties will post 1.27 EPS for the current fiscal year.
Large investors have recently added to or reduced their stakes in the business. Pacad Investment Ltd. purchased a new stake in Summit Hotel Properties in the second quarter worth $114,000. Riverhead Capital Management LLC increased its position in Summit Hotel Properties by 120.3% in the second quarter. Riverhead Capital Management LLC now owns 6,828 shares of the real estate investment trust’s stock worth $127,000 after buying an additional 3,728 shares during the last quarter. GAM Holding AG increased its position in Summit Hotel Properties by 25.7% in the second quarter. GAM Holding AG now owns 8,803 shares of the real estate investment trust’s stock worth $164,000 after buying an additional 1,800 shares during the last quarter. Ameritas Investment Partners Inc. increased its position in Summit Hotel Properties by 20.1% in the second quarter. Ameritas Investment Partners Inc. now owns 8,982 shares of the real estate investment trust’s stock worth $168,000 after buying an additional 1,506 shares during the last quarter. Finally, LS Investment Advisors LLC increased its position in Summit Hotel Properties by 5.4% in the second quarter. LS Investment Advisors LLC now owns 8,995 shares of the real estate investment trust’s stock worth $168,000 after buying an additional 459 shares during the last quarter. 91.78% of the stock is 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.
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