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.

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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.

Analyst Recommendations for Summit Hotel Properties (NYSE:INN)

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