Summit Hotel Properties, Inc. (INN) Upgraded to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Summit Hotel Properties, Inc. (NYSE:INN) from a hold rating to a buy rating in a report published on Tuesday. The brokerage currently has $18.00 price target on the real estate investment trust’s stock.

According to Zacks, “Summit Hotel Properties, Inc. is a publicly traded real estate investment trust focused primarily on owning premium-branded, select-service hotels in the upscale and upper midscale segments of the lodging industry. “

Separately, Canaccord Genuity restated a buy rating and set a $17.00 price objective (up previously from $15.00) on shares of Summit Hotel Properties in a research report on Friday, December 23rd. Eight research analysts have rated the stock with a buy rating, The stock currently has a consensus rating of Buy and an average price target of $15.08.

Analyst Recommendations for Summit Hotel Properties (NYSE:INN)

Summit Hotel Properties (NYSE:INN) traded down 0.13% during midday trading on Tuesday, reaching $15.55. 407,647 shares of the company were exchanged. The stock has a market capitalization of $1.36 billion, a P/E ratio of 8.28 and a beta of 0.98. The firm’s 50 day moving average price is $15.23 and its 200-day moving average price is $13.98. Summit Hotel Properties has a 52 week low of $9.00 and a 52 week high of $16.33.

Summit Hotel Properties (NYSE:INN) last issued its earnings results on Wednesday, November 2nd. The real estate investment trust reported $0.37 EPS for the quarter, topping the consensus estimate of $0.33 by $0.04. The company earned $118.34 million during the quarter, compared to analyst estimates of $117.99 million. Summit Hotel Properties had a return on equity of 19.64% and a net margin of 38.34%. The business’s revenue was down 5.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.37 EPS. Equities analysts forecast that Summit Hotel Properties will post $1.00 EPS for the current fiscal year.

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A number of hedge funds and other institutional investors have recently made changes to their positions in the company. JPMorgan Chase & Co. raised its position in shares of Summit Hotel Properties by 9.6% in the third quarter. JPMorgan Chase & Co. now owns 1,573,514 shares of the real estate investment trust’s stock worth $20,707,000 after buying an additional 137,587 shares during the period. Teachers Advisors LLC increased its stake in Summit Hotel Properties by 0.8% in the third quarter. Teachers Advisors LLC now owns 1,119,993 shares of the real estate investment trust’s stock worth $14,739,000 after buying an additional 9,138 shares in the last quarter. Genesee Valley Trust Co. increased its stake in Summit Hotel Properties by 8.0% in the second quarter. Genesee Valley Trust Co. now owns 18,340 shares of the real estate investment trust’s stock worth $243,000 after buying an additional 1,360 shares in the last quarter. First Trust Advisors LP increased its stake in Summit Hotel Properties by 154.7% in the third quarter. First Trust Advisors LP now owns 463,866 shares of the real estate investment trust’s stock worth $6,104,000 after buying an additional 281,771 shares in the last quarter. Finally, Investment Centers of America Inc. increased its stake in Summit Hotel Properties by 12.3% in the second quarter. Investment Centers of America Inc. now owns 1,052,944 shares of the real estate investment trust’s stock worth $13,942,000 after buying an additional 115,013 shares in the last quarter. Institutional investors own 94.22% 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 81 hotels with over 10,957 guestrooms located in 23 states.

5 Day Chart for NYSE:INN

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