Summit Hotel Properties Inc (INN) PT Raised to $20.00 at Canaccord Genuity

Summit Hotel Properties Inc (NYSE:INN) had its price objective increased by equities research analysts at Canaccord Genuity from $18.00 to $20.00 in a note issued to investors on Thursday. The brokerage presently has a “buy” rating on the real estate investment trust’s stock. Canaccord Genuity’s target price suggests a potential upside of 13.38% from the stock’s previous close.

Other research analysts have also issued reports about the company. Deutsche Bank AG reiterated a “buy” rating and set a $18.00 price target (up from $17.00) on shares of Summit Hotel Properties in a report on Thursday. Zacks Investment Research upgraded Summit Hotel Properties from a “sell” rating to a “hold” rating in a report on Tuesday, May 9th. Royal Bank of Canada reiterated a “buy” rating and set a $18.00 price target on shares of Summit Hotel Properties in a report on Monday, May 8th. Cantor Fitzgerald reiterated a “buy” rating and set a $18.00 price target (up from $17.00) on shares of Summit Hotel Properties in a report on Friday, May 12th. Finally, Bank of America Corp upgraded Summit Hotel Properties from an “underperform” rating to a “buy” rating and set a $17.00 price target for the company in a report on Friday, March 3rd. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $17.79.

Analyst Recommendations for Summit Hotel Properties (NYSE:INN)

Summit Hotel Properties (NYSE:INN) traded up 1.70% during mid-day trading on Thursday, hitting $17.94. 452,688 shares of the stock were exchanged. Summit Hotel Properties has a 52 week low of $11.54 and a 52 week high of $18.03. The stock has a market cap of $1.68 billion, a price-to-earnings ratio of 22.20 and a beta of 1.01. The company has a 50 day moving average price of $16.67 and a 200 day moving average price of $15.69.

Summit Hotel Properties (NYSE:INN) last issued its quarterly earnings results on Thursday, February 23rd. The real estate investment trust reported $0.30 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.27. Summit Hotel Properties had a return on equity of 19.64% and a net margin of 38.34%. The company had revenue of $110.33 million during the quarter, compared to analyst estimates of $110.08 million. During the same period in the previous year, the company earned $0.27 earnings per share. The company’s quarterly revenue was up .3% compared to the same quarter last year. Analysts expect that Summit Hotel Properties will post $0.72 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 31st. Investors of record on Tuesday, May 16th will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.85%. This is a positive change from Summit Hotel Properties’s previous quarterly dividend of $0.16. The ex-dividend date is Friday, May 12th. Summit Hotel Properties’s dividend payout ratio is presently 34.57%.

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Several hedge funds and other institutional investors have recently modified their holdings of INN. BlackRock Inc. raised its position in shares of Summit Hotel Properties by 7,558.2% in the first quarter. BlackRock Inc. now owns 13,592,083 shares of the real estate investment trust’s stock worth $217,201,000 after buying an additional 13,414,600 shares during the last quarter. State Street Corp boosted its stake in shares of Summit Hotel Properties by 49.4% in the first quarter. State Street Corp now owns 3,628,861 shares of the real estate investment trust’s stock worth $57,993,000 after buying an additional 1,199,672 shares during the period. Vanguard Group Inc. boosted its stake in shares of Summit Hotel Properties by 6.0% in the first quarter. Vanguard Group Inc. now owns 12,990,135 shares of the real estate investment trust’s stock worth $207,583,000 after buying an additional 732,109 shares during the period. Principal Financial Group Inc. boosted its stake in shares of Summit Hotel Properties by 24.5% in the first quarter. Principal Financial Group Inc. now owns 3,341,478 shares of the real estate investment trust’s stock worth $53,397,000 after buying an additional 656,792 shares during the period. Finally, Renaissance Technologies LLC bought a new stake in shares of Summit Hotel Properties during the fourth quarter worth $8,595,000. Institutional investors and hedge funds own 92.76% 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 75 hotels with over 10,444 guestrooms located in 22 states.

12 Month Chart for NYSE:INN

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