Summit Hotel Properties, Inc. (INN) Downgraded by Janney Montgomery Scott to “Neutral”

Janney Montgomery Scott downgraded shares of Summit Hotel Properties, Inc. (NYSE:INN) from a buy rating to a neutral rating in a report released on Monday morning.

INN has been the topic of a number of other reports. KeyCorp reiterated a hold rating on shares of Summit Hotel Properties in a research note on Friday, August 25th. BidaskClub upgraded shares of Summit Hotel Properties from a sell rating to a hold rating in a research note on Wednesday, August 2nd. Zacks Investment Research upgraded shares of Summit Hotel Properties from a sell rating to a hold rating in a research note on Wednesday, November 1st. Robert W. Baird reiterated a buy rating and set a $17.00 price target on shares of Summit Hotel Properties in a research note on Friday, September 8th. Finally, Bank of America Corporation lowered shares of Summit Hotel Properties from a buy rating to an underperform rating and cut their price target for the stock from $19.00 to $14.00 in a research note on Monday, August 14th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of Buy and an average target price of $17.50.

Shares of Summit Hotel Properties (NYSE:INN) opened at $15.20 on Monday. Summit Hotel Properties has a fifty-two week low of $13.94 and a fifty-two week high of $19.39. The firm has a market cap of $1,597.52, a price-to-earnings ratio of 11.52 and a beta of 1.20. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.61 and a quick ratio of 1.61.

Summit Hotel Properties (NYSE:INN) last announced its quarterly earnings data 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 net margin of 20.21% and a return on equity of 8.96%. The business had revenue of $136.60 million for the quarter, compared to analyst estimates of $135.69 million. During the same period last year, the business earned $0.37 EPS. The company’s revenue was up 15.5% on a year-over-year basis. sell-side analysts anticipate that Summit Hotel Properties will post 1.27 earnings per share for the current fiscal year.

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The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 30th. Shareholders of record on Thursday, November 16th will be given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 4.47%. The ex-dividend date is Wednesday, November 15th. Summit Hotel Properties’s payout ratio is currently 82.93%.

Institutional investors have recently modified their holdings of the business. Pacad Investment Ltd. purchased a new position in Summit Hotel Properties during the 2nd quarter worth $114,000. Riverhead Capital Management LLC grew its position in Summit Hotel Properties by 120.3% during the 2nd quarter. Riverhead Capital Management LLC now owns 6,828 shares of the real estate investment trust’s stock worth $127,000 after purchasing an additional 3,728 shares during the last quarter. Paloma Partners Management Co purchased a new position in Summit Hotel Properties during the 1st quarter worth $162,000. GAM Holding AG grew its position in Summit Hotel Properties by 25.7% during the 2nd quarter. GAM Holding AG now owns 8,803 shares of the real estate investment trust’s stock worth $164,000 after purchasing an additional 1,800 shares during the last quarter. Finally, LS Investment Advisors LLC grew its position in Summit Hotel Properties by 5.4% during the 2nd quarter. LS Investment Advisors LLC now owns 8,995 shares of the real estate investment trust’s stock worth $168,000 after purchasing an additional 459 shares during the last quarter. 91.78% of the stock is currently owned by institutional investors.

About Summit Hotel Properties

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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