Summit Hotel Properties (NYSE:INN) Reaches New 52-Week High – Here’s What Happened

Summit Hotel Properties, Inc. (NYSE:INN) shares hit a new 52-week high during mid-day trading on Monday . The company traded as high as $7.20 and last traded at $7.0090, with a volume of 730 shares traded. The stock had previously closed at $7.07.

Analysts Set New Price Targets

INN has been the topic of several recent analyst reports. Weiss Ratings upgraded Summit Hotel Properties from a “sell (d)” rating to a “sell (d+)” rating in a research note on Friday, May 29th. Raymond James Financial reiterated an “outperform” rating and issued a $7.00 target price on shares of Summit Hotel Properties in a research note on Monday, June 8th. Finally, Zacks Research raised shares of Summit Hotel Properties from a “strong sell” rating to a “hold” rating in a research report on Monday, March 16th. Two investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $5.40.

Summit Hotel Properties Price Performance

The company has a debt-to-equity ratio of 1.16, a current ratio of 0.87 and a quick ratio of 0.87. The firm’s 50 day simple moving average is $5.68 and its two-hundred day simple moving average is $4.98. The firm has a market capitalization of $768.81 million, a P/E ratio of -24.47 and a beta of 1.29.

Summit Hotel Properties (NYSE:INN) last announced its quarterly earnings results on Thursday, April 30th. The real estate investment trust reported ($0.10) earnings per share for the quarter, beating the consensus estimate of ($0.12) by $0.02. Summit Hotel Properties had a negative net margin of 1.75% and a negative return on equity of 1.03%. The business had revenue of $185.05 million during the quarter, compared to analysts’ expectations of $180.51 million. Summit Hotel Properties has set its FY 2026 guidance at 0.750-0.850 EPS. As a group, analysts predict that Summit Hotel Properties, Inc. will post 0.74 earnings per share for the current year.

Summit Hotel Properties Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Friday, May 15th were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date was Friday, May 15th. Summit Hotel Properties’s payout ratio is currently -110.34%.

Institutional Investors Weigh In On Summit Hotel Properties

Institutional investors and hedge funds have recently bought and sold shares of the business. Quarry LP bought a new stake in shares of Summit Hotel Properties in the 3rd quarter worth approximately $35,000. Corient Private Wealth LLC purchased a new stake in Summit Hotel Properties in the fourth quarter worth $52,000. CIBC Asset Management Inc bought a new stake in Summit Hotel Properties in the fourth quarter valued at $52,000. BNP Paribas Financial Markets increased its position in Summit Hotel Properties by 53.6% during the 2nd quarter. BNP Paribas Financial Markets now owns 10,807 shares of the real estate investment trust’s stock valued at $55,000 after purchasing an additional 3,773 shares during the period. Finally, Tower Research Capital LLC TRC raised its stake in Summit Hotel Properties by 148.1% in the second quarter. Tower Research Capital LLC TRC now owns 10,793 shares of the real estate investment trust’s stock worth $55,000 after buying an additional 6,442 shares in the last quarter. Hedge funds and other institutional investors own 96.47% of the company’s stock.

Summit Hotel Properties Company Profile

Summit Hotel Properties is a real estate investment trust (REIT) that acquires, owns and operates branded select-service hotels and extended-stay properties across the United States. The company focuses on upper-midscale and upscale lodging segments, targeting established national brands to combine the operational efficiencies of limited-service properties with strong franchise affiliation.

The company’s portfolio comprises over thirty hotels carrying well-known flags such as Marriott, Hilton, Hyatt and IHG.