BidaskClub Lowers Summit Hotel Properties, Inc. (NYSE:INN) to Hold

BidaskClub lowered shares of Summit Hotel Properties, Inc. (NYSE:INN) from a buy rating to a hold rating in a research report report published on Wednesday.

A number of other brokerages have also recently weighed in on INN. Zacks Investment Research raised shares of Summit Hotel Properties from a sell rating to a hold rating in a research report on Tuesday, May 9th. Royal Bank Of Canada reiterated a buy rating and set a $18.00 price objective on shares of Summit Hotel Properties in a research note on Monday, May 8th. Cantor Fitzgerald lifted their price objective on shares of Summit Hotel Properties from $18.00 to $19.00 and gave the company an overweight rating in a research note on Thursday, May 25th. Canaccord Genuity reiterated a buy rating and set a $18.00 price objective (down previously from $19.00) on shares of Summit Hotel Properties in a research note on Monday, May 15th. Finally, Robert W. Baird reiterated an outperform rating and set a $18.00 price objective (up previously from $17.00) on shares of Summit Hotel Properties in a research note on Friday, June 16th. Three analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Summit Hotel Properties has a consensus rating of Buy and an average target price of $18.19.

Shares of Summit Hotel Properties (NYSE INN) traded up 2.30% during midday trading on Wednesday, reaching $18.21. 1,099,620 shares of the company traded hands. The company’s 50 day moving average is $18.13 and its 200-day moving average is $16.48. Summit Hotel Properties has a 12 month low of $12.45 and a 12 month high of $19.39. The stock has a market capitalization of $1.71 billion, a price-to-earnings ratio of 22.54 and a beta of 1.18.

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Hedge funds have recently modified their holdings of the company. Russell Investments Group Ltd. bought a new stake in shares of Summit Hotel Properties during the fourth quarter worth about $1,923,000. Texas Permanent School Fund increased its position in Summit Hotel Properties by 6.3% in the first quarter. Texas Permanent School Fund now owns 67,704 shares of the real estate investment trust’s stock worth $1,082,000 after buying an additional 3,993 shares in the last quarter. Credit Agricole S A increased its position in Summit Hotel Properties by 58.8% in the first quarter. Credit Agricole S A now owns 77,191 shares of the real estate investment trust’s stock worth $1,234,000 after buying an additional 28,576 shares in the last quarter. State of Tennessee Treasury Department increased its position in Summit Hotel Properties by 17.8% in the first quarter. State of Tennessee Treasury Department now owns 81,054 shares of the real estate investment trust’s stock worth $1,295,000 after buying an additional 12,232 shares in the last quarter. Finally, Lincluden Management Ltd. increased its position in Summit Hotel Properties by 4.8% in the fourth quarter. Lincluden Management Ltd. now owns 205,234 shares of the real estate investment trust’s stock worth $3,290,000 after buying an additional 9,360 shares in the last quarter. Institutional investors and hedge funds own 88.11% of the company’s stock.

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 81 hotels with a total of 11,608 guestrooms located in 24 states.

Analyst Recommendations for Summit Hotel Properties (NYSE:INN)

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