Cantor Fitzgerald set a $17.00 target price on Summit Hotel Properties (NYSE:INN) in a research report report published on Friday morning. The brokerage currently has a buy rating on the real estate investment trust’s stock.
“Core FFO/sh. of $0.30 was $0.02 higher than our estimate. The variance to our estimate was higher hotel EBITDA and lower G&A. Pro-forma RevPAR was up 5.5%, 250bps higher than guidance at MP. Excluding the markets that benefited from hurricane, RevPAR would have been up 3.6% (60bps higher than guidance MP) which is 20bps lower than RevPAR for Upscale segment (as reported by STR). RevPAR growth in 4Q was largely driven by occupancy gains of 4.9% and modest ADR increase of 0.6%. The pro-forma hotel EBITDA margin was down 65bps (impacted by property taxes excluding which margin would be up 39bps).”,” the firm’s analyst commented.
A number of other analysts have also commented on the stock. Zacks Investment Research lowered shares of Summit Hotel Properties from a hold rating to a sell rating in a report on Thursday, February 15th. Janney Montgomery Scott lowered shares of Summit Hotel Properties from a buy rating to a neutral rating in a report on Monday, November 20th. Raymond James Financial raised shares of Summit Hotel Properties from a market perform rating to an outperform rating and set a $17.50 price target on the stock in a research report on Monday, October 30th. Finally, KeyCorp set a $17.00 price target on shares of Summit Hotel Properties and gave the stock a buy rating in a research report on Sunday, October 29th. Three analysts have rated the stock with a sell rating, two have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. Summit Hotel Properties presently has a consensus rating of Hold and a consensus target price of $17.50.
Summit Hotel Properties (NYSE:INN) last released its earnings results on Wednesday, February 21st. The real estate investment trust reported $0.30 EPS for the quarter, topping analysts’ consensus estimates of $0.05 by $0.25. Summit Hotel Properties had a net margin of 19.25% and a return on equity of 8.41%. The firm had revenue of $131.75 million during the quarter, compared to analyst estimates of $126.28 million. During the same quarter in the previous year, the business earned $0.30 EPS. The business’s quarterly revenue was up 19.4% compared to the same quarter last year. equities analysts forecast that Summit Hotel Properties will post 1.4 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, February 28th. Stockholders of record on Friday, February 16th will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 5.12%. This is a boost from Summit Hotel Properties’s previous quarterly dividend of $0.17. The ex-dividend date of this dividend is Thursday, February 15th. Summit Hotel Properties’s dividend payout ratio (DPR) is currently 90.00%.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Ameritas Investment Partners Inc. boosted its position in shares of Summit Hotel Properties by 20.1% during the second quarter. Ameritas Investment Partners Inc. now owns 8,982 shares of the real estate investment trust’s stock worth $168,000 after purchasing an additional 1,506 shares in the last quarter. Virtu KCG Holdings LLC bought a new position in shares of Summit Hotel Properties during the second quarter worth $198,000. Campbell & CO Investment Adviser LLC bought a new position in shares of Summit Hotel Properties during the third quarter worth $177,000. Parametrica Management Ltd bought a new stake in Summit Hotel Properties in the 3rd quarter valued at $184,000. Finally, Elkfork Partners LLC bought a new stake in Summit Hotel Properties in the 4th quarter valued at $183,000. 94.56% 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 83 hotels with a total of 12,242 guestrooms located in 26 states.
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