Summit Hotel Properties (INN) Upgraded by Zacks Investment Research to Buy

Share on StockTwits

Zacks Investment Research upgraded shares of Summit Hotel Properties (NYSE:INN) from a hold rating to a buy rating in a report published on Friday morning. The brokerage currently has $14.00 price objective on the real estate investment trust’s stock.

According to Zacks, “Summit Hotel Properties, Inc. is a publicly traded real estate investment trust focused primarily on owning premium-branded, select-service hotels in the upscale and upper midscale segments of the lodging industry. “

Shares of INN traded down $0.30 during mid-day trading on Friday, hitting $12.39. 534,437 shares of the company’s stock were exchanged, compared to its average volume of 640,057. The stock has a market capitalization of $1.42 billion, a PE ratio of 9.25, a P/E/G ratio of 4.82 and a beta of 1.21. Summit Hotel Properties has a fifty-two week low of $12.33 and a fifty-two week high of $16.39. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.51 and a current ratio of 1.51.

Summit Hotel Properties (NYSE:INN) last issued its quarterly earnings results on Wednesday, August 1st. The real estate investment trust reported $0.40 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.37 by $0.03. The business had revenue of $152.20 million for the quarter, compared to analysts’ expectations of $151.13 million. Summit Hotel Properties had a net margin of 14.16% and a return on equity of 6.53%. The business’s quarterly revenue was up 17.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.36 earnings per share. On average, sell-side analysts predict that Summit Hotel Properties will post 1.28 earnings per share for the current year.

Institutional investors and hedge funds have recently modified their holdings of the company. Employees Retirement System of Texas increased its stake in Summit Hotel Properties by 25.2% in the second quarter. Employees Retirement System of Texas now owns 179,000 shares of the real estate investment trust’s stock valued at $2,561,000 after purchasing an additional 36,000 shares during the last quarter. Monarch Partners Asset Management LLC grew its position in shares of Summit Hotel Properties by 11.4% during the second quarter. Monarch Partners Asset Management LLC now owns 399,437 shares of the real estate investment trust’s stock worth $5,716,000 after acquiring an additional 40,910 shares during the last quarter. Macquarie Group Ltd. grew its position in shares of Summit Hotel Properties by 0.4% during the second quarter. Macquarie Group Ltd. now owns 3,574,170 shares of the real estate investment trust’s stock worth $51,147,000 after acquiring an additional 13,212 shares during the last quarter. Suntrust Banks Inc. grew its position in shares of Summit Hotel Properties by 6.6% during the first quarter. Suntrust Banks Inc. now owns 163,825 shares of the real estate investment trust’s stock worth $2,228,000 after acquiring an additional 10,170 shares during the last quarter. Finally, Duff & Phelps Investment Management Co. grew its position in shares of Summit Hotel Properties by 205.1% during the second quarter. Duff & Phelps Investment Management Co. now owns 1,823,875 shares of the real estate investment trust’s stock worth $26,100,000 after acquiring an additional 1,226,150 shares during the last quarter. 98.77% of the stock is currently owned by institutional investors and hedge funds.

About Summit Hotel Properties

Summit Hotel Properties, Inc is a publicly-traded real estate investment trust focused on owning premium-branded hotels with efficient operating models primarily in the upscale segment of the lodging industry. As of August 1, 2018, the Company's portfolio consisted of 77 hotels with a total of 11,657 guestrooms located in 26 states.

Further Reading: Moving Average – How it Helps Investors in Stock Selection

Get a free copy of the Zacks research report on Summit Hotel Properties (INN)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Summit Hotel Properties (NYSE:INN)

Receive News & Ratings for Summit Hotel Properties Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Summit Hotel Properties and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

CSX  Given Buy Rating at Stephens
CSX Given Buy Rating at Stephens
Eaton Vance Tax-Managed Buy-Write Income  to Issue Monthly Dividend of $0.11 on  October 31st
Eaton Vance Tax-Managed Buy-Write Income to Issue Monthly Dividend of $0.11 on October 31st
Eaton Vance Municipal Bond Fund  Announces Monthly Dividend of $0.04
Eaton Vance Municipal Bond Fund Announces Monthly Dividend of $0.04
Jabil Inc  Shares Bought by Strs Ohio
Jabil Inc Shares Bought by Strs Ohio
Athene Holding Ltd  Shares Sold by Strs Ohio
Athene Holding Ltd Shares Sold by Strs Ohio
Urovant Sciences  Now Covered by Analysts at JPMorgan Chase & Co.
Urovant Sciences Now Covered by Analysts at JPMorgan Chase & Co.


Leave a Reply

© 2006-2018 Ticker Report. Google+.