Wall Street analysts forecast that Summit Hotel Properties, Inc. (NYSE:INN) will report $0.37 earnings per share (EPS) for the current quarter, Zacks reports. Four analysts have made estimates for Summit Hotel Properties’ earnings. The lowest EPS estimate is $0.35 and the highest is $0.38. Summit Hotel Properties posted earnings of $0.42 per share in the same quarter last year, which would suggest a negative year over year growth rate of 11.9%. The business is scheduled to announce its next quarterly earnings results on Tuesday, August 1st.
According to Zacks, analysts expect that Summit Hotel Properties will report full-year earnings of $1.32 per share for the current financial year, with EPS estimates ranging from $1.31 to $1.33. For the next fiscal year, analysts anticipate that the firm will post earnings of $1.41 per share, with EPS estimates ranging from $1.39 to $1.43. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of sell-side research analysts that cover Summit Hotel Properties.
Several research firms have recently issued reports on INN. Robert W. Baird reaffirmed an “outperform” rating and set a $18.00 price objective (up from $17.00) on shares of Summit Hotel Properties in a research report on Friday. Cantor Fitzgerald decreased their price objective on shares of Summit Hotel Properties to $19.00 and set a “buy” rating for the company in a research report on Monday, June 5th. ValuEngine raised shares of Summit Hotel Properties from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, June 6th. Canaccord Genuity lifted their price objective on shares of Summit Hotel Properties from $18.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, May 25th. Finally, Deutsche Bank AG lifted their price objective on shares of Summit Hotel Properties from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, May 25th. One equities research analyst has rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $17.94.
Shares of Summit Hotel Properties (NYSE INN) traded down 0.32% during mid-day trading on Friday, hitting $18.89. The stock had a trading volume of 2,759,282 shares. Summit Hotel Properties has a 12 month low of $11.90 and a 12 month high of $19.15. The firm has a market cap of $1.77 billion, a PE ratio of 23.38 and a beta of 1.18. The stock’s 50-day moving average is $17.56 and its 200 day moving average is $16.17.
The business also recently declared a quarterly dividend, which was paid on Wednesday, May 31st. Investors of record on Tuesday, May 16th were given a $0.17 dividend. The ex-dividend date was Friday, May 12th. This is a boost from Summit Hotel Properties’s previous quarterly dividend of $0.16. This represents a $0.68 dividend on an annualized basis and a yield of 3.60%. Summit Hotel Properties’s payout ratio is 85.00%.
Large investors have recently made changes to their positions in the stock. Public Employees Retirement System of Ohio boosted its stake in shares of Summit Hotel Properties by 47.7% in the first quarter. Public Employees Retirement System of Ohio now owns 271,763 shares of the real estate investment trust’s stock worth $4,343,000 after buying an additional 87,791 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Summit Hotel Properties by 4.9% in the first quarter. Goldman Sachs Group Inc. now owns 538,127 shares of the real estate investment trust’s stock worth $8,599,000 after buying an additional 25,273 shares during the last quarter. Point72 Asia Hong Kong Ltd acquired a new stake in shares of Summit Hotel Properties during the first quarter worth approximately $120,000. Salem Investment Counselors Inc. boosted its stake in shares of Summit Hotel Properties by 846.7% in the first quarter. Salem Investment Counselors Inc. now owns 118,110 shares of the real estate investment trust’s stock worth $2,884,000 after buying an additional 105,634 shares during the last quarter. Finally, Macquarie Group Ltd. boosted its stake in shares of Summit Hotel Properties by 2.1% in the first quarter. Macquarie Group Ltd. now owns 2,874,865 shares of the real estate investment trust’s stock worth $45,940,000 after buying an additional 60,138 shares during the last quarter. 87.21% of the stock is owned by institutional investors and hedge funds.
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Summit Hotel Properties Company Profile
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 76 hotels with over 10,705 guestrooms located in 22 states.
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