Summit Hotel Properties, Inc. (NYSE:INN) Receives Average Recommendation of "Hold" from Brokerages

Key Points

• Analysts have a consensus “Hold” rating on Summit Hotel Properties, with two sell, one hold, two buy, and one strong-buy recommendation. The average 12-month price target is $5.40, below the reported share price of $6.87.
• Institutional investors own 96.47% of the stock, with Arrowstreet Capital holding a newly purchased position valued at approximately $8.6 million and Quantinno Capital increasing its stake by 40.8%.
• The REIT reported quarterly revenue of $185.05 million and adjusted its EPS loss to $0.10, beating estimates. It also declared a quarterly dividend of $0.08 per share, representing a 4.7% annualized yield.

Summit Hotel Properties, Inc. (NYSE:INN - Get Free Report) has been given a consensus rating of "Hold" by the six brokerages that are covering the firm, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, one has assigned a hold recommendation, two have issued a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $5.40.

INN has been the subject of a number of research analyst reports. Weiss Ratings raised shares of Summit Hotel Properties from a "sell (d)" rating to a "sell (d+)" rating in a research report on Friday, May 29th. Raymond James Financial restated an "outperform" rating and set a $7.00 price target on shares of Summit Hotel Properties in a research note on Monday, June 8th. Finally, Zacks Research upgraded Summit Hotel Properties from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, July 22nd.

Hedge Funds Weigh In On Summit Hotel Properties

Hedge funds and other institutional investors have recently bought and sold shares of the company. Quantinno Capital Management LP grew its position in Summit Hotel Properties by 40.8% in the 1st quarter. Quantinno Capital Management LP now owns 204,482 shares of the real estate investment trust's stock valued at $904,000 after acquiring an additional 59,220 shares in the last quarter. SummitTX Capital L.P. acquired a new stake in shares of Summit Hotel Properties during the first quarter worth about $57,000. Weiss Asset Management LP acquired a new stake in shares of Summit Hotel Properties during the first quarter worth about $510,000. Renaissance Technologies LLC purchased a new position in shares of Summit Hotel Properties in the first quarter valued at approximately $69,000. Finally, Arrowstreet Capital Limited Partnership purchased a new position in shares of Summit Hotel Properties in the first quarter valued at approximately $8,624,000. 96.47% of the stock is currently owned by hedge funds and other institutional investors.

Summit Hotel Properties Trading Down 0.4%

NYSE INN opened at $6.87 on Friday. 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 stock has a market capitalization of $744.58 million, a P/E ratio of -23.69 and a beta of 1.26. The firm's 50-day moving average is $6.48 and its two-hundred day moving average is $5.30. Summit Hotel Properties has a 12 month low of $3.97 and a 12 month high of $7.17.

Summit Hotel Properties (NYSE:INN - Get Free Report) 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 analysts' consensus estimates 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. On average, sell-side analysts anticipate that Summit Hotel Properties will post 0.74 earnings per share for the current year.

Summit Hotel Properties Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, August 31st. Investors of record on Monday, August 17th will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, August 17th. This represents a $0.32 annualized dividend and a yield of 4.7%. Summit Hotel Properties's dividend payout ratio is presently -110.34%.

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.

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