Wall Street Zen cut shares of Summit Hotel Properties (NYSE:INN - Free Report) from a hold rating to a sell rating in a research note released on Thursday morning.
Separately, Bank of America raised shares of Summit Hotel Properties from an "underperform" rating to a "neutral" rating and set a $5.00 target price for the company in a research note on Wednesday, April 30th.
Check Out Our Latest Stock Report on Summit Hotel Properties
Summit Hotel Properties Stock Performance
INN traded down $0.05 during trading on Thursday, hitting $4.15. The company's stock had a trading volume of 1,219,488 shares, compared to its average volume of 840,061. The business's 50 day simple moving average is $4.46 and its 200-day simple moving average is $5.83. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.01. The firm has a market cap of $465.16 million, a PE ratio of 414.50, a P/E/G ratio of 1.54 and a beta of 1.62. Summit Hotel Properties has a one year low of $3.57 and a one year high of $7.22.
Summit Hotel Properties (NYSE:INN - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $0.22 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.21 by $0.01. The firm had revenue of $184.48 million during the quarter, compared to analysts' expectations of $184.93 million. Summit Hotel Properties had a net margin of 3.41% and a return on equity of 1.87%. As a group, sell-side analysts predict that Summit Hotel Properties will post 0.88 EPS for the current fiscal year.
Summit Hotel Properties Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Friday, May 16th will be paid a dividend of $0.08 per share. The ex-dividend date is Friday, May 16th. This represents a $0.32 annualized dividend and a yield of 7.72%. Summit Hotel Properties's payout ratio is 200.00%.
Insider Buying and Selling at Summit Hotel Properties
In other Summit Hotel Properties news, Director Thomas W. Storey acquired 16,270 shares of the stock in a transaction on Tuesday, May 13th. The stock was acquired at an average price of $4.62 per share, for a total transaction of $75,167.40. Following the completion of the transaction, the director now directly owns 231,337 shares of the company's stock, valued at $1,068,776.94. This trade represents a 7.57% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.37% of the stock is owned by company insiders.
Hedge Funds Weigh In On Summit Hotel Properties
Institutional investors have recently bought and sold shares of the business. Wolverine Asset Management LLC lifted its position in Summit Hotel Properties by 123.2% during the fourth quarter. Wolverine Asset Management LLC now owns 6,400 shares of the real estate investment trust's stock valued at $44,000 after purchasing an additional 34,000 shares during the last quarter. GAMMA Investing LLC lifted its position in Summit Hotel Properties by 453.0% during the first quarter. GAMMA Investing LLC now owns 8,218 shares of the real estate investment trust's stock valued at $44,000 after purchasing an additional 6,732 shares during the last quarter. Wealth Enhancement Advisory Services LLC bought a new position in Summit Hotel Properties during the fourth quarter valued at $77,000. Teacher Retirement System of Texas bought a new position in Summit Hotel Properties during the first quarter valued at $86,000. Finally, Ieq Capital LLC bought a new position in Summit Hotel Properties during the fourth quarter valued at $87,000. Institutional investors own 96.47% of the company's stock.
About Summit Hotel Properties
(
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Summit Hotel Properties, Inc is a publicly traded real estate investment trust focused on owning premium-branded lodging properties with efficient operating models primarily in the upscale segment of the lodging industry. As of November 1, 2023, the Company's portfolio consisted of 101 assets, 57 of which are wholly owned, with a total of 15,035 guestrooms located in 24 states.
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