Summit Hotel Properties (NYSE:INN) Lowered to "Strong Sell" Rating by Zacks Research

Key Points

• Summit Hotel Properties has been downgraded from a "hold" rating to a "strong sell" rating by Zacks Research, reflecting a negative outlook on the stock's performance.
• The current consensus rating for the company is "Reduce," with an average price target of $5.75, despite a recent report indicating earnings per share exceeded expectations.
• Institutional investors have shown significant activity, with several firms increasing their stakes in Summit Hotel Properties by as much as 453% recently.

Zacks Research lowered shares of Summit Hotel Properties (NYSE:INN - Free Report) from a hold rating to a strong sell rating in a research note published on Wednesday, September 3rd,Zacks.com reports.

INN has been the topic of several other research reports. Bank of America upped their price objective on shares of Summit Hotel Properties from $5.00 to $5.75 and gave the company a "neutral" rating in a research note on Monday, July 21st. Wall Street Zen upgraded shares of Summit Hotel Properties from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Reduce" and an average price target of $5.75.

Summit Hotel Properties Stock Down 0.4%

Summit Hotel Properties stock traded down $0.03 during trading hours on Wednesday, hitting $5.57. The company had a trading volume of 126,378 shares, compared to its average volume of 1,232,110. The firm has a market capitalization of $605.53 million, a P/E ratio of -61.86 and a beta of 1.72. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.80 and a quick ratio of 0.80. The firm's fifty day moving average is $5.38 and its 200-day moving average is $5.02. Summit Hotel Properties has a fifty-two week low of $3.57 and a fifty-two week high of $7.22.

Summit Hotel Properties (NYSE:INN - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The real estate investment trust reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.01. The firm had revenue of $192.92 million for the quarter, compared to analyst estimates of $194.49 million. Summit Hotel Properties had a net margin of 1.00% and a return on equity of 0.56%. Summit Hotel Properties has set its FY 2025 guidance at 0.900-0.900 EPS. On average, research analysts forecast that Summit Hotel Properties will post 0.88 earnings per share for the current year.

Summit Hotel Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Friday, August 15th were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 5.8%. The ex-dividend date of this dividend was Friday, August 15th. Summit Hotel Properties's dividend payout ratio is currently -355.56%.

Institutional Trading of Summit Hotel Properties

Several large investors have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Summit Hotel Properties by 3.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 59,726 shares of the real estate investment trust's stock worth $409,000 after buying an additional 2,083 shares during the period. Signaturefd LLC boosted its holdings in Summit Hotel Properties by 36.4% in the 2nd quarter. Signaturefd LLC now owns 8,656 shares of the real estate investment trust's stock valued at $44,000 after purchasing an additional 2,309 shares during the period. Farther Finance Advisors LLC boosted its holdings in Summit Hotel Properties by 10.2% in the 2nd quarter. Farther Finance Advisors LLC now owns 28,195 shares of the real estate investment trust's stock valued at $144,000 after purchasing an additional 2,613 shares during the period. Jane Street Group LLC boosted its holdings in Summit Hotel Properties by 1.7% in the 1st quarter. Jane Street Group LLC now owns 165,679 shares of the real estate investment trust's stock valued at $896,000 after purchasing an additional 2,793 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Summit Hotel Properties by 1.8% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 161,182 shares of the real estate investment trust's stock valued at $872,000 after purchasing an additional 2,815 shares during the period. 96.47% of the stock is owned by institutional investors.

About Summit Hotel Properties

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.