Summit Hotel Properties (NYSE:INN) Stock Price Expected to Rise, Bank of America Analyst Says

Summit Hotel Properties (NYSE:INN - Get Free Report) had its price target raised by Bank of America from $5.00 to $5.75 in a note issued to investors on Monday,Benzinga reports. The firm currently has a "neutral" rating on the real estate investment trust's stock. Bank of America's target price points to a potential upside of 3.77% from the stock's previous close.

Separately, Wall Street Zen cut shares of Summit Hotel Properties from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd.

Summit Hotel Properties Trading Down 2.3%

Summit Hotel Properties stock traded down $0.13 during trading hours on Monday, reaching $5.54. The stock had a trading volume of 212,900 shares, compared to its average volume of 1,327,321. The stock has a market cap of $621.82 million, a PE ratio of 34.63, a PEG ratio of 1.43 and a beta of 1.66. Summit Hotel Properties has a 52 week low of $3.57 and a 52 week high of $7.22. The company has a debt-to-equity ratio of 1.08, a current ratio of 0.91 and a quick ratio of 0.91. The company has a fifty day simple moving average of $4.88 and a 200-day simple moving average of $5.34.

Summit Hotel Properties (NYSE:INN - Get Free Report) last announced its earnings results on Wednesday, April 30th. The real estate investment trust reported $0.22 earnings per share for the quarter, beating analysts' consensus estimates of $0.21 by $0.01. Summit Hotel Properties had a net margin of 5.46% and a return on equity of 2.98%. The firm had revenue of $184.48 million for the quarter, compared to analyst estimates of $184.93 million. Analysts forecast that Summit Hotel Properties will post 0.88 EPS for the current fiscal year.

Insider Activity

In other news, Director Thomas W. Storey bought 16,270 shares of the stock in a transaction dated Tuesday, May 13th. The stock was purchased at an average price of $4.62 per share, for a total transaction of $75,167.40. Following the acquisition, the director owned 231,337 shares of the company's stock, valued at $1,068,776.94. The trade was a 7.57% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 3.83% of the company's stock.

Institutional Investors Weigh In On Summit Hotel Properties

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Alyeska Investment Group L.P. lifted its holdings in Summit Hotel Properties by 0.3% during the 4th quarter. Alyeska Investment Group L.P. now owns 598,819 shares of the real estate investment trust's stock valued at $4,102,000 after buying an additional 1,721 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in 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 valued at $409,000 after buying an additional 2,083 shares in the last quarter. Signaturefd LLC lifted its holdings in Summit Hotel Properties by 36.4% during the 2nd quarter. Signaturefd LLC now owns 8,656 shares of the real estate investment trust's stock valued at $44,000 after buying an additional 2,309 shares in the last quarter. Farther Finance Advisors LLC lifted its holdings in Summit Hotel Properties by 10.2% during 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 buying an additional 2,613 shares in the last quarter. Finally, Jane Street Group LLC lifted its holdings in Summit Hotel Properties by 1.7% during 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 buying an additional 2,793 shares in the last quarter. Institutional investors own 96.47% of the company's stock.

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.