Summit Hotel Properties (NYSE:INN) Stock Rating Upgraded by Wall Street Zen

Key Points

• Summit Hotel Properties received an upgrade from a "sell" to a "hold" rating by Wall Street Zen, indicating a positive shift in sentiment.
• Bank of America raised the company's target price from $5.00 to $5.75 while maintaining a "neutral" rating, reflecting improved expectations for stock performance.
• The real estate investment trust reported $0.27 earnings per share for the last quarter, beating analysts' expectations, although revenue fell short of estimates at $192.92 million.

Summit Hotel Properties (NYSE:INN - Get Free Report) was upgraded by Wall Street Zen from a "sell" rating to a "hold" rating in a research report issued on Saturday.

Separately, Bank of America upped their target price on shares of Summit Hotel Properties from $5.00 to $5.75 and gave the stock a "neutral" rating in a research report on Monday, July 21st.

Summit Hotel Properties Price Performance

Shares of INN traded up $0.30 during mid-day trading on Friday, reaching $5.38. The stock had a trading volume of 522,641 shares, compared to its average volume of 1,288,010. The firm has a market cap of $584.85 million, a price-to-earnings ratio of -59.72 and a beta of 1.73. Summit Hotel Properties has a 12 month low of $3.57 and a 12 month high of $7.22. The business has a fifty day moving average of $5.11 and a 200 day moving average of $5.19. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.80 and a current ratio of 0.80.

Summit Hotel Properties (NYSE:INN - Get Free Report) last issued its earnings results on Tuesday, August 5th. The real estate investment trust reported $0.27 earnings per share for the quarter, topping analysts' consensus estimates of $0.26 by $0.01. Summit Hotel Properties had a net margin of 1.00% and a return on equity of 0.56%. The firm had revenue of $192.92 million during the quarter, compared to analyst estimates of $194.49 million. Equities analysts predict that Summit Hotel Properties will post 0.88 EPS for the current year.

Institutional Investors Weigh In On Summit Hotel Properties

Several hedge funds and other institutional investors have recently made changes to their positions in INN. New York State Teachers Retirement System increased its stake in Summit Hotel Properties by 11.2% in the 1st quarter. New York State Teachers Retirement System now owns 152,246 shares of the real estate investment trust's stock worth $824,000 after buying an additional 15,334 shares during the period. Principal Financial Group Inc. increased its stake in Summit Hotel Properties by 2.7% in the 1st quarter. Principal Financial Group Inc. now owns 539,713 shares of the real estate investment trust's stock worth $2,920,000 after buying an additional 14,115 shares during the period. GAMMA Investing LLC increased its stake in Summit Hotel Properties by 453.0% in the 1st quarter. GAMMA Investing LLC now owns 8,218 shares of the real estate investment trust's stock worth $44,000 after buying an additional 6,732 shares during the period. Northern Trust Corp increased its position in Summit Hotel Properties by 23.3% during the 4th quarter. Northern Trust Corp now owns 1,469,573 shares of the real estate investment trust's stock valued at $10,067,000 after purchasing an additional 277,996 shares during the period. Finally, Allianz Asset Management GmbH purchased a new position in Summit Hotel Properties during the 1st quarter valued at about $345,000. Hedge funds and other 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.