Summit Hotel Properties (NYSE:INN) Announces Quarterly Earnings Results, Beats Expectations By $0.02 EPS

by · The Cerbat Gem

Summit Hotel Properties (NYSE:INN – Get Free Report) released its earnings results on Tuesday. The real estate investment trust reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.02, Zacks reports. Summit Hotel Properties had a net margin of 1.00% and a return on equity of 0.56%.

Summit Hotel Properties Trading Down 0.9%

NYSE INN traded down $0.05 on Tuesday, reaching $5.18. 1,421,750 shares of the company were exchanged, compared to its average volume of 1,139,751. Summit Hotel Properties has a fifty-two week low of $3.57 and a fifty-two week high of $6.99. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.11. The business’s fifty day moving average price is $5.51 and its 200 day moving average price is $5.08. The stock has a market capitalization of $563.09 million, a P/E ratio of -57.50 and a beta of 1.70.

Summit Hotel Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Stockholders of record on Friday, November 14th will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 6.2%. The ex-dividend date is Friday, November 14th. Summit Hotel Properties’s dividend payout ratio is -355.56%.

Analysts Set New Price Targets

A number of brokerages have recently commented on INN. Summit Redstone set a $4.50 price target on shares of Summit Hotel Properties in a research note on Tuesday. Bank of America reaffirmed an “underperform” rating and issued a $4.50 price objective (down previously from $5.75) on shares of Summit Hotel Properties in a research note on Tuesday. Zacks Research upgraded shares of Summit Hotel Properties from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 21st. Wall Street Zen downgraded Summit Hotel Properties from a “hold” rating to a “sell” rating in a research report on Saturday, October 18th. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Summit Hotel Properties in a research report on Tuesday, October 14th. Two analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus price target of $4.50.

Read Our Latest Research Report on Summit Hotel Properties

Institutional Investors Weigh In On Summit Hotel Properties

Institutional investors have recently added to or reduced their stakes in the business. Amundi increased its stake in Summit Hotel Properties by 3.4% in the 1st quarter. Amundi now owns 109,185 shares of the real estate investment trust’s stock valued at $591,000 after buying an additional 3,623 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Summit Hotel Properties by 4.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 62,254 shares of the real estate investment trust’s stock valued at $337,000 after purchasing an additional 2,528 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Summit Hotel Properties by 1.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 721,875 shares of the real estate investment trust’s stock worth $3,905,000 after purchasing an additional 9,879 shares during the period. Jane Street Group LLC lifted its position in Summit Hotel Properties by 1.7% during the first 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. Finally, Strs Ohio acquired a new stake in shares of Summit Hotel Properties in the first quarter valued at about $102,000. Hedge funds and other institutional investors own 96.47% of the company’s stock.

Summit Hotel Properties Company Profile

(Get Free Report)

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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