Summit Hotel Properties (NYSE: INN) raised to “buy” from Zacks Investment Research
Summit Hotel Properties (NYSE: INN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note released Wednesday, Zacks.com reports. The brokerage firm currently has a price target of $ 10.00 on the shares of the REIT. Zacks Investment Research’s target price would suggest a potential rise of 11.61% from the company’s previous close.
According to Zacks, “Summit Hotel Properties, Inc. is a publicly traded real estate investment trust that primarily focuses on the ownership of high-end, select-service branded hotels in the high-end and upper-mid-range segments of the hosting industry. “
Other analysts have also recently published research reports on the stock. Bank of America downgraded Summit Hotel Properties’ stock rating from a “buy” rating to an “underperformance” rating and lowered its price target for the company from $ 12.00 to 11.00 $ in a research note on Monday, September 27. Citigroup downgraded shares in Summit Hotel Properties from a “buy” rating to an “underperformance” rating and lowered its price target for the company from $ 12.00 to $ 11.00 in a rating research on Monday, September 27. Finally, TheStreet upped the shares of Summit Hotel Properties from a “d +” rating to a “c-” rating in a research note on Monday, November 15. Two analysts rated the stock with a sell rating and three issued a buy rating for the stock. Based on MarketBeat data, Summit Hotel Properties currently has an average “Hold” rating and a consensus price target of $ 10.90.
NYSE INN shares opened at $ 8.96 on Wednesday. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt ratio of 0.96. The company has a market cap of $ 953.80 million, a P / E ratio of -8.15 and a beta of 2.28. Summit Hotel Properties has a one-year minimum of $ 8.06 and a one-year maximum of $ 11.32. The stock has a 50-day moving average price of $ 9.71.
Summit Hotel Properties (NYSE: INN) last reported its quarterly results on Wednesday, November 3. The REIT reported ($ 0.10) earnings per share (EPS) for the quarter, missing the Thomson Reuters consensus estimate of $ 0.12 ($ 0.22). Summit Hotel Properties recorded a negative return on equity of 9.26% and a negative net margin of 32.19%. In the same quarter of the previous year, the company posted ($ 0.10) earnings per share. As a group, research analysts predict that Summit Hotel Properties will post earnings per share of 0.2 for the current fiscal year.
In addition, Chairman Daniel P. Hansen sold 6,502 shares of Summit Hotel Properties in a transaction that took place on Thursday, November 4. The shares were sold at an average price of $ 10.57, for a total trade of $ 68,726.14. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 3.10% of the company’s shares.
Hedge funds recently changed their holdings of stocks. Vestcor Inc purchased a new position in Summit Hotel Properties in the third quarter valued at $ 65,000. Harvest Fund Management Co. Ltd. increased its holdings in Summit Hotel Properties by 24.8% in the second quarter. Harvest Fund Management Co. Ltd. now owns 10,106 real estate investment trust shares worth $ 94,000 after purchasing an additional 2,006 shares in the last quarter. Ergoteles LLC acquired a new position in Summit Hotel Properties in the second quarter valued at $ 98,000. Janus Henderson Group PLC acquired a new position in Summit Hotel Properties in the third quarter valued at $ 103,000. Finally, Schonfeld Strategic Advisors LLC acquired a new position in Summit Hotel Properties in the second quarter valued at $ 105,000. 95.74% of the shares are currently held by institutional investors.
Summit Hotel Properties Company Profile
Summit Hotel Properties, Inc is a real estate investment trust, which operates as a self-managed hotel investment company. It focuses on owning premium branded selected service hotels. Its hotels are located in offices and headquarters, shopping malls, airports, state capitals, convention centers, universities and leisure attractions.
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