Summit Hotel Properties (NYSE:INN) Sets New 12-Month Low at $6.99

Summit Hotel Properties, Inc. (NYSE:INNGet Rating)’s share price reached a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $6.99 and last traded at $7.05, with a volume of 4229 shares changing hands. The stock had previously closed at $7.12.

Separately, TheStreet raised shares of Summit Hotel Properties from a “d+” rating to a “c-” rating in a research report on Tuesday, March 1st. Two investment analysts have rated the stock with a sell rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, Summit Hotel Properties currently has a consensus rating of “Hold” and a consensus target price of $11.30.

The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.77 and a current ratio of 1.77. The firm has a market cap of $726.41 million, a P/E ratio of -11.72 and a beta of 2.04. The firm’s fifty day moving average price is $8.79 and its 200 day moving average price is $9.40.

Summit Hotel Properties (NYSE:INNGet Rating) last posted its quarterly earnings results on Tuesday, May 3rd. The real estate investment trust reported ($0.12) EPS for the quarter, missing the consensus estimate of $0.16 by ($0.28). Summit Hotel Properties had a negative net margin of 9.56% and a negative return on equity of 3.59%. During the same quarter in the prior year, the business posted ($0.07) earnings per share. As a group, analysts expect that Summit Hotel Properties, Inc. will post 0.88 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Rhumbline Advisers raised its stake in shares of Summit Hotel Properties by 0.3% during the 4th quarter. Rhumbline Advisers now owns 337,111 shares of the real estate investment trust’s stock worth $3,290,000 after acquiring an additional 1,077 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in shares of Summit Hotel Properties by 2.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 47,984 shares of the real estate investment trust’s stock worth $478,000 after acquiring an additional 1,212 shares in the last quarter. Van ECK Associates Corp raised its stake in shares of Summit Hotel Properties by 15.1% during the 1st quarter. Van ECK Associates Corp now owns 9,291 shares of the real estate investment trust’s stock worth $93,000 after acquiring an additional 1,217 shares in the last quarter. abrdn plc raised its stake in shares of Summit Hotel Properties by 6.1% during the 4th quarter. abrdn plc now owns 22,292 shares of the real estate investment trust’s stock worth $218,000 after acquiring an additional 1,276 shares in the last quarter. Finally, Isthmus Partners LLC raised its stake in shares of Summit Hotel Properties by 1.4% during the 4th quarter. Isthmus Partners LLC now owns 95,632 shares of the real estate investment trust’s stock worth $933,000 after acquiring an additional 1,341 shares in the last quarter. Hedge funds and other institutional investors own 99.19% of the company’s stock.

About Summit Hotel Properties (NYSE:INN)

Summit Hotel Properties, Inc is a publicly traded real estate investment trust focused on owning premium-branded hotels with efficient operating models primarily in the Upscale segment of the lodging industry. As of November 3, 2020, the Company's portfolio consisted of 72 hotels, 67 of which are wholly owned, with a total of 11,288 guestrooms located in 23 states.

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