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

Summit Hotel Properties (NYSE:INN) posted its earnings results on Tuesday. The real estate investment trust reported $0.17 earnings per share for the quarter, topping 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 during midday trading on Tuesday, reaching $5.18. 1,421,750 shares of the stock traded hands, compared to its average volume of 1,139,751. The company has a fifty day moving average of $5.51 and a 200 day moving average of $5.08. Summit Hotel Properties has a 12 month low of $3.57 and a 12 month high of $6.99. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.80 and a current ratio of 0.80. 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 company also recently declared a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Friday, November 14th will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 6.2%. The ex-dividend date is Friday, November 14th. Summit Hotel Properties’s dividend payout ratio is currently -355.56%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Summit Hotel Properties by 4.2% during the 1st 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. Jane Street Group LLC grew its position in shares of Summit Hotel Properties by 1.7% in the 1st quarter. Jane Street Group LLC now owns 165,679 shares of the real estate investment trust’s stock worth $896,000 after buying an additional 2,793 shares during the period. Amundi grew its position in shares of Summit Hotel Properties by 3.4% in the 1st quarter. Amundi now owns 109,185 shares of the real estate investment trust’s stock worth $591,000 after buying an additional 3,623 shares during the period. BNP Paribas Financial Markets grew its position in shares of Summit Hotel Properties by 53.6% in the 2nd quarter. BNP Paribas Financial Markets now owns 10,807 shares of the real estate investment trust’s stock worth $55,000 after buying an additional 3,773 shares during the period. Finally, Brevan Howard Capital Management LP grew its position in shares of Summit Hotel Properties by 7.2% in the 2nd quarter. Brevan Howard Capital Management LP now owns 82,881 shares of the real estate investment trust’s stock worth $422,000 after buying an additional 5,536 shares during the period. 96.47% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

INN has been the subject of several recent analyst reports. Zacks Research raised shares of Summit Hotel Properties from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 21st. Bank of America reaffirmed an “underperform” rating and set a $4.50 price objective (down previously from $5.75) on shares of Summit Hotel Properties in a research note on Tuesday. Summit Redstone set a $4.50 price objective on shares of Summit Hotel Properties in a research note on Tuesday. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Summit Hotel Properties in a research note on Tuesday, October 14th. Finally, Wall Street Zen cut shares of Summit Hotel Properties from a “hold” rating to a “sell” rating in a research note on Saturday, October 18th. Two research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus price target of $4.50.

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.