Summit Hotel Properties (NYSE:INN) Sets New 52-Week High – Here’s Why

Summit Hotel Properties, Inc. (NYSE:INN) shares hit a new 52-week high during trading on Tuesday . The company traded as high as $6.07 and last traded at $5.9680, with a volume of 120154 shares traded. The stock had previously closed at $5.98.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Zacks Research upgraded Summit Hotel Properties from a “strong sell” rating to a “hold” rating in a research note on Monday, March 16th. Raymond James Financial reaffirmed an “outperform” rating and issued a $7.00 price objective on shares of Summit Hotel Properties in a report on Monday. Weiss Ratings raised shares of Summit Hotel Properties from a “sell (d)” rating to a “sell (d+)” rating in a report on Friday, May 29th. Finally, Wall Street Zen raised shares of Summit Hotel Properties from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. Two equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $5.40.

Summit Hotel Properties Stock Performance

The company has a market cap of $640.98 million, a P/E ratio of -20.40 and a beta of 1.29. The company has a 50 day moving average price of $5.12 and a 200-day moving average price of $4.84. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.16.

Summit Hotel Properties (NYSE:INN) last announced its earnings results on Thursday, April 30th. The real estate investment trust reported ($0.10) earnings per share for the quarter, beating the consensus estimate of ($0.12) by $0.02. Summit Hotel Properties had a negative return on equity of 1.03% and a negative net margin of 1.75%.The business had revenue of $185.05 million during the quarter, compared to analysts’ expectations of $180.51 million. Summit Hotel Properties has set its FY 2026 guidance at 0.750-0.850 EPS. Equities analysts expect that Summit Hotel Properties, Inc. will post 0.72 EPS for the current fiscal year.

Summit Hotel Properties Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Friday, May 15th were given a $0.08 dividend. The ex-dividend date was Friday, May 15th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.4%. Summit Hotel Properties’s dividend payout ratio (DPR) is -110.34%.

Institutional Investors Weigh In On Summit Hotel Properties

Several hedge funds have recently bought and sold shares of INN. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of 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 worth $337,000 after purchasing an additional 2,528 shares in the last quarter. Jane Street Group LLC raised its stake in shares of Summit Hotel Properties by 1.7% during the 1st quarter. Jane Street Group LLC now owns 165,679 shares of the real estate investment trust’s stock worth $896,000 after purchasing an additional 2,793 shares in the last quarter. Amundi raised its stake in shares of Summit Hotel Properties by 19.9% during the 3rd quarter. Amundi now owns 18,320 shares of the real estate investment trust’s stock worth $100,000 after purchasing an additional 3,040 shares in the last quarter. Resona Asset Management Co. Ltd. raised its stake in shares of Summit Hotel Properties by 7.3% during the 1st quarter. Resona Asset Management Co. Ltd. now owns 48,128 shares of the real estate investment trust’s stock worth $210,000 after purchasing an additional 3,261 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV raised its stake in shares of Summit Hotel Properties by 22.9% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 18,917 shares of the real estate investment trust’s stock worth $92,000 after purchasing an additional 3,527 shares in the last quarter. 96.47% of the stock is owned by hedge funds and other institutional investors.

Summit Hotel Properties Company Profile

Summit Hotel Properties is a real estate investment trust (REIT) that acquires, owns and operates branded select-service hotels and extended-stay properties across the United States. The company focuses on upper-midscale and upscale lodging segments, targeting established national brands to combine the operational efficiencies of limited-service properties with strong franchise affiliation.

The company’s portfolio comprises over thirty hotels carrying well-known flags such as Marriott, Hilton, Hyatt and IHG.