Summit Hotel Properties, Inc. (INN) Rating Lowered to Sell at Zacks Investment Research

Summit Hotel Properties, Inc. (NYSE:INN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday, October 4th.

According to Zacks, “Summit Hotel Properties, Inc. is a publicly traded real estate investment trust focused primarily on owning premium-branded, select-service hotels in the upscale and upper midscale segments of the lodging industry. “

Other research analysts also recently issued research reports about the stock. UBS AG downgraded shares of Summit Hotel Properties from an “outperform” rating to a “market perform” rating in a research report on Friday, July 14th. Raymond James Financial, Inc. restated a “market perform” rating on shares of Summit Hotel Properties in a research report on Friday, July 14th. ValuEngine upgraded shares of Summit Hotel Properties from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, June 6th. BidaskClub upgraded shares of Summit Hotel Properties from a “sell” rating to a “hold” rating in a research report on Wednesday, August 2nd. Finally, Bank of America Corporation downgraded shares of Summit Hotel Properties from a “buy” rating to an “underperform” rating and dropped their target price for the company from $19.00 to $14.00 in a research report on Monday, August 14th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $17.75.

Summit Hotel Properties (NYSE INN) opened at 16.12 on Wednesday. Summit Hotel Properties has a one year low of $12.45 and a one year high of $19.39. The firm has a market capitalization of $1.68 billion, a price-to-earnings ratio of 17.64 and a beta of 1.22. The company has a 50-day moving average of $15.43 and a 200 day moving average of $16.76.

Summit Hotel Properties (NYSE:INN) last posted its earnings results on Wednesday, August 2nd. The real estate investment trust reported $0.36 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.38 by ($0.02). The business had revenue of $124.11 million for the quarter, compared to the consensus estimate of $132.21 million. Summit Hotel Properties had a return on equity of 9.89% and a net margin of 21.97%. The company’s revenue was down 2.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.42 earnings per share. On average, analysts anticipate that Summit Hotel Properties will post $0.86 EPS for the current year.

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In other news, Chairman Daniel P. Hansen purchased 10,000 shares of the stock in a transaction dated Wednesday, August 9th. The shares were purchased at an average cost of $15.60 per share, with a total value of $156,000.00. Following the completion of the acquisition, the chairman now owns 800,256 shares in the company, valued at approximately $12,483,993.60. The transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 1.71% of the company’s stock.

Several institutional investors have recently made changes to their positions in INN. Wells Fargo & Company MN lifted its holdings in shares of Summit Hotel Properties by 2.9% in the first quarter. Wells Fargo & Company MN now owns 201,928 shares of the real estate investment trust’s stock worth $3,226,000 after buying an additional 5,654 shares in the last quarter. First Trust Advisors LP raised its stake in Summit Hotel Properties by 0.9% in the first quarter. First Trust Advisors LP now owns 194,987 shares of the real estate investment trust’s stock valued at $3,116,000 after purchasing an additional 1,738 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Summit Hotel Properties by 13.2% in the first quarter. Bank of New York Mellon Corp now owns 1,745,238 shares of the real estate investment trust’s stock valued at $27,890,000 after purchasing an additional 203,102 shares in the last quarter. Suntrust Banks Inc. raised its stake in Summit Hotel Properties by 2.2% in the first quarter. Suntrust Banks Inc. now owns 14,371 shares of the real estate investment trust’s stock valued at $229,000 after purchasing an additional 315 shares in the last quarter. Finally, UBS Asset Management Americas Inc. raised its stake in Summit Hotel Properties by 28.8% in the first quarter. UBS Asset Management Americas Inc. now owns 157,613 shares of the real estate investment trust’s stock valued at $2,519,000 after purchasing an additional 35,206 shares in the last quarter. 95.29% of the stock is currently owned by hedge funds and other institutional investors.

Summit Hotel Properties Company Profile

Summit Hotel Properties, Inc is a real estate investment trust (REIT). The Company is focused primarily on owning premium-branded, select-service hotels in the Upscale segment of the United States lodging industry. The Company’s portfolio consists of 79 hotels with a total of 11,590 guestrooms located in 24 states.

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