Summit Hotel Properties Inc. (INN) Shares Down 1.3%
Summit Hotel Properties Inc. (NYSE:INN)’s share price traded down 1.3% during trading on Friday . The company traded as low as $13.97 and last traded at $13.98, with a volume of 184,197 shares. The stock had previously closed at $14.16.
Several research firms have recently issued reports on INN. Zacks Investment Research upgraded shares of Summit Hotel Properties from a “sell” rating to a “hold” rating in a report on Tuesday, August 23rd. Canaccord Genuity restated a “buy” rating and set a $16.00 price objective on shares of Summit Hotel Properties in a report on Tuesday, August 16th. JMP Securities upped their price objective on shares of Summit Hotel Properties from $14.00 to $15.50 and gave the company a “market outperform” rating in a report on Thursday, August 4th. Finally, Deutsche Bank AG restated a “buy” rating on shares of Summit Hotel Properties in a report on Sunday, June 26th. One analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. Summit Hotel Properties presently has a consensus rating of “Buy” and an average price target of $16.95.
The firm has a 50-day moving average of $14.11 and a 200 day moving average of $12.44. The firm has a market cap of $1.22 billion and a P/E ratio of 8.02.
Summit Hotel Properties (NYSE:INN) last announced its quarterly earnings data on Tuesday, August 2nd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.03. The company earned $127.19 million during the quarter, compared to analysts’ expectations of $127.70 million. During the same quarter in the previous year, the business posted $0.14 EPS. The business’s quarterly revenue was up 5.4% compared to the same quarter last year. Analysts expect that Summit Hotel Properties Inc. will post $1.35 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 31st. Stockholders of record on Tuesday, August 16th were paid a $0.1325 dividend. This represents a $0.53 annualized dividend and a dividend yield of 3.80%. The ex-dividend date was Friday, August 12th.
Summit Hotel Properties, Inc is a holding company and conducts all of its operations through its Summit Hotel OP, LP (operating partnership). The Company is a real estate investments trust (REIT) and self-managed hotel investment company. The Company operates in the segment of activities related to investing in real estate.
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