Summit Hotel Properties Inc. (INN) Stock Price Down 1.3%
Summit Hotel Properties Inc. (NYSE:INN)’s share price fell 1.3% during trading on Friday . The stock traded as low as $13.97 and last traded at $13.98, with a volume of 184,197 shares changing hands. The stock had previously closed at $14.16.
Several research firms recently commented on INN. JMP Securities upped their price objective on Summit Hotel Properties from $14.00 to $15.50 and gave the company a “market outperform” rating in a research note on Thursday, August 4th. Canaccord Genuity reissued a “buy” rating on shares of Summit Hotel Properties in a report on Tuesday, August 2nd. Zacks Investment Research cut shares of Summit Hotel Properties from a “strong-buy” rating to a “hold” rating in a report on Thursday, June 23rd. Finally, Deutsche Bank AG reissued a “buy” rating on shares of Summit Hotel Properties in a report on Sunday, June 26th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. Summit Hotel Properties currently has a consensus rating of “Buy” and an average price target of $16.95.
The stock has a market cap of $1.22 billion and a PE ratio of 8.02. The firm has a 50-day moving average of $14.11 and a 200-day moving average of $12.44.
Summit Hotel Properties (NYSE:INN) last announced its quarterly earnings results on Tuesday, August 2nd. The real estate investment trust reported $0.42 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.39 by $0.03. The firm had revenue of $127.19 million for the quarter, compared to the consensus estimate of $127.70 million. During the same period last year, the business earned $0.14 EPS. Summit Hotel Properties’s revenue was up 5.4% on a year-over-year basis. Equities analysts expect that Summit Hotel Properties Inc. will post $1.35 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, August 31st. Investors of record on Tuesday, August 16th were issued a $0.1325 dividend. This represents a $0.53 annualized dividend and a yield of 3.80%. The ex-dividend date of this dividend 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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