Summit Hotel Properties, Inc. (NYSE:INN) gapped down prior to trading on Friday after Canaccord Genuity lowered their price target on the stock from $21.00 to $18.00. The stock had previously closed at $15.10, but opened at $16.26. Canaccord Genuity currently has a buy rating on the stock. Summit Hotel Properties shares last traded at $16.44, with a volume of 444,162 shares trading hands.

A number of other equities research analysts also recently weighed in on INN. Zacks Investment Research raised Summit Hotel Properties from a “hold” rating to a “buy” rating and set a $21.00 target price on the stock in a research report on Thursday, July 6th. Cantor Fitzgerald reissued a “buy” rating and set a $18.00 target price (up from $17.00) on shares of Summit Hotel Properties in a research report on Friday, May 12th. ValuEngine raised Summit Hotel Properties from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, June 6th. Royal Bank Of Canada reissued a “buy” rating and set a $20.00 target price on shares of Summit Hotel Properties in a research report on Friday. Finally, Deutsche Bank AG raised their price target on shares of Summit Hotel Properties from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, May 25th. Three investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $18.19.

Several hedge funds have recently modified their holdings of the stock. Blair William & Co. IL bought a new stake in shares of Summit Hotel Properties during the second quarter worth $358,000. BNP Paribas Arbitrage SA raised its stake in shares of Summit Hotel Properties by 36.1% in the second quarter. BNP Paribas Arbitrage SA now owns 66,134 shares of the real estate investment trust’s stock worth $1,233,000 after buying an additional 17,545 shares in the last quarter. Legal & General Group Plc raised its stake in shares of Summit Hotel Properties by 24.4% in the second quarter. Legal & General Group Plc now owns 423,512 shares of the real estate investment trust’s stock worth $7,898,000 after buying an additional 82,964 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Summit Hotel Properties by 2.3% in the second quarter. Bank of New York Mellon Corp now owns 1,784,884 shares of the real estate investment trust’s stock worth $33,287,000 after buying an additional 39,646 shares in the last quarter. Finally, SG Americas Securities LLC raised its stake in shares of Summit Hotel Properties by 77.3% in the second quarter. SG Americas Securities LLC now owns 27,535 shares of the real estate investment trust’s stock worth $514,000 after buying an additional 12,002 shares in the last quarter. 88.04% of the stock is owned by institutional investors and hedge funds.

The company has a market capitalization of $1.61 billion, a price-to-earnings ratio of 17.89 and a beta of 1.17. The firm’s 50 day moving average price is $18.43 and its 200 day moving average price is $16.89.

Summit Hotel Properties (NYSE:INN) last issued its quarterly earnings data on Wednesday, August 2nd. The real estate investment trust reported $0.36 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.38 by $0.02. The company had revenue of $124.11 million during the quarter, compared to the consensus estimate of $132.21 million. Summit Hotel Properties had a net margin of 19.50% and a return on equity of 9.26%. Summit Hotel Properties’s revenue for the quarter was down 2.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.42 EPS. On average, equities research analysts expect that Summit Hotel Properties, Inc. will post $0.83 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 31st. Stockholders of record on Wednesday, August 16th will be paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 4.15%. The ex-dividend date of this dividend is Monday, August 14th. Summit Hotel Properties’s payout ratio is currently 85.00%.

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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 81 hotels with a total of 11,608 guestrooms located in 24 states.

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