Summit Hotel Properties, Inc. (INN) Expected to Post Earnings of $0.33 Per Share
Wall Street analysts expect Summit Hotel Properties, Inc. (NYSE:INN) to post earnings of $0.33 per share for the current fiscal quarter, Zacks reports. Four analysts have provided estimates for Summit Hotel Properties’ earnings. Summit Hotel Properties posted earnings per share of $0.37 in the same quarter last year, which would indicate a negative year-over-year growth rate of 10.8%. The company is scheduled to announce its next quarterly earnings results on Wednesday, November 1st.
On average, analysts expect that Summit Hotel Properties will report full year earnings of $1.28 per share for the current year, with EPS estimates ranging from $1.27 to $1.30. For the next fiscal year, analysts anticipate that the business will report earnings of $1.40 per share, with EPS estimates ranging from $1.35 to $1.47. Zacks’ EPS calculations are an average based on a survey of sell-side analysts that cover Summit Hotel Properties.
Summit Hotel Properties (NYSE:INN) last announced its earnings results on Wednesday, August 2nd. The real estate investment trust reported $0.36 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.38 by $0.02. The company had revenue of $124.11 million for the quarter, compared to analysts’ expectations of $132.21 million. Summit Hotel Properties had a net margin of 21.97% and a return on equity of 9.89%. The firm’s quarterly revenue was down 2.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.42 EPS.
A number of research firms recently weighed in on INN. Canaccord Genuity reduced their price objective on Summit Hotel Properties from $21.00 to $18.00 and set a “buy” rating for the company in a research report on Friday. Royal Bank Of Canada reaffirmed a “buy” rating and set a $20.00 price objective on shares of Summit Hotel Properties in a research report on Friday. BidaskClub raised Summit Hotel Properties from a “sell” rating to a “hold” rating in a research report on Wednesday, August 2nd. Zacks Investment Research raised Summit Hotel Properties from a “hold” rating to a “buy” rating and set a $20.00 price objective for the company in a research report on Monday, July 31st. Finally, Raymond James Financial, Inc. reaffirmed a “market perform” rating on shares of Summit Hotel Properties in a research report on Friday, July 14th. Three research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $18.57.
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Shares of Summit Hotel Properties (INN) traded down 4.18% on Thursday, hitting $15.81. The company had a trading volume of 988,937 shares. The stock has a market capitalization of $1.55 billion, a PE ratio of 17.28 and a beta of 1.17. The firm’s 50 day moving average price is $18.25 and its 200-day moving average price is $16.88. Summit Hotel Properties has a 52 week low of $12.45 and a 52 week high of $19.39.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 31st. Shareholders of record on Wednesday, August 16th will be issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.30%. The ex-dividend date is Monday, August 14th. Summit Hotel Properties’s payout ratio is 75.56%.
Hedge funds have recently bought and sold shares of the company. Guggenheim Capital LLC raised its stake in Summit Hotel Properties by 470.2% in the fourth quarter. Guggenheim Capital LLC now owns 121,883 shares of the real estate investment trust’s stock worth $1,953,000 after buying an additional 100,507 shares during the last quarter. Teachers Advisors LLC raised its stake in Summit Hotel Properties by 0.7% in the fourth quarter. Teachers Advisors LLC now owns 1,128,150 shares of the real estate investment trust’s stock worth $18,084,000 after buying an additional 8,157 shares during the last quarter. Bank of Montreal Can raised its stake in Summit Hotel Properties by 25.2% in the first quarter. Bank of Montreal Can now owns 187,150 shares of the real estate investment trust’s stock worth $2,992,000 after buying an additional 37,695 shares during the last quarter. Alpha Windward LLC acquired a new stake in Summit Hotel Properties during the first quarter worth approximately $479,000. Finally, Louisiana State Employees Retirement System raised its stake in Summit Hotel Properties by 8.5% in the first quarter. Louisiana State Employees Retirement System now owns 38,100 shares of the real estate investment trust’s stock worth $609,000 after buying an additional 3,000 shares during the last quarter. 88.16% of the stock is owned by institutional investors and hedge funds.
About Summit Hotel Properties
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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