Summit Hotel Properties, Inc. (INN) Expected to Post Quarterly Sales of $125.44 Million
Analysts expect that Summit Hotel Properties, Inc. (NYSE:INN) will announce sales of $125.44 million for the current quarter, Zacks reports. Four analysts have provided estimates for Summit Hotel Properties’ earnings, with estimates ranging from $124.80 million to $126.68 million. Summit Hotel Properties reported sales of $110.32 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 13.7%. The company is scheduled to report its next earnings report on Thursday, February 22nd.
According to Zacks, analysts expect that Summit Hotel Properties will report full-year sales of $125.44 million for the current fiscal year, with estimates ranging from $508.40 million to $511.44 million. For the next year, analysts anticipate that the firm will post sales of $549.56 million per share, with estimates ranging from $546.90 million to $554.99 million. Zacks’ sales calculations are a mean average based on a survey of analysts that that provide coverage for Summit Hotel Properties.
Summit Hotel Properties (NYSE:INN) last released its earnings results on Monday, October 30th. The real estate investment trust reported $0.17 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.17. The firm had revenue of $136.60 million during the quarter, compared to analyst estimates of $135.69 million. Summit Hotel Properties had a return on equity of 8.96% and a net margin of 20.21%. Summit Hotel Properties’s revenue was up 15.5% compared to the same quarter last year. During the same period last year, the business posted $0.37 earnings per share.
A number of brokerages have issued reports on INN. Raymond James Financial, Inc. reaffirmed a “market perform” rating on shares of Summit Hotel Properties in a report on Friday, July 14th. UBS AG downgraded Summit Hotel Properties from an “outperform” rating to a “market perform” rating in a report on Friday, July 14th. BidaskClub raised Summit Hotel Properties from a “sell” rating to a “hold” rating in a 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 target for the company in a report on Monday, July 31st. Finally, Canaccord Genuity decreased their price target on Summit Hotel Properties from $21.00 to $18.00 and set a “buy” rating for the company in a report on Friday, August 4th. Two research analysts have rated the stock with a sell rating, two have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Summit Hotel Properties presently has a consensus rating of “Buy” and an average price target of $17.72.
Shares of Summit Hotel Properties (NYSE:INN) traded down $0.20 during midday trading on Tuesday, reaching $15.29. The company’s stock had a trading volume of 700,888 shares, compared to its average volume of 879,568. The stock has a market cap of $1,644.44, a P/E ratio of 11.86 and a beta of 1.20. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.61 and a quick ratio of 1.61. Summit Hotel Properties has a 12 month low of $13.25 and a 12 month high of $19.39.
The company also recently announced a quarterly dividend, which will be paid on Thursday, November 30th. Stockholders of record on Thursday, November 16th will be issued a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 4.45%. The ex-dividend date of this dividend is Wednesday, November 15th. Summit Hotel Properties’s payout ratio is currently 82.93%.
A number of hedge funds have recently modified their holdings of the stock. Amalgamated Bank increased its position in Summit Hotel Properties by 0.7% in the 1st quarter. Amalgamated Bank now owns 11,794 shares of the real estate investment trust’s stock valued at $188,000 after acquiring an additional 82 shares during the period. Elgethun Capital Management increased its position in Summit Hotel Properties by 0.6% in the 2nd quarter. Elgethun Capital Management now owns 41,959 shares of the real estate investment trust’s stock valued at $783,000 after acquiring an additional 243 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its position in Summit Hotel Properties by 1.7% in the 2nd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 15,169 shares of the real estate investment trust’s stock valued at $283,000 after acquiring an additional 250 shares during the period. Nisa Investment Advisors LLC increased its position in Summit Hotel Properties by 1.0% in the 2nd quarter. Nisa Investment Advisors LLC now owns 35,630 shares of the real estate investment trust’s stock valued at $664,000 after acquiring an additional 350 shares during the period. Finally, M&T Bank Corp increased its position in Summit Hotel Properties by 3.0% in the 2nd quarter. M&T Bank Corp now owns 13,673 shares of the real estate investment trust’s stock valued at $255,000 after acquiring an additional 402 shares during the period. Hedge funds and other institutional investors own 95.83% of the company’s stock.
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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