Summit Hotel Properties Inc (INN) Expected to Post Quarterly Sales of $126.50 Million
Wall Street brokerages expect Summit Hotel Properties Inc (NYSE:INN) to post $126.50 million in sales for the current fiscal quarter, according to Zacks. Four analysts have provided estimates for Summit Hotel Properties’ earnings. The highest sales estimate is $127.00 million and the lowest is $125.78 million. Summit Hotel Properties posted sales of $110.32 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 14.7%. The firm is expected to report its next earnings results on Thursday, February 22nd.
On average, analysts expect that Summit Hotel Properties will report full year sales of $126.50 million for the current financial year, with estimates ranging from $509.41 million to $510.64 million. For the next financial year, analysts anticipate that the business will post sales of $581.46 million per share, with estimates ranging from $576.80 million to $590.84 million. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that that provide coverage for Summit Hotel Properties.
Summit Hotel Properties (NYSE:INN) last announced its quarterly 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. Summit Hotel Properties had a return on equity of 8.96% and a net margin of 20.21%. The company had revenue of $136.60 million during the quarter, compared to the consensus estimate of $135.69 million. During the same period in the previous year, the company posted $0.37 earnings per share. Summit Hotel Properties’s revenue for the quarter was up 15.5% on a year-over-year basis.
INN has been the subject of a number of analyst reports. Zacks Investment Research downgraded Summit Hotel Properties from a “hold” rating to a “sell” rating in a report on Wednesday, October 4th. Raymond James Financial raised Summit Hotel Properties from a “market perform” rating to an “outperform” rating and set a $17.50 target price for the company in a research note on Monday, October 30th. KeyCorp set a $17.00 target price on Summit Hotel Properties and gave the stock a “buy” rating in a research note on Sunday, October 29th. Cantor Fitzgerald reaffirmed a “buy” rating and set a $17.00 target price on shares of Summit Hotel Properties in a research note on Monday, November 20th. Finally, Janney Montgomery Scott downgraded Summit Hotel Properties from a “buy” rating to a “neutral” rating in a research note on Monday, November 20th. Two analysts have rated the stock with a sell rating, three have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $17.50.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP raised its stake in Summit Hotel Properties by 10.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,374,090 shares of the real estate investment trust’s stock valued at $25,627,000 after purchasing an additional 127,226 shares during the last quarter. New York State Common Retirement Fund raised its stake in Summit Hotel Properties by 17.0% in the 2nd quarter. New York State Common Retirement Fund now owns 109,400 shares of the real estate investment trust’s stock valued at $2,040,000 after purchasing an additional 15,899 shares during the last quarter. Macquarie Group Ltd. raised its stake in Summit Hotel Properties by 2.4% in the 2nd quarter. Macquarie Group Ltd. now owns 2,944,594 shares of the real estate investment trust’s stock valued at $54,917,000 after purchasing an additional 69,729 shares during the last quarter. Prudential Financial Inc. raised its stake in Summit Hotel Properties by 48.5% in the 3rd quarter. Prudential Financial Inc. now owns 973,365 shares of the real estate investment trust’s stock valued at $15,564,000 after purchasing an additional 317,971 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its stake in Summit Hotel Properties by 26.3% in the 3rd quarter. Russell Investments Group Ltd. now owns 200,170 shares of the real estate investment trust’s stock valued at $3,200,000 after purchasing an additional 41,662 shares during the last quarter. 95.67% of the stock is owned by hedge funds and other institutional investors.
Summit Hotel Properties (INN) opened at $15.46 on Wednesday. Summit Hotel Properties has a twelve month low of $14.23 and a twelve month high of $19.39. The stock has a market capitalization of $1,593.35, a P/E ratio of 18.85 and a beta of 1.19. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.61 and a quick ratio of 1.61.
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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 83 hotels with a total of 12,242 guestrooms located in 26 states.
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