Zacks Investment Research upgraded shares of Summit Hotel Properties (NYSE:INN) from a hold rating to a buy rating in a research report report published on Friday. Zacks Investment Research currently has $14.00 price target on the real estate investment trust’s stock.

According to Zacks, “Summit Hotel Properties, Inc. is a publicly traded real estate investment trust focused primarily on owning premium-branded, select-service hotels in the upscale and upper midscale segments of the lodging industry. “

Summit Hotel Properties stock traded down $0.30 during midday trading on Friday, reaching $12.39. The company’s stock had a trading volume of 534,437 shares, compared to its average volume of 640,057. Summit Hotel Properties has a fifty-two week low of $12.33 and a fifty-two week high of $16.39. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.51 and a current ratio of 1.51. The company has a market cap of $1.42 billion, a P/E ratio of 9.25, a price-to-earnings-growth ratio of 4.82 and a beta of 1.21.

Summit Hotel Properties (NYSE:INN) last released its earnings results on Wednesday, August 1st. The real estate investment trust reported $0.40 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.03. Summit Hotel Properties had a return on equity of 6.53% and a net margin of 14.16%. The company had revenue of $152.20 million during the quarter, compared to the consensus estimate of $151.13 million. During the same quarter last year, the company earned $0.36 earnings per share. Summit Hotel Properties’s quarterly revenue was up 17.9% compared to the same quarter last year. Sell-side analysts predict that Summit Hotel Properties will post 1.28 EPS for the current year.

Institutional investors have recently added to or reduced their stakes in the business. Paloma Partners Management Co acquired a new stake in Summit Hotel Properties in the second quarter valued at $182,000. Tower Research Capital LLC TRC acquired a new stake in Summit Hotel Properties in the second quarter valued at $185,000. Point72 Asia Hong Kong Ltd acquired a new stake in Summit Hotel Properties in the first quarter valued at $193,000. Xact Kapitalforvaltning AB lifted its holdings in Summit Hotel Properties by 49.6% in the first quarter. Xact Kapitalforvaltning AB now owns 19,618 shares of the real estate investment trust’s stock valued at $267,000 after acquiring an additional 6,500 shares during the period. Finally, Profund Advisors LLC raised its stake in shares of Summit Hotel Properties by 23.7% during the 1st quarter. Profund Advisors LLC now owns 19,734 shares of the real estate investment trust’s stock worth $269,000 after buying an additional 3,786 shares during the last quarter. 98.77% of the stock is owned by institutional investors.

About Summit Hotel Properties

Summit Hotel Properties, Inc is a publicly-traded real estate investment trust focused on owning premium-branded hotels with efficient operating models primarily in the upscale segment of the lodging industry. As of August 1, 2018, the Company's portfolio consisted of 77 hotels with a total of 11,657 guestrooms located in 26 states.

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