Summit Hotel Properties (INN) Raised to Buy at Zacks Investment Research
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.
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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