$130.80 Million in Sales Expected for Summit Hotel Properties Inc (INN) This Quarter
Wall Street analysts expect Summit Hotel Properties Inc (NYSE:INN) to post sales of $130.80 million for the current quarter, according to Zacks Investment Research. Four analysts have issued estimates for Summit Hotel Properties’ earnings, with estimates ranging from $129.83 million to $131.52 million. Summit Hotel Properties reported sales of $131.75 million in the same quarter last year, which suggests a negative year over year growth rate of 0.7%. The business is expected to issue its next quarterly earnings results on Wednesday, February 20th.
According to Zacks, analysts expect that Summit Hotel Properties will report full year sales of $565.37 million for the current financial year, with estimates ranging from $564.59 million to $566.28 million. For the next year, analysts forecast that the business will post sales of $573.17 million, with estimates ranging from $567.36 million to $579.18 million. Zacks’ sales calculations are a mean average based on a survey of research firms that that provide coverage for Summit Hotel Properties.
Summit Hotel Properties (NYSE:INN) last issued its quarterly earnings results on Tuesday, October 30th. The real estate investment trust reported $0.33 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.35 by ($0.02). The business had revenue of $142.34 million for the quarter, compared to analysts’ expectations of $141.18 million. Summit Hotel Properties had a return on equity of 7.79% and a net margin of 16.76%. The company’s revenue was up 4.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.35 EPS.
In other news, Chairman Daniel P. Hansen acquired 10,000 shares of the firm’s stock in a transaction dated Friday, November 2nd. The shares were purchased at an average cost of $11.35 per share, for a total transaction of $113,500.00. Following the transaction, the chairman now directly owns 1,001,155 shares of the company’s stock, valued at $11,363,109.25. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. 2.12% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Cornerstone Wealth Management LLC bought a new stake in Summit Hotel Properties in the 2nd quarter valued at $400,000. Usca Ria LLC bought a new stake in shares of Summit Hotel Properties in the 3rd quarter worth about $142,000. Dynamic Technology Lab Private Ltd bought a new stake in shares of Summit Hotel Properties in the 3rd quarter worth about $142,000. Accident Compensation Corp bought a new stake in shares of Summit Hotel Properties in the 3rd quarter worth about $144,000. Finally, First Republic Investment Management Inc. bought a new stake in shares of Summit Hotel Properties in the 3rd quarter worth about $162,000.
Shares of Summit Hotel Properties stock traded down $0.16 on Wednesday, hitting $10.96. 404,705 shares of the company’s stock were exchanged, compared to its average volume of 620,925. The stock has a market capitalization of $1.16 billion, a PE ratio of 8.18, a P/E/G ratio of 5.99 and a beta of 1.36. Summit Hotel Properties has a 1 year low of $10.68 and a 1 year high of $16.15. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.52 and a quick ratio of 1.52.
The company also recently disclosed a quarterly dividend, which was paid on Friday, November 30th. Stockholders of record on Friday, November 16th were given a dividend of $0.18 per share. The ex-dividend date was Thursday, November 15th. This represents a $0.72 annualized dividend and a dividend yield of 6.57%. Summit Hotel Properties’s payout ratio is 53.73%.
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 October 30, 2018, the Company's portfolio consisted of 77 hotels with a total of 11,659 guestrooms located in 26 states.
Featured Story: Exchange-Traded Funds (ETFs)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Summit Hotel Properties Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Summit Hotel Properties and related companies with MarketBeat.com's FREE daily email newsletter.