Summit Hotel Properties (NYSE:INN) Downgraded to Hold Rating by Zacks Research

Zacks Research cut shares of Summit Hotel Properties (NYSE:INN) from a strong-buy rating to a hold rating in a report released on Monday morning,Zacks.com reports.

INN has been the topic of a number of other reports. Raymond James Financial reaffirmed an “outperform” rating and issued a $7.00 target price on shares of Summit Hotel Properties in a report on Monday, June 8th. Weiss Ratings upgraded Summit Hotel Properties from a “sell (d+)” rating to a “hold (c-)” rating in a report on Thursday, August 6th. Two analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Summit Hotel Properties currently has a consensus rating of “Hold” and a consensus price target of $5.40.

Summit Hotel Properties Price Performance

NYSE:INN opened at $6.20 on Monday. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.71 and a current ratio of 0.71. The stock’s 50-day simple moving average is $6.59 and its 200 day simple moving average is $5.50. The company has a market cap of $668.13 million, a P/E ratio of -26.93 and a beta of 1.26. Summit Hotel Properties has a 52-week low of $3.97 and a 52-week high of $7.17.

Summit Hotel Properties (NYSE:INN) last released its earnings results on Wednesday, August 5th. The real estate investment trust reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.05. The business had revenue of $199.02 million for the quarter, compared to analyst estimates of $198.41 million. Summit Hotel Properties had a negative return on equity of 0.60% and a negative net margin of 0.99%.Summit Hotel Properties has set its FY 2026 guidance at 0.790-0.850 EPS. As a group, sell-side analysts forecast that Summit Hotel Properties will post 0.76 EPS for the current fiscal year.

Summit Hotel Properties Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 31st. Shareholders of record on Monday, August 17th will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 5.2%. The ex-dividend date of this dividend is Monday, August 17th. Summit Hotel Properties’s payout ratio is -139.13%.

Hedge Funds Weigh In On Summit Hotel Properties

Several institutional investors and hedge funds have recently modified their holdings of the stock. Quarry LP acquired a new stake in shares of Summit Hotel Properties during the 3rd quarter worth about $35,000. Corient Private Wealth LLC bought a new position in Summit Hotel Properties in the 4th quarter valued at about $52,000. CIBC Asset Management Inc bought a new position in Summit Hotel Properties in the 4th quarter valued at about $52,000. BNP Paribas Financial Markets lifted its position in Summit Hotel Properties by 53.6% during the second quarter. BNP Paribas Financial Markets now owns 10,807 shares of the real estate investment trust’s stock worth $55,000 after acquiring an additional 3,773 shares during the last quarter. Finally, Tower Research Capital LLC TRC lifted its position in Summit Hotel Properties by 148.1% during the second quarter. Tower Research Capital LLC TRC now owns 10,793 shares of the real estate investment trust’s stock worth $55,000 after acquiring an additional 6,442 shares during the last quarter. 96.47% of the stock is currently owned by institutional investors and hedge funds.

Summit Hotel Properties Company Profile

Summit Hotel Properties is a real estate investment trust (REIT) that acquires, owns and operates branded select-service hotels and extended-stay properties across the United States. The company focuses on upper-midscale and upscale lodging segments, targeting established national brands to combine the operational efficiencies of limited-service properties with strong franchise affiliation.

The company’s portfolio comprises over thirty hotels carrying well-known flags such as Marriott, Hilton, Hyatt and IHG.