Summit Hotel Properties (INN) Cut to Sell at Zacks Investment Research

Zacks Investment Research lowered shares of Summit Hotel Properties (NYSE:INN) from a hold rating to a sell rating in a research note published on Thursday morning.

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. “

Other research analysts have also issued reports about the stock. Deutsche Bank decreased their price objective on shares of Summit Hotel Properties from $16.00 to $14.00 and set a buy rating for the company in a report on Thursday, November 1st. Raymond James decreased their price objective on shares of Summit Hotel Properties from $16.00 to $14.00 and set a buy rating for the company in a report on Thursday, November 1st. TheStreet lowered shares of Summit Hotel Properties from a b- rating to a c+ rating in a report on Monday, November 5th. Bank of America lowered shares of Summit Hotel Properties from a buy rating to a neutral rating in a report on Tuesday, October 23rd. Finally, ValuEngine upgraded shares of Summit Hotel Properties from a strong sell rating to a sell rating in a report on Thursday, December 6th. Two analysts have rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company. The stock currently has an average rating of Hold and an average price target of $15.17.

Shares of NYSE INN opened at $10.41 on Thursday. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.52 and a quick ratio of 1.52. Summit Hotel Properties has a 12 month low of $10.34 and a 12 month high of $16.15. The firm has a market capitalization of $1.09 billion, a price-to-earnings ratio of 7.77, a P/E/G ratio of 5.61 and a beta of 1.36.

Summit Hotel Properties (NYSE:INN) last issued its quarterly earnings data on Tuesday, October 30th. The real estate investment trust reported $0.33 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.35 by ($0.02). Summit Hotel Properties had a return on equity of 7.79% and a net margin of 16.76%. The company had revenue of $142.34 million during the quarter, compared to the consensus estimate of $141.18 million. During the same quarter last year, the company posted $0.35 earnings per share. The firm’s revenue for the quarter was up 4.2% compared to the same quarter last year. Equities research analysts expect that Summit Hotel Properties will post 1.26 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, November 30th. Investors of record on Friday, November 16th were paid a $0.18 dividend. The ex-dividend date was Thursday, November 15th. This represents a $0.72 annualized dividend and a dividend yield of 6.92%. Summit Hotel Properties’s payout ratio is 53.73%.

In other Summit Hotel Properties news, Chairman Daniel P. Hansen purchased 10,000 shares of the firm’s stock in a transaction that occurred on Friday, November 2nd. The stock was bought at an average cost of $11.35 per share, for a total transaction of $113,500.00. Following the purchase, the chairman now directly owns 1,001,155 shares in the company, valued at $11,363,109.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.12% of the stock is owned by company insiders.

Institutional investors have recently modified their holdings of the stock. Duff & Phelps Investment Management Co. increased its stake in shares of Summit Hotel Properties by 4.4% in the 3rd quarter. Duff & Phelps Investment Management Co. now owns 1,904,875 shares of the real estate investment trust’s stock worth $25,773,000 after acquiring an additional 81,000 shares in the last quarter. Employees Retirement System of Texas increased its stake in shares of Summit Hotel Properties by 25.2% in the 2nd quarter. Employees Retirement System of Texas now owns 179,000 shares of the real estate investment trust’s stock worth $2,561,000 after acquiring an additional 36,000 shares in the last quarter. Monarch Partners Asset Management LLC increased its stake in shares of Summit Hotel Properties by 11.4% in the 2nd quarter. Monarch Partners Asset Management LLC now owns 399,437 shares of the real estate investment trust’s stock worth $5,716,000 after acquiring an additional 40,910 shares in the last quarter. Macquarie Group Ltd. increased its stake in shares of Summit Hotel Properties by 0.4% in the 2nd quarter. Macquarie Group Ltd. now owns 3,574,170 shares of the real estate investment trust’s stock worth $51,147,000 after acquiring an additional 13,212 shares in the last quarter. Finally, GW&K Investment Management LLC increased its stake in shares of Summit Hotel Properties by 19.6% in the 3rd quarter. GW&K Investment Management LLC now owns 1,791,347 shares of the real estate investment trust’s stock worth $24,237,000 after acquiring an additional 293,092 shares in the last quarter. Institutional investors own 99.89% of the company’s stock.

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.

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