Summit Hotel Properties Inc (NYSE:INN) Expected to Post Quarterly Sales of $128.66 Million

Equities research analysts expect that Summit Hotel Properties Inc (NYSE:INN) will report sales of $128.66 million for the current fiscal quarter, according to Zacks. Five analysts have provided estimates for Summit Hotel Properties’ earnings. The highest sales estimate is $132.29 million and the lowest is $125.24 million. Summit Hotel Properties posted sales of $132.51 million in the same quarter last year, which would indicate a negative year over year growth rate of 2.9%. The firm is expected to announce its next earnings report on Tuesday, February 25th.

According to Zacks, analysts expect that Summit Hotel Properties will report full-year sales of $544.14 million for the current year, with estimates ranging from $540.60 million to $547.86 million. For the next fiscal year, analysts expect that the business will report sales of $565.95 million, with estimates ranging from $541.89 million to $583.02 million. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that follow Summit Hotel Properties.

Summit Hotel Properties (NYSE:INN) last released its quarterly earnings results on Tuesday, November 5th. The real estate investment trust reported $0.07 EPS for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.24). The firm had revenue of $133.69 million for the quarter, compared to analysts’ expectations of $133.52 million. Summit Hotel Properties had a return on equity of 6.64% and a net margin of 14.44%. Summit Hotel Properties’s revenue for the quarter was down 6.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.35 earnings per share.

INN has been the subject of several recent analyst reports. TheStreet lowered Summit Hotel Properties from a “b-” rating to a “c+” rating in a research report on Wednesday, November 6th. ValuEngine downgraded Summit Hotel Properties from a “hold” rating to a “sell” rating in a report on Friday, November 1st. Finally, Zacks Investment Research downgraded Summit Hotel Properties from a “buy” rating to a “hold” rating in a report on Friday, November 1st. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $13.25.

Summit Hotel Properties stock traded down $0.14 during midday trading on Friday, reaching $12.07. The stock had a trading volume of 583,284 shares, compared to its average volume of 681,704. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.70. The firm has a market cap of $1.29 billion, a price-to-earnings ratio of 8.94 and a beta of 1.18. Summit Hotel Properties has a 52-week low of $9.29 and a 52-week high of $12.63. The company has a fifty day moving average of $12.10 and a 200 day moving average of $11.65.

The firm also recently announced a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were given a dividend of $0.18 per share. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $0.72 annualized dividend and a dividend yield of 5.97%. Summit Hotel Properties’s dividend payout ratio (DPR) is 53.33%.

Several institutional investors and hedge funds have recently modified their holdings of INN. Metropolitan Life Insurance Co NY increased its stake in Summit Hotel Properties by 2.6% in the 3rd quarter. Metropolitan Life Insurance Co NY now owns 39,250 shares of the real estate investment trust’s stock worth $455,000 after buying an additional 992 shares during the period. Millennium Management LLC lifted its holdings in Summit Hotel Properties by 608.6% during the 3rd quarter. Millennium Management LLC now owns 251,503 shares of the real estate investment trust’s stock valued at $2,917,000 after buying an additional 216,011 shares in the last quarter. Squarepoint Ops LLC purchased a new stake in Summit Hotel Properties in the 3rd quarter valued at about $619,000. Voloridge Investment Management LLC purchased a new stake in Summit Hotel Properties in the 3rd quarter valued at about $417,000. Finally, Barclays PLC grew its stake in Summit Hotel Properties by 14.2% in the 3rd quarter. Barclays PLC now owns 301,844 shares of the real estate investment trust’s stock worth $3,500,000 after acquiring an additional 37,560 shares in the last quarter.

Summit Hotel Properties Company Profile

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 April 18, 2019, the Company's portfolio consisted of 69 hotels with a total of 10,714 guestrooms located in 24 states.

See Also: How much money do you need to begin day trading?

Get a free copy of the Zacks research report on Summit Hotel Properties (INN)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Summit Hotel Properties (NYSE:INN)

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.