$137.11 Million in Sales Expected for Summit Hotel Properties Inc (INN) This Quarter

Equities research analysts expect Summit Hotel Properties Inc (NYSE:INN) to post $137.11 million in sales for the current quarter, according to Zacks. Two analysts have made estimates for Summit Hotel Properties’ earnings. The highest sales estimate is $137.17 million and the lowest is $137.05 million. Summit Hotel Properties reported sales of $140.20 million in the same quarter last year, which indicates a negative year-over-year growth rate of 2.2%. The company is expected to issue its next quarterly earnings results on Wednesday, May 1st.

On average, analysts expect that Summit Hotel Properties will report full-year sales of $572.82 million for the current financial year, with estimates ranging from $566.29 million to $579.18 million. For the next year, analysts expect that the firm will report sales of $582.17 million, with estimates ranging from $575.90 million to $588.43 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that that provide coverage for Summit Hotel Properties.

A number of equities research analysts have recently issued reports on INN shares. KeyCorp set a $13.00 price objective on Summit Hotel Properties and gave the stock a “buy” rating in a research note on Thursday, December 20th. Zacks Investment Research cut Summit Hotel Properties from a “hold” rating to a “sell” rating in a research note on Wednesday, February 27th. Finally, Bank of America cut Summit Hotel Properties from a “neutral” rating to an “underperform” rating in a research note on Monday, January 7th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $13.75.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Pearl River Capital LLC bought a new stake in Summit Hotel Properties in the 4th quarter valued at $36,000. Oregon Public Employees Retirement Fund bought a new stake in Summit Hotel Properties in the 4th quarter valued at $40,000. Quantamental Technologies LLC bought a new stake in Summit Hotel Properties in the 4th quarter valued at $75,000. CIBC Asset Management Inc bought a new stake in Summit Hotel Properties in the 4th quarter valued at $132,000. Finally, First Allied Advisory Services Inc. bought a new stake in Summit Hotel Properties in the 4th quarter valued at $136,000. Institutional investors and hedge funds own 99.72% of the company’s stock.

Shares of Summit Hotel Properties stock remained flat at $$11.38 on Thursday. The stock had a trading volume of 686,600 shares, compared to its average volume of 621,160. Summit Hotel Properties has a one year low of $9.29 and a one year high of $15.61. The company has a market cap of $1.19 billion, a PE ratio of 8.28 and a beta of 1.45. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 0.80.

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 28th. Investors of record on Thursday, February 14th were paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 6.33%. The ex-dividend date was Wednesday, February 13th.

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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