KeyCorp Increases Summit Hotel Properties (NYSE:INN) Price Target to $12.00

Summit Hotel Properties (NYSE:INN) had its price objective lifted by equities research analysts at KeyCorp from $11.00 to $12.00 in a report issued on Thursday, Analyst Ratings Network reports. The brokerage presently has an “overweight” rating on the real estate investment trust’s stock. KeyCorp’s price objective suggests a potential upside of 18.58% from the stock’s previous close.

A number of other research firms also recently commented on INN. TheStreet downgraded Summit Hotel Properties from a “c-” rating to a “d+” rating in a research note on Monday, December 20th. Zacks Investment Research upgraded Summit Hotel Properties from a “hold” rating to a “buy” rating and set a $10.00 target price for the company in a research note on Wednesday, December 15th. Bank of America downgraded Summit Hotel Properties from a “buy” rating to an “underperform” rating and decreased their target price for the company from $12.00 to $11.00 in a research note on Monday, September 27th. Finally, Citigroup downgraded Summit Hotel Properties from a “buy” rating to an “underperform” rating and decreased their target price for the company from $12.00 to $11.00 in a research note on Monday, September 27th. Two analysts have rated the stock with a sell rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $11.08.

NYSE:INN opened at $10.12 on Thursday. The company has a market capitalization of $1.08 billion, a price-to-earnings ratio of -9.20 and a beta of 2.28. Summit Hotel Properties has a one year low of $8.06 and a one year high of $11.32. The stock has a 50-day simple moving average of $9.58 and a 200 day simple moving average of $9.45. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.33 and a current ratio of 1.33.

Summit Hotel Properties (NYSE:INN) last posted its quarterly earnings results on Wednesday, November 3rd. The real estate investment trust reported ($0.10) EPS for the quarter, missing the Zacks’ consensus estimate of $0.12 by ($0.22). Summit Hotel Properties had a negative return on equity of 9.26% and a negative net margin of 32.19%. During the same period last year, the company earned ($0.10) earnings per share. On average, equities research analysts forecast that Summit Hotel Properties will post 0.28 EPS for the current fiscal year.

In other news, Chairman Daniel P. Hansen sold 6,502 shares of the business’s stock in a transaction that occurred on Thursday, November 4th. The stock was sold at an average price of $10.57, for a total transaction of $68,726.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 3.10% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. Vestcor Inc acquired a new position in shares of Summit Hotel Properties during the third quarter worth approximately $65,000. Harvest Fund Management Co. Ltd raised its holdings in Summit Hotel Properties by 24.8% during the second quarter. Harvest Fund Management Co. Ltd now owns 10,106 shares of the real estate investment trust’s stock worth $94,000 after purchasing an additional 2,006 shares in the last quarter. Ergoteles LLC bought a new stake in Summit Hotel Properties during the second quarter worth approximately $98,000. Janus Henderson Group PLC bought a new stake in Summit Hotel Properties during the third quarter worth approximately $103,000. Finally, Schonfeld Strategic Advisors LLC bought a new stake in Summit Hotel Properties during the second quarter worth approximately $105,000. Institutional investors and hedge funds own 98.26% of the company’s stock.

Summit Hotel Properties Company Profile

Summit Hotel Properties, Inc is a real estate investment trust, which operates as a self-managed hotel investment company. It focuses on owning premium-branded select-service hotels. Its hotels are located in corporate offices and headquarters, retail centers, airports, state capitols, convention centers, universities, and leisure attractions.

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Analyst Recommendations for Summit Hotel Properties (NYSE:INN)

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