Summit Hotel Properties (NYSE:INN) Releases Earnings Results

Summit Hotel Properties (NYSE:INN) posted its quarterly earnings results on Tuesday. The real estate investment trust reported $0.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.15 by $0.02, Zacks reports. The firm had revenue of $177.12 million for the quarter, compared to analysts’ expectations of $179.03 million. Summit Hotel Properties had a return on equity of 0.56% and a net margin of 1.00%.

Summit Hotel Properties Price Performance

NYSE INN traded down $0.01 during trading hours on Thursday, hitting $5.26. The company had a trading volume of 415,047 shares, compared to its average volume of 1,135,454. Summit Hotel Properties has a 52 week low of $3.57 and a 52 week high of $6.99. The firm has a 50 day simple moving average of $5.50 and a 200 day simple moving average of $5.08. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.80 and a current ratio of 0.80. The firm has a market capitalization of $572.77 million, a price-to-earnings ratio of -58.39 and a beta of 1.72.

Summit Hotel Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Friday, November 14th will be issued a $0.08 dividend. The ex-dividend date of this dividend is Friday, November 14th. This represents a $0.32 annualized dividend and a yield of 6.1%. Summit Hotel Properties’s dividend payout ratio (DPR) is -355.56%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on INN shares. Bank of America reaffirmed an “underperform” rating and set a $4.50 target price (down from $5.75) on shares of Summit Hotel Properties in a research report on Tuesday. Summit Redstone set a $4.50 target price on Summit Hotel Properties in a research report on Tuesday. Robert W. Baird decreased their target price on Summit Hotel Properties from $5.00 to $4.50 and set a “neutral” rating for the company in a research report on Friday, October 3rd. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Summit Hotel Properties in a research report on Tuesday, October 14th. Finally, Zacks Research raised Summit Hotel Properties from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 21st. Two investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Reduce” and a consensus target price of $4.50.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Summit Hotel Properties by 1.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 721,875 shares of the real estate investment trust’s stock worth $3,905,000 after purchasing an additional 9,879 shares during the period. Ameriprise Financial Inc. boosted its stake in Summit Hotel Properties by 45.2% in the 2nd quarter. Ameriprise Financial Inc. now owns 615,704 shares of the real estate investment trust’s stock worth $3,134,000 after purchasing an additional 191,668 shares during the period. Man Group plc boosted its stake in Summit Hotel Properties by 6.6% in the 2nd quarter. Man Group plc now owns 458,749 shares of the real estate investment trust’s stock worth $2,335,000 after purchasing an additional 28,207 shares during the period. Public Sector Pension Investment Board boosted its stake in Summit Hotel Properties by 8.4% in the 2nd quarter. Public Sector Pension Investment Board now owns 372,587 shares of the real estate investment trust’s stock worth $1,896,000 after purchasing an additional 28,777 shares during the period. Finally, CANADA LIFE ASSURANCE Co boosted its stake in Summit Hotel Properties by 4.3% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 244,889 shares of the real estate investment trust’s stock worth $1,246,000 after purchasing an additional 10,108 shares during the period. Institutional investors own 96.47% of the company’s stock.

Summit Hotel Properties Company Profile

Summit Hotel Properties, Inc is a publicly traded real estate investment trust focused on owning premium-branded lodging properties with efficient operating models primarily in the upscale segment of the lodging industry. As of November 1, 2023, the Company’s portfolio consisted of 101 assets, 57 of which are wholly owned, with a total of 15,035 guestrooms located in 24 states.