Equities analysts forecast that Summit Hotel Properties, Inc. (NYSE:INN) will announce sales of $134.53 million for the current fiscal quarter, according to Zacks. Four analysts have provided estimates for Summit Hotel Properties’ earnings. The lowest sales estimate is $125.00 million and the highest is $139.36 million. Summit Hotel Properties posted sales of $118.34 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 13.7%. The business is expected to announce its next earnings report on Wednesday, November 1st.
According to Zacks, analysts expect that Summit Hotel Properties will report full year sales of $134.53 million for the current fiscal year, with estimates ranging from $485.40 million to $516.77 million. For the next year, analysts forecast that the business will post sales of $559.42 million per share, with estimates ranging from $554.99 million to $564.65 million. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that follow Summit Hotel Properties.
Summit Hotel Properties (NYSE:INN) last released its quarterly earnings results on Wednesday, August 2nd. The real estate investment trust reported $0.36 earnings per share for the quarter, missing analysts’ consensus estimates of $0.38 by $0.02. Summit Hotel Properties had a return on equity of 9.89% and a net margin of 21.97%. The firm had revenue of $124.11 million for the quarter, compared to analyst estimates of $132.21 million. During the same period last year, the company earned $0.42 EPS. The company’s revenue was down 2.4% compared to the same quarter last year.
INN has been the subject of a number of research reports. Zacks Investment Research raised Summit Hotel Properties from a “hold” rating to a “buy” rating and set a $21.00 price objective for the company in a research note on Thursday, July 6th. BidaskClub cut Summit Hotel Properties from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 30th. Canaccord Genuity raised their price objective on Summit Hotel Properties from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, May 25th. Deutsche Bank AG raised their price objective on Summit Hotel Properties from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, May 25th. Finally, Cantor Fitzgerald reissued a “buy” rating and issued a $18.00 price objective (up previously from $17.00) on shares of Summit Hotel Properties in a research note on Friday, May 12th. Three analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $18.57.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. boosted its position in shares of Summit Hotel Properties by 7,558.2% in the first quarter. BlackRock Inc. now owns 13,592,083 shares of the real estate investment trust’s stock valued at $217,201,000 after buying an additional 13,414,600 shares during the last quarter. State Street Corp boosted its position in shares of Summit Hotel Properties by 49.4% in the first quarter. State Street Corp now owns 3,628,861 shares of the real estate investment trust’s stock valued at $57,993,000 after buying an additional 1,199,672 shares during the last quarter. GW&K Investment Management LLC bought a new position in shares of Summit Hotel Properties during the second quarter valued at about $17,718,000. Vanguard Group Inc. boosted its position in shares of Summit Hotel Properties by 6.0% in the first quarter. Vanguard Group Inc. now owns 12,990,135 shares of the real estate investment trust’s stock valued at $207,583,000 after buying an additional 732,109 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its position in shares of Summit Hotel Properties by 24.5% in the first quarter. Principal Financial Group Inc. now owns 3,341,478 shares of the real estate investment trust’s stock valued at $53,397,000 after buying an additional 656,792 shares during the last quarter. 88.16% of the stock is currently owned by institutional investors.
Summit Hotel Properties (INN) traded down 4.18% during trading on Friday, reaching $15.81. The company’s stock had a trading volume of 988,937 shares. The company’s 50-day moving average is $18.25 and its 200-day moving average is $16.88. Summit Hotel Properties has a 12 month low of $12.45 and a 12 month high of $19.39. The stock has a market cap of $1.55 billion, a PE ratio of 17.28 and a beta of 1.17.
The business also recently announced a quarterly dividend, which will be paid on Thursday, August 31st. Investors of record on Wednesday, August 16th will be given a dividend of $0.17 per share. The ex-dividend date is Monday, August 14th. This represents a $0.68 annualized dividend and a dividend yield of 4.30%. Summit Hotel Properties’s payout ratio is 75.56%.
About Summit Hotel Properties
Summit Hotel Properties, Inc is a real estate investment trust (REIT). The Company is focused primarily on owning premium-branded, select-service hotels in the Upscale segment of the United States lodging industry. The Company’s portfolio consists of 81 hotels with a total of 11,608 guestrooms located in 24 states.
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