Summit Hotel Properties (NYSE:INN) Releases Quarterly Earnings Results, Beats Estimates By $0.03 EPS

by · The Cerbat Gem

Summit Hotel Properties (NYSE:INN – Get Free Report) issued its quarterly earnings data on Tuesday. The real estate investment trust reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.03, FiscalAI reports. The business had revenue of $185.71 million for the quarter, compared to the consensus estimate of $180.92 million. Summit Hotel Properties had a negative return on equity of 0.60% and a negative net margin of 0.99%.

Summit Hotel Properties Stock Up 3.1%

Shares of NYSE:INN traded up $0.21 during trading on Wednesday, reaching $7.25. 357,091 shares of the stock were exchanged, compared to its average volume of 1,247,398. The stock has a fifty day moving average of $6.17 and a two-hundred day moving average of $5.60. Summit Hotel Properties has a 1-year low of $3.97 and a 1-year high of $7.36. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.71 and a quick ratio of 0.71. The firm has a market cap of $782.45 million, a price-to-earnings ratio of -31.53, a price-to-earnings-growth ratio of 7.80 and a beta of 1.27.

Summit Hotel Properties Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 30th. Investors of record on Monday, November 16th will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date is Monday, November 16th. Summit Hotel Properties’s payout ratio is presently -139.13%.

Analysts Set New Price Targets

Several research firms have weighed in on INN. Zacks Research cut shares of Summit Hotel Properties from a “strong-buy” rating to a “hold” rating in a report on Monday, August 24th. Weiss Ratings downgraded shares of Summit Hotel Properties from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday, October 8th. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Summit Hotel Properties currently has an average rating of “Hold” and a consensus price target of $6.00.

View Our Latest Report on INN

Summit Hotel Properties Company Profile

(Get Free Report)

Summit Hotel Properties, Inc is a real estate investment trust (REIT) focused on owning and investing in premium-branded, select-service hotels in the United States. Its properties generally operate under nationally recognized hotel brands and serve business and leisure travelers.

The company’s portfolio has included hotels affiliated with major hospitality brands such as Marriott, Hilton, Hyatt and InterContinental Hotels Group. Summit emphasizes select-service properties, which typically offer essential lodging amenities while operating with a more streamlined cost structure than full-service hotels.

Summit Hotel Properties was founded in 2003 and became a publicly traded company in 2011.

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