Summit Hotel Properties (NYSE:INN) Stock Price Down 3.9% – What’s Next?

Summit Hotel Properties, Inc. (NYSE:INN) was down 3.9% on Thursday . The company traded as low as $4.97 and last traded at $5.0150. Approximately 248,694 shares were traded during mid-day trading, a decline of 77% from the average daily volume of 1,101,956 shares. The stock had previously closed at $5.22.

Wall Street Analysts Forecast Growth

A number of research firms have commented on INN. Weiss Ratings restated a “sell (d)” rating on shares of Summit Hotel Properties in a research note on Tuesday. Summit Redstone set a $4.50 price objective on shares of Summit Hotel Properties in a research report on Tuesday, November 4th. Wall Street Zen cut shares of Summit Hotel Properties from a “hold” rating to a “sell” rating in a research note on Saturday, October 18th. Bank of America reaffirmed an “underperform” rating and issued a $4.50 target price (down previously from $5.75) on shares of Summit Hotel Properties in a report on Tuesday, November 4th. Finally, Zacks Research upgraded shares of Summit Hotel Properties from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 21st. Two research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus price target of $4.50.

Summit Hotel Properties Stock Performance

The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.65 and a current ratio of 0.65. The stock has a fifty day simple moving average of $5.33 and a two-hundred day simple moving average of $5.23. The stock has a market capitalization of $533.01 million, a price-to-earnings ratio of -30.62 and a beta of 1.30.

Summit Hotel Properties (NYSE:INN) last issued its earnings results on Tuesday, November 4th. The real estate investment trust reported $0.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.02. The business had revenue of $177.12 million for the quarter, compared to analyst estimates of $179.03 million. Summit Hotel Properties had a net margin of 0.04% and a return on equity of 0.02%. Analysts forecast that Summit Hotel Properties, Inc. will post 0.88 earnings per share for the current fiscal year.

Summit Hotel Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 28th. Shareholders of record on Friday, November 14th were issued a dividend of $0.08 per share. The ex-dividend date was Friday, November 14th. This represents a $0.32 annualized dividend and a yield of 6.5%. Summit Hotel Properties’s dividend payout ratio is presently -200.00%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. boosted its holdings in shares of Summit Hotel Properties by 16.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,848,480 shares of the real estate investment trust’s stock valued at $10,000,000 after buying an additional 257,720 shares in the last quarter. Public Employees Retirement System of Ohio increased its stake in shares of Summit Hotel Properties by 26.7% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 251,719 shares of the real estate investment trust’s stock worth $1,281,000 after acquiring an additional 53,075 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new position in Summit Hotel Properties during the 1st quarter valued at about $1,232,000. Public Sector Pension Investment Board boosted its stake in Summit Hotel Properties by 26.7% during the first quarter. Public Sector Pension Investment Board now owns 343,810 shares of the real estate investment trust’s stock worth $1,860,000 after acquiring an additional 72,445 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC bought a new position in shares of Summit Hotel Properties during the second quarter valued at approximately $91,000. Hedge funds and other 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.