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

Summit Hotel Properties (NYSE:INN) had its price target hoisted by analysts at KeyCorp from $11.00 to $12.00 in a research report issued on Thursday, PriceTargets.com reports. The brokerage currently has an “overweight” rating on the real estate investment trust’s stock. KeyCorp’s target price indicates a potential upside of 18.58% from the stock’s previous close.

Several other research firms have also issued reports on INN. TheStreet lowered shares of Summit Hotel Properties from a “c-” rating to a “d+” rating in a research report on Monday, December 20th. Zacks Investment Research raised shares of Summit Hotel Properties from a “hold” rating to a “buy” rating and set a $10.00 price target for the company in a research report on Wednesday, December 15th. Bank of America lowered shares of Summit Hotel Properties from a “buy” rating to an “underperform” rating and dropped their price target for the stock from $12.00 to $11.00 in a research report on Monday, September 27th. Finally, Citigroup lowered shares of Summit Hotel Properties from a “buy” rating to an “underperform” rating and dropped their price target for the stock from $12.00 to $11.00 in a research report on Monday, September 27th. Two investment analysts have rated the stock with a sell rating and four have given a buy rating to the company. According to data from MarketBeat.com, Summit Hotel Properties currently has an average rating of “Hold” and an average target price of $11.08.

Shares of INN opened at $10.12 on Thursday. The company has a 50-day simple moving average of $9.58 and a 200-day simple moving average of $9.45. The firm has a market capitalization of $1.08 billion, a P/E ratio of -9.20 and a beta of 2.28. 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 has a 52 week low of $8.06 and a 52 week high of $11.32.

Summit Hotel Properties (NYSE:INN) last announced its quarterly earnings data 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 net margin of 32.19% and a negative return on equity of 9.26%. During the same quarter last year, the business posted ($0.10) EPS. As a group, equities analysts forecast that Summit Hotel Properties will post 0.28 earnings per share for the current year.

In other news, Chairman Daniel P. Hansen sold 6,502 shares of the stock in a transaction that occurred on Thursday, November 4th. The shares were sold at an average price of $10.57, for a total transaction of $68,726.14. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 3.10% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vestcor Inc bought a new stake in shares of Summit Hotel Properties during the third quarter valued at approximately $65,000. Harvest Fund Management Co. Ltd lifted its holdings in Summit Hotel Properties by 24.8% in the second quarter. Harvest Fund Management Co. Ltd now owns 10,106 shares of the real estate investment trust’s stock valued at $94,000 after buying an additional 2,006 shares during the period. Ergoteles LLC acquired a new position in Summit Hotel Properties in the second quarter valued at approximately $98,000. Janus Henderson Group PLC acquired a new position in Summit Hotel Properties in the third quarter valued at approximately $103,000. Finally, Schonfeld Strategic Advisors LLC acquired a new position in Summit Hotel Properties in the second quarter valued at approximately $105,000. 98.26% of the stock is currently owned by institutional investors and hedge funds.

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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