Summit Hotel Properties, Inc. (INN) Updates Q3 Earnings Guidance

Paterniano Del Favero
Agosto 14, 2017

(NYSE:INN) by 3.9% during the first quarter, according to its most recent 13F filing with the SEC.

A number of brokerages have commented on INN. Convergence Ptnrs reported 0.26% in Summit Hotel Properties Inc (NYSE:INN). Sei Investments Co. now owns 34,910 shares of the real estate investment trust's stock worth $558,000 after buying an additional 232 shares in the last quarter.

Summit Hotel Properties, Inc is a real estate investment trust (REIT).

TRADEMARK VIOLATION NOTICE: This article was first reported by Community Financial News and is the property of of Community Financial News. Amalgamated Bank now owns 11,794 shares of the real estate investment trust's stock worth $188,000 after buying an additional 82 shares in the last quarter. Nomura Asset Management Co. Ltd. increased its position in shares of Summit Hotel Properties by 1.9% in the first quarter. Ltd. now owns 57,950 shares of the real estate investment trust's stock worth $926,000 after buying an additional 1,100 shares in the last quarter. Fisher Asset Management LLC raised its stake in shares of Summit Hotel Properties by 40.4% in the first quarter.

Shares of Summit Hotel Properties, Inc. (NYSE:INN) dropped 9.4% during mid-day trading on Thursday after the company announced weaker than expected quarterly earnings. Accern also assigned press coverage about the real estate investment trust an impact score of 45.701603365308 out of 100, meaning that recent press coverage is somewhat unlikely to have an impact on the company's share price in the immediate future. The company has a 50 day moving average of $17.80 and a 200 day moving average of $16.88.

Summit Hotel Properties, Inc is a real estate investment trust (REIT). The firm has a market cap of $1.64 billion, a P/E ratio of 17.19 and a beta of 1.17.

Summit Hotel Properties (NYSE:INN) last issued its quarterly earnings data on Wednesday, August 2nd. The real estate investment trust reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by $0.02.

Examining Institutional Ownership at Summit Hotel Properties, Inc. The company had revenue of $124.11 million during the quarter, compared to the consensus estimate of $132.21 million. During the same quarter in the previous year, the company earned $0.42 EPS. The firm's quarterly revenue was down 2.4% compared to the same quarter past year.

The average Wall Street analyst rating for Summit Hotel Properties, Inc.is Strong Buy, according to the average of 8 analyst scores. This represents a $0.68 dividend on an annualized basis and a yield of 4.33%. The rating was downgraded by Bank of America on Monday, August 14 to "Underperform".

Martingale Asset Management LP increased Summit Hotel Properties (INN) stake by 106.44% reported in 2016Q4 SEC filing.

COPYRIGHT VIOLATION WARNING: This story was originally posted by TheOlympiaReport and is owned by of TheOlympiaReport. If you are viewing this news story on another domain, it was copied illegally and republished in violation of U.S. and global trademark & copyright laws. The legal version of this report can be read at https://www.thestockobserver.com/2017/08/11/summit-hotel-properties-inc-nyseinn-shares-bought-by-blackrock-inc-updated-updated-updated.html. Deutsche Bank AG reiterated a "buy" rating and set a $17.00 price objective (down previously from $19.00) on shares of Summit Hotel Properties in a research note on Wednesday.

Among 8 analysts covering Summit Hotel Properties (NYSE:INN), 7 have Buy rating, 0 Sell and 1 Hold. UBS AG lowered shares of Summit Hotel Properties from an "outperform" rating to a "market perform" rating in a research report on Friday, July 14th. Finally, Robert W. Baird reissued an "outperform" rating and set a $18.00 price target (up from $17.00) on shares of Summit Hotel Properties in a research report on Friday, June 16th. Finally, Zacks Investment Research upgraded Summit Hotel Properties from a "hold" rating to a "buy" rating and set a $21.00 target price on the stock in a research report on Thursday, July 6th. One research analyst has rated the stock with a sell rating, two have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company's stock. The stock has a consensus rating of Buy and an average target price of $18.43.

In related news, Chairman Daniel P. Hansen acquired 10,000 shares of the stock in a transaction on Wednesday, August 9th. The stock was purchased at an average cost of $15.60 per share, for a total transaction of $156,000.00. Following the completion of the acquisition, the chairman now owns 800,256 shares in the company, valued at $12,483,993.60. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.94% of the company's stock. Monmouth Real Estate Investmen (NYSE:MNR) was reduced too. The Firm 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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