Summit Hotel Properties, Inc. (NYSE: INN) is expected to report quarterly sales of $ 101.16 million
Wall Street analysts predict that Summit Hotel Properties, Inc. (NYSE: INN) will report $ 101.16 million in sales for the current fiscal quarter, according to Zacks investment research. Four analysts provided earnings estimates for Summit Hotel Properties, with the lowest sales estimate at $ 94.03 million and the highest estimate at $ 108.60 million. Summit Hotel Properties recorded sales of $ 52.41 million in the same quarter last year, suggesting a positive year-over-year growth rate of 93%. The company is expected to release its next quarterly results on Tuesday, November 2.
Zacks says analysts expect Summit Hotel Properties to report annual revenue of $ 344.65 million for the current fiscal year, with estimates ranging from $ 322.71 to $ 357.40 million . For the next fiscal year, analysts predict the company will post sales of $ 497.27 million, with estimates ranging from $ 466.21 million to $ 523.70 million. Zacks Investment Research’s sales calculations are an average based on a survey of sales-side research analysts who cover Summit Hotel Properties.
Summit Hotel Properties (NYSE: INN) last released its results on Tuesday, August 3. The REIT reported ($ 0.21) earnings per share for the quarter, exceeding the consensus estimate of ($ 0.25) by $ 0.04. Summit Hotel Properties had a negative net margin of 52.10% and a negative return on equity of 12.12%.
Several analysts have commented on the title. Robert W. Baird reaffirmed a “buy” note and set a price target of $ 12.00 for shares of Summit Hotel Properties in a research note on Thursday, August 5. Raymond James reduced his price target for Summit Hotel Properties stock from $ 11.50 to $ 10.50 and set an “outperformance” rating for the company in a Friday August 13th research note. Ultimately, Zacks investment research upgraded Summit Hotel Properties’ shares from a “hold” rating to a “buy” rating and set a price target of $ 11.00 for the company in a research note on Tuesday, June 29.
Meanwhile, COO Craig J. Aniszewski sold 28,119 shares of the company in a trade on Thursday, August 12. The shares were sold for an average price of $ 9.12 for a total value of $ 256,445.28. Following the closing of the sale, the COO now owns 503,419 shares of the company, valued at approximately $ 4,591,181.28. The sale was disclosed in a legal file with the SEC, which is available through this hyperlink. In addition, Chairman Daniel P. Hansen sold 350,000 shares of the company in a transaction on Wednesday, August 11. The stock was sold at an average price of $ 9.03, for a total trade of $ 3,160,500.00. Disclosure of this sale can be found here. Insiders own 3.10% of the shares of the company.
Several institutional investors have recently increased or reduced their stake in the company. Nissay Asset Management Corp Japan ADV increased its holdings of shares of Summit Hotel Properties by 11.0% in the first quarter. Nissay Asset Management Corp Japan ADV now owns 11,605 real estate investment trust shares worth $ 118,000 after purchasing an additional 1,154 shares in the last quarter. Natixis Advisors LP increased its equity stake in Summit Hotel Properties by 2.7% during the first quarter. Natixis Advisors LP now owns 57,792 real estate investment trust shares worth $ 587,000 after purchasing an additional 1,540 shares in the last quarter. Systematic Financial Management LP increased its holdings of shares of Summit Hotel Properties by 0.3% in the first quarter. Systematic Financial Management LP now owns 647,566 real estate investment trust shares worth $ 6,579,000 after purchasing an additional 1,680 shares in the last quarter. Harvest Fund Management Co. Ltd. increased its holdings of shares of Summit Hotel Properties by 24.8% in the second quarter. Harvest Fund Management Co. Ltd. now owns 10,106 real estate investment trust shares worth $ 94,000 after purchasing an additional 2,006 shares in the last quarter. Finally, Teacher Retirement System of Texas increased its holdings of shares of Summit Hotel Properties by 17.5% during the second quarter. Teacher Retirement System of Texas now owns 13,861 real estate investment trust shares valued at $ 129,000 after purchasing an additional 2,069 shares in the last quarter. 95.84% of the shares are held by institutional investors and hedge funds.
Actions of NYSE INN opened at $ 9.92 on Friday. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt ratio of 1.01. Summit Hotel Properties has a 12 month low of $ 4.72 and a 12 month high of $ 11.32. The company has a 50-day simple moving average of $ 9.10 and a two-hundred-day simple moving average of $ 9.64. The stock has a market cap of $ 1.06 billion, a price-to-earnings ratio of -7.24 and a beta of 2.41.
About Summit Hotel Properties
Summit Hotel Properties, Inc is a real estate investment trust, which operates as a self-managed hotel investment company. It focuses on owning premium brand selected service hotels. Its hotels are located in offices and headquarters, shopping malls, airports, state capitals, convention centers, universities and leisure attractions.
Further reading: How is a management fee different from a performance fee?
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