Summit Hotel Properties (NYSE:INN) Issues Quarterly Earnings Results, Beats Expectations By $0.09 EPS

Summit Hotel Properties (NYSE:INN) released its quarterly earnings results on Wednesday. The real estate investment trust reported $0.43 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.34 by $0.09, Fidelity Earnings reports. Summit Hotel Properties had a net margin of 18.95% and a return on equity of 8.82%. The company had revenue of $142.93 million for the quarter, compared to analyst estimates of $141.05 million. During the same quarter last year, the business earned $0.40 earnings per share. The firm’s revenue was down 6.1% on a year-over-year basis. Summit Hotel Properties updated its FY19 guidance to $1.20-1.28 EPS.

Shares of NYSE:INN traded up $0.03 during midday trading on Friday, hitting $11.45. The company’s stock had a trading volume of 519,423 shares, compared to its average volume of 601,879. The business’s 50 day moving average is $11.48. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.34 and a current ratio of 1.34. The stock has a market cap of $1.20 billion, a P/E ratio of 8.48 and a beta of 1.22. Summit Hotel Properties has a 12-month low of $9.29 and a 12-month high of $14.17.

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Friday, August 16th will be paid a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 6.29%. The ex-dividend date is Thursday, August 15th. Summit Hotel Properties’s dividend payout ratio is currently 53.33%.

INN has been the topic of several research analyst reports. ValuEngine lowered shares of Summit Hotel Properties from a “hold” rating to a “sell” rating in a research report on Thursday. Capital One Financial initiated coverage on shares of Summit Hotel Properties in a research report on Tuesday, June 25th. They issued an “equal weight” rating and a $13.00 target price on the stock. Zacks Investment Research upgraded shares of Summit Hotel Properties from a “sell” rating to a “hold” rating and set a $13.00 target price on the stock in a research report on Saturday, July 20th. TheStreet upgraded shares of Summit Hotel Properties from a “c” rating to a “b-” rating in a research report on Friday, May 3rd. Finally, Deutsche Bank reiterated a “buy” rating and issued a $14.00 target price on shares of Summit Hotel Properties in a research report on Sunday, April 21st. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company’s stock. Summit Hotel Properties has an average rating of “Hold” and a consensus target price of $13.40.

Summit Hotel Properties Company Profile

Summit Hotel Properties, Inc is a publicly-traded real estate investment trust focused on owning premium-branded hotels with efficient operating models primarily in the upscale segment of the lodging industry. As of April 18, 2019, the Company's portfolio consisted of 69 hotels with a total of 10,714 guestrooms located in 24 states.

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Earnings History for Summit Hotel Properties (NYSE:INN)

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