Bank of America Upgrades Summit Hotel Properties (NYSE:INN) to Neutral

Summit Hotel Properties (NYSE:INN) was upgraded by Bank of America from an “underperform” rating to a “neutral” rating in a report issued on Wednesday,Finviz reports. The brokerage presently has a $5.00 price objective on the real estate investment trust’s stock. Bank of America‘s price objective points to a potential upside of 23.30% from the stock’s previous close.

Summit Hotel Properties Price Performance

Shares of NYSE:INN opened at $4.06 on Wednesday. The stock has a market cap of $451.65 million, a price-to-earnings ratio of 405.50, a PEG ratio of 1.54 and a beta of 1.78. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.78 and a quick ratio of 0.78. Summit Hotel Properties has a 12 month low of $3.57 and a 12 month high of $7.22. The stock’s 50 day moving average price is $5.13 and its 200 day moving average price is $6.08.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of INN. Alyeska Investment Group L.P. boosted its position in shares of Summit Hotel Properties by 0.3% during the 4th quarter. Alyeska Investment Group L.P. now owns 598,819 shares of the real estate investment trust’s stock valued at $4,102,000 after purchasing an additional 1,721 shares in the last quarter. Van ECK Associates Corp boosted its holdings in Summit Hotel Properties by 10.2% during the fourth quarter. Van ECK Associates Corp now owns 19,879 shares of the real estate investment trust’s stock worth $136,000 after buying an additional 1,842 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Summit Hotel Properties by 3.6% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 59,726 shares of the real estate investment trust’s stock worth $409,000 after buying an additional 2,083 shares during the last quarter. New York State Common Retirement Fund grew its position in Summit Hotel Properties by 10.2% in the fourth quarter. New York State Common Retirement Fund now owns 35,258 shares of the real estate investment trust’s stock worth $242,000 after buying an additional 3,274 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. increased its holdings in shares of Summit Hotel Properties by 3.3% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 138,200 shares of the real estate investment trust’s stock valued at $947,000 after buying an additional 4,400 shares in the last quarter. 96.47% of the stock is owned by institutional investors and hedge funds.

About Summit Hotel Properties

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.