Summit Hotel Properties Inc (NYSE:INN) has received a consensus rating of “Buy” from the six analysts that are currently covering the firm. One equities research analyst has rated the stock with a sell rating and five have issued a buy rating on the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $16.50.
Several equities research analysts have commented on INN shares. Canaccord Genuity restated a “buy” rating and issued a $17.00 price objective (up previously from $15.00) on shares of Summit Hotel Properties in a research report on Friday, December 23rd. Zacks Investment Research raised Summit Hotel Properties from a “hold” rating to a “buy” rating and set a $18.00 target price for the company in a research note on Tuesday, January 10th. Cantor Fitzgerald reaffirmed a “buy” rating on shares of Summit Hotel Properties in a research note on Thursday, February 23rd. Finally, Bank of America Corp raised Summit Hotel Properties from an “underperform” rating to a “buy” rating and set a $17.00 target price for the company in a research note on Friday, March 3rd.
Summit Hotel Properties (NYSE:INN) traded up 0.60% during midday trading on Tuesday, hitting $16.77. 1,096,370 shares of the stock traded hands. The company has a market capitalization of $1.57 billion, a price-to-earnings ratio of 16.77 and a beta of 1.01. The stock’s 50-day moving average price is $15.71 and its 200 day moving average price is $15.01. Summit Hotel Properties has a 52 week low of $10.99 and a 52 week high of $16.89.
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Several institutional investors have recently added to or reduced their stakes in the company. Royal Bank of Canada boosted its position in Summit Hotel Properties by 64.7% in the second quarter. Royal Bank of Canada now owns 64,702 shares of the real estate investment trust’s stock worth $857,000 after buying an additional 25,418 shares in the last quarter. Macquarie Group Ltd. boosted its position in shares of Summit Hotel Properties by 4.6% in the second quarter. Macquarie Group Ltd. now owns 2,834,677 shares of the real estate investment trust’s stock worth $37,531,000 after buying an additional 123,531 shares during the period. Fox Run Management L.L.C. purchased a new position in shares of Summit Hotel Properties during the third quarter worth approximately $191,000. Capstone Asset Management Co. boosted its position in shares of Summit Hotel Properties by 4.3% in the third quarter. Capstone Asset Management Co. now owns 20,970 shares of the real estate investment trust’s stock worth $276,000 after buying an additional 870 shares during the period. Finally, Nisa Investment Advisors LLC boosted its position in shares of Summit Hotel Properties by 56.5% in the third quarter. Nisa Investment Advisors LLC now owns 49,300 shares of the real estate investment trust’s stock worth $649,000 after buying an additional 17,800 shares during the period. Institutional investors and hedge funds own 92.76% of the company’s stock.
About Summit Hotel Properties
Summit Hotel Properties, Inc is a real estate investment trust (REIT). The Company 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 82 hotels with over 11,095 guestrooms located in 23 states.
