Summit Hotel Properties’ (INN) Buy Rating Reiterated at Canaccord Genuity

Summit Hotel Properties, Inc. (NYSE:INN)‘s stock had its “buy” rating restated by equities researchers at Canaccord Genuity in a research report issued to clients and investors on Monday, May 15th. They presently have a $18.00 target price on the real estate investment trust’s stock, down from their prior target price of $19.00. Canaccord Genuity’s price objective points to a potential downside of 4.71% from the company’s current price.

A number of other equities analysts also recently issued reports on INN. Zacks Investment Research downgraded Summit Hotel Properties from a “buy” rating to a “hold” rating in a report on Tuesday, February 14th. Cantor Fitzgerald reaffirmed a “buy” rating on shares of Summit Hotel Properties in a report on Thursday, February 23rd. Bank of America Corporation raised Summit Hotel Properties from an “underperform” rating to a “buy” rating and set a $17.00 price target for the company in a report on Friday, March 3rd. Finally, Royal Bank of Canada reaffirmed a “buy” rating and issued a $18.00 price target on shares of Summit Hotel Properties in a report on Monday, May 8th. One investment analyst has rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Summit Hotel Properties has a consensus rating of “Buy” and a consensus price target of $17.94.

Analyst Recommendations for Summit Hotel Properties (NYSE:INN)

Summit Hotel Properties (INN) traded down 0.32% during mid-day trading on Monday, reaching $18.89. 2,761,213 shares of the company were exchanged. The firm has a market capitalization of $1.77 billion, a P/E ratio of 23.38 and a beta of 1.18. The stock has a 50-day moving average of $17.61 and a 200 day moving average of $16.21. Summit Hotel Properties has a 1-year low of $11.90 and a 1-year high of $19.15.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 31st. Shareholders of record on Tuesday, May 16th were given a $0.17 dividend. This is a boost from Summit Hotel Properties’s previous quarterly dividend of $0.16. The ex-dividend date was Friday, May 12th. This represents a $0.68 annualized dividend and a yield of 3.60%. Summit Hotel Properties’s dividend payout ratio is presently 85.00%.

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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Advisor Group Inc. boosted its position in Summit Hotel Properties by 12.0% in the third quarter. Advisor Group Inc. now owns 7,670 shares of the real estate investment trust’s stock valued at $101,000 after buying an additional 821 shares during the last quarter. Daiwa Securities Group Inc. boosted its position in Summit Hotel Properties by 39.2% in the first quarter. Daiwa Securities Group Inc. now owns 7,100 shares of the real estate investment trust’s stock valued at $113,000 after buying an additional 2,000 shares during the last quarter. Ameritas Investment Partners Inc. acquired a new position in Summit Hotel Properties during the first quarter valued at about $119,000. Point72 Asia Hong Kong Ltd acquired a new position in Summit Hotel Properties during the first quarter valued at about $120,000. Finally, LS Investment Advisors LLC boosted its position in Summit Hotel Properties by 161.8% in the first quarter. LS Investment Advisors LLC now owns 8,536 shares of the real estate investment trust’s stock valued at $136,000 after buying an additional 5,275 shares during the last quarter. Hedge funds and other institutional investors own 87.21% 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 76 hotels with over 10,705 guestrooms located in 22 states.

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