Equities analysts forecast that Summit Hotel Properties Inc (NYSE:INN) will announce $145.63 million in sales for the current quarter, according to Zacks Investment Research. Four analysts have provided estimates for Summit Hotel Properties’ earnings. The lowest sales estimate is $141.22 million and the highest is $149.30 million. Summit Hotel Properties reported sales of $136.59 million in the same quarter last year, which suggests a positive year over year growth rate of 6.6%. The firm is scheduled to announce its next quarterly earnings results on Monday, October 29th.
According to Zacks, analysts expect that Summit Hotel Properties will report full year sales of $572.07 million for the current fiscal year, with estimates ranging from $563.66 million to $578.09 million. For the next fiscal year, analysts forecast that the firm will report sales of $587.73 million, with estimates ranging from $559.70 million to $614.01 million. Zacks Investment Research’s sales averages are an average based on a survey of analysts that cover Summit Hotel Properties.
Summit Hotel Properties (NYSE:INN) last issued its quarterly earnings data on Wednesday, August 1st. The real estate investment trust reported $0.40 EPS for the quarter, beating the Zacks’ consensus estimate of $0.37 by $0.03. The business had revenue of $152.20 million for the quarter, compared to analyst estimates of $151.13 million. Summit Hotel Properties had a return on equity of 6.53% and a net margin of 14.16%. The firm’s revenue for the quarter was up 17.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.36 EPS.
Separately, Zacks Investment Research raised Summit Hotel Properties from a “sell” rating to a “hold” rating in a report on Saturday, June 9th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $16.58.
Shares of NYSE INN traded down $0.21 during mid-day trading on Monday, reaching $12.81. 524,382 shares of the company traded hands, compared to its average volume of 644,379. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.51 and a current ratio of 1.51. The firm has a market cap of $1.42 billion, a price-to-earnings ratio of 9.56, a P/E/G ratio of 4.82 and a beta of 1.21. Summit Hotel Properties has a fifty-two week low of $12.77 and a fifty-two week high of $16.39.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. grew its holdings in Summit Hotel Properties by 8.5% in the 2nd quarter. BlackRock Inc. now owns 17,499,148 shares of the real estate investment trust’s stock valued at $250,413,000 after buying an additional 1,371,193 shares during the last quarter. Nuveen Asset Management LLC grew its holdings in Summit Hotel Properties by 21.9% in the 1st quarter. Nuveen Asset Management LLC now owns 6,973,825 shares of the real estate investment trust’s stock valued at $94,914,000 after buying an additional 1,253,785 shares during the last quarter. Macquarie Group Ltd. grew its holdings in Summit Hotel Properties by 0.4% in the 2nd quarter. Macquarie Group Ltd. now owns 3,574,170 shares of the real estate investment trust’s stock valued at $51,147,000 after buying an additional 13,212 shares during the last quarter. Northern Trust Corp grew its holdings in Summit Hotel Properties by 39.7% in the 2nd quarter. Northern Trust Corp now owns 2,675,449 shares of the real estate investment trust’s stock valued at $38,286,000 after buying an additional 760,506 shares during the last quarter. Finally, Heitman Real Estate Securities LLC grew its holdings in Summit Hotel Properties by 9.3% in the 1st quarter. Heitman Real Estate Securities LLC now owns 2,357,485 shares of the real estate investment trust’s stock valued at $33,501,000 after buying an additional 200,213 shares during the last quarter. 98.77% of the stock is currently owned by hedge funds and other institutional investors.
About Summit Hotel Properties
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 August 1, 2018, the Company's portfolio consisted of 77 hotels with a total of 11,657 guestrooms located in 26 states.
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