Zacks: Analysts Anticipate Summit Hotel Properties Inc (NYSE:INN) Will Post Earnings of -$0.20 Per Share

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Brokerages expect Summit Hotel Properties Inc (NYSE:INN) to report earnings per share of ($0.20) for the current fiscal quarter, Zacks reports. Four analysts have issued estimates for Summit Hotel Properties’ earnings, with the lowest EPS estimate coming in at ($0.32) and the highest estimate coming in at ($0.10). Summit Hotel Properties reported earnings per share of $0.37 during the same quarter last year, which indicates a negative year-over-year growth rate of 154.1%. The company is expected to issue its next earnings results on Wednesday, July 29th.

According to Zacks, analysts expect that Summit Hotel Properties will report full year earnings of ($0.07) per share for the current fiscal year, with EPS estimates ranging from ($0.18) to $0.01. For the next financial year, analysts forecast that the business will post earnings of $0.59 per share, with EPS estimates ranging from $0.49 to $0.68. Zacks Investment Research’s EPS calculations are an average based on a survey of sell-side research firms that follow Summit Hotel Properties.

Summit Hotel Properties (NYSE:INN) last issued its quarterly earnings results on Monday, May 11th. The real estate investment trust reported ($0.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.34). Summit Hotel Properties had a net margin of 10.49% and a return on equity of 4.51%. The business had revenue of $108.39 million for the quarter, compared to analysts’ expectations of $110.52 million.

INN has been the subject of a number of recent research reports. Bank of America raised shares of Summit Hotel Properties from an “underperform” rating to a “buy” rating and lifted their price target for the company from $4.00 to $7.00 in a research report on Monday, June 1st. KeyCorp lowered their price target on shares of Summit Hotel Properties from $13.00 to $8.00 and set an “overweight” rating for the company in a research report on Thursday, April 30th. Raymond James lifted their target price on shares of Summit Hotel Properties from $6.00 to $9.00 and gave the stock an “outperform” rating in a report on Monday, June 8th. Zacks Investment Research cut shares of Summit Hotel Properties from a “hold” rating to a “sell” rating in a report on Friday, June 12th. Finally, ValuEngine raised shares of Summit Hotel Properties from a “sell” rating to a “hold” rating in a report on Monday, June 1st. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $10.21.

Several hedge funds have recently made changes to their positions in the company. State of New Jersey Common Pension Fund D grew its stake in shares of Summit Hotel Properties by 21.6% in the first quarter. State of New Jersey Common Pension Fund D now owns 470,895 shares of the real estate investment trust’s stock worth $1,987,000 after acquiring an additional 83,500 shares during the period. State Street Corp grew its stake in shares of Summit Hotel Properties by 17.6% in the first quarter. State Street Corp now owns 6,567,708 shares of the real estate investment trust’s stock worth $27,716,000 after acquiring an additional 982,192 shares during the period. Royal Bank of Canada grew its stake in shares of Summit Hotel Properties by 17.1% in the first quarter. Royal Bank of Canada now owns 154,206 shares of the real estate investment trust’s stock worth $650,000 after acquiring an additional 22,465 shares during the period. Guggenheim Capital LLC grew its stake in shares of Summit Hotel Properties by 30.6% in the first quarter. Guggenheim Capital LLC now owns 104,252 shares of the real estate investment trust’s stock worth $440,000 after acquiring an additional 24,398 shares during the period. Finally, State of Tennessee Treasury Department grew its stake in shares of Summit Hotel Properties by 3.4% in the first quarter. State of Tennessee Treasury Department now owns 66,779 shares of the real estate investment trust’s stock worth $281,000 after acquiring an additional 2,204 shares during the period. Hedge funds and other institutional investors own 98.40% of the company’s stock.

NYSE INN traded down $0.12 during trading hours on Friday, reaching $5.69. 846,352 shares of the company’s stock traded hands, compared to its average volume of 1,888,011. Summit Hotel Properties has a 52-week low of $2.32 and a 52-week high of $12.59. The firm has a market cap of $623.68 million, a PE ratio of 15.57 and a beta of 2.10. The firm has a 50-day simple moving average of $6.23 and a 200 day simple moving average of $8.06. The company has a debt-to-equity ratio of 0.96, a current ratio of 2.09 and a quick ratio of 2.09.

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 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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