Summit Hotel Properties Inc (INN) reported quarterly earnings results on Tuesday, May-3-2016. The company said it had a profit of $0.32 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.01. Analysts had a consensus of $0.31. The company posted revenue of $118.10 million in the period, compared to analysts expectations of $116.68 million. The company’s revenue was up 9.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.27 EPS.
Many Wall Street Analysts have commented on Summit Hotel Properties Inc. Shares were Reiterated by RBC Capital Mkts on Mar 1, 2016 to “Outperform” and Lowered the Price Target to $ 14 from a previous price target of $15 .
Summit Hotel Properties Inc opened for trading at $11.57 and hit $11.64 on the upside on Monday, eventually ending the session at $11.58, with a gain of 1.58% or 0.18 points. The heightened volatility saw the trading volume jump to 5,84,407 shares. Company has a market cap of $1,005 M.
In a different news, on Aug 24, 2015, Craig J Aniszewski (COO) purchased 885 shares at $12.25 per share price. According to the SEC, on Aug 14, 2015, Greg A Dowell (CFO) purchased 5,000 shares at $12.23 per share price. On Aug 12, 2015, Thomas W. Storey (director) purchased 8,000 shares at $12.51 per share price, according to the Form-4 filing with the securities and exchange commission.
Summit Hotel Properties Inc. (Summit REIT) is a real estate investment trust (REIT). The Company is a self-managed hotel investment company. It focuses primarily on acquiring and owning select-service hotels in the upscale and upper-midscale segments of the United States lodging industry. As of July 8 2015 the Company’s portfolio included 93 hotels with a total of 11933 guestrooms located in 23 states. Approximately 61 of its hotel properties with 8169 guestrooms are categorized as upscale hotels and 29 of its hotel properties with 3294 guestrooms are categorized as upper-midscale hotels. The Company holds both general and limited partnership interests in Summit Hotel OP LP (the Operating Partnership). Over 97.4% of the Company’s hotel guestrooms operate under franchise brands owned by Marriott Hilton IHG and an affiliate of Hyatt. Its hotels are located in markets such as business and corporate headquarters retail centers airports and tourist attractions.