Summit Hotel Properties (NYSE:INN) Announces Quarterly Earnings Results

Summit Hotel Properties (NYSE:INN) released its quarterly earnings results on Wednesday. The real estate investment trust reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.20), Zacks reports. Summit Hotel Properties had a negative return on equity of 0.83% and a negative net margin of 1.56%. The company had revenue of $188.14 million for the quarter, compared to analysts’ expectations of $181.40 million. During the same period in the previous year, the business posted $0.22 EPS. Summit Hotel Properties updated its FY 2024 guidance to 0.900-1.000 EPS.

Summit Hotel Properties Stock Performance

Shares of NYSE INN traded up $0.08 during midday trading on Thursday, hitting $6.15. 515,113 shares of the company’s stock were exchanged, compared to its average volume of 747,377. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.80 and a quick ratio of 0.80. The stock’s 50 day moving average price is $6.37 and its 200-day moving average price is $6.38. The firm has a market cap of $661.68 million, a P/E ratio of -22.43 and a beta of 1.94. Summit Hotel Properties has a twelve month low of $5.31 and a twelve month high of $7.26.

Analyst Upgrades and Downgrades

Separately, Wolfe Research started coverage on Summit Hotel Properties in a research note on Wednesday, January 10th. They set a “peer perform” rating on the stock.

About Summit Hotel Properties

Summit Hotel Properties, Inc is a publicly traded real estate investment trust focused on owning premium-branded lodging properties with efficient operating models primarily in the upscale segment of the lodging industry. As of November 1, 2023, the Company's portfolio consisted of 101 assets, 57 of which are wholly owned, with a total of 15,035 guestrooms located in 24 states.