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

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

Summit Hotel Properties Price Performance

Shares of Summit Hotel Properties stock traded up $0.11 on Thursday, hitting $6.18. 775,703 shares of the company were exchanged, compared to its average volume of 750,729. Summit Hotel Properties has a 1-year low of $5.31 and a 1-year high of $7.26. The stock has a market capitalization of $664.91 million, a price-to-earnings ratio of -22.78 and a beta of 1.94. The company has a 50-day moving average price of $6.37 and a 200 day moving average price of $6.38. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.06.

Analyst Ratings Changes

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

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.