Summit Hotel Properties (NYSE:INN) Releases Earnings Results, Misses Estimates By $0.20 EPS

Summit Hotel Properties (NYSE:INN) released its quarterly earnings data 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. The business had revenue of $188.14 million for the quarter, compared to analyst estimates of $181.40 million. Summit Hotel Properties had a negative return on equity of 0.83% and a negative net margin of 1.56%. During the same quarter in the previous 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 INN stock traded up $0.11 during trading hours on Thursday, hitting $6.18. 775,703 shares of the company’s stock were exchanged, compared to its average volume of 750,729. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.06. Summit Hotel Properties has a 12-month low of $5.31 and a 12-month high of $7.26. The company has a market capitalization of $664.91 million, a PE ratio of -22.78 and a beta of 1.94. The business’s 50 day simple moving average is $6.37 and its 200-day simple moving average is $6.38.

Analyst Upgrades and Downgrades

Separately, Wolfe Research initiated coverage on shares of Summit Hotel Properties in a research report on Wednesday, January 10th. They set a “peer perform” rating for the company.

Summit Hotel Properties Company Profile

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.