Summit Hotel Properties, Inc. to Issue Quarterly Dividend of $0.08 (NYSE:INN)

Summit Hotel Properties, Inc. (NYSE:INN) announced a quarterly dividend on Thursday, October 24th,NASDAQ Dividends reports. Stockholders of record on Friday, November 15th will be paid a dividend of 0.08 per share by the real estate investment trust on Friday, November 29th. This represents a $0.32 annualized dividend and a dividend yield of 4.92%. The ex-dividend date is Friday, November 15th.

Summit Hotel Properties has increased its dividend payment by an average of 32.6% annually over the last three years. Summit Hotel Properties has a payout ratio of -188.2% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Summit Hotel Properties to earn $0.94 per share next year, which means the company should continue to be able to cover its $0.32 annual dividend with an expected future payout ratio of 34.0%.

Summit Hotel Properties Stock Performance

Shares of INN stock opened at $6.51 on Thursday. Summit Hotel Properties has a 12 month low of $5.66 and a 12 month high of $7.22. The company has a market cap of $705.81 million, a PE ratio of 651.00 and a beta of 2.05. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.01. The business’s 50 day moving average is $6.55 and its two-hundred day moving average is $6.28.

Summit Hotel Properties (NYSE:INN) last released its earnings results on Monday, November 4th. The real estate investment trust reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.22). Summit Hotel Properties had a return on equity of 1.87% and a net margin of 3.41%. The firm had revenue of $176.81 million for the quarter, compared to analyst estimates of $176.24 million. During the same period in the prior year, the firm earned $0.22 EPS. Equities analysts predict that Summit Hotel Properties will post 0.87 EPS for the current year.

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.