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

Summit Hotel Properties, Inc. (NYSE:INN) announced a quarterly dividend on Thursday, April 24th, RTT News reports. Investors of record on Friday, May 16th will be paid a dividend of 0.08 per share by the real estate investment trust on Friday, May 30th. This represents a $0.32 annualized dividend and a dividend yield of 6.94%. The ex-dividend date of this dividend is Friday, May 16th.

Summit Hotel Properties has a payout ratio of -177.8% indicating that 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 $0.90 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 35.6%.

Summit Hotel Properties Price Performance

INN stock opened at $4.61 on Wednesday. The firm has a market cap of $517.34 million, a price-to-earnings ratio of 461.00, a PEG ratio of 1.54 and a beta of 1.62. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.01. Summit Hotel Properties has a 12-month low of $3.57 and a 12-month high of $7.22. The company’s fifty day simple moving average is $4.71 and its 200 day simple moving average is $5.93.

Summit Hotel Properties (NYSE:INN) last released its earnings results on Wednesday, April 30th. The real estate investment trust reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.01. The business had revenue of $184.48 million for the quarter, compared to analyst estimates of $184.93 million. Summit Hotel Properties had a net margin of 3.41% and a return on equity of 1.87%. On average, analysts expect that Summit Hotel Properties will post 0.88 earnings per share for the current year.

Wall Street Analyst Weigh In

Separately, Bank of America upgraded shares of Summit Hotel Properties from an “underperform” rating to a “neutral” rating and set a $5.00 target price on the stock in a report on Wednesday, April 30th.

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.