Summit Hotel Properties, Inc. (INN) To Go Ex-Dividend on November 14th

Summit Hotel Properties, Inc. (NYSE:INN) announced a quarterly dividend on Friday, October 31st. Shareholders of record on Friday, November 14th will be paid a dividend of 0.08 per share by the real estate investment trust on Friday, November 28th. This represents a c) dividend on an annualized basis and a yield of 5.7%. The ex-dividend date of this dividend is Friday, November 14th.

Summit Hotel Properties has decreased its dividend by an average of 0.2%per year over the last three years and has increased its dividend every year for the last 2 years. Summit Hotel Properties has a dividend 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 Stock Performance

Shares of INN stock traded up $0.02 during trading hours on Wednesday, reaching $5.64. 173,562 shares of the company traded hands, compared to its average volume of 1,126,532. The firm has a 50-day moving average price of $5.51 and a 200 day moving average price of $5.13. The company has a market cap of $613.10 million, a P/E ratio of -62.61 and a beta of 1.72. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.80 and a quick ratio of 0.80. Summit Hotel Properties has a 12-month low of $3.57 and a 12-month high of $6.99.

Summit Hotel Properties (NYSE:INN) last released its earnings results on Tuesday, November 4th. The real estate investment trust reported $0.17 EPS for the quarter, topping analysts’ consensus estimates of $0.15 by $0.02. The company had revenue of $177.12 million for the quarter, compared to analysts’ expectations of $179.03 million. Summit Hotel Properties had a net margin of 1.00% and a return on equity of 0.56%. As a group, sell-side analysts predict that Summit Hotel Properties will post 0.88 earnings per share for the current fiscal year.

Analyst Ratings Changes

INN has been the topic of several research analyst reports. Summit Redstone set a $4.50 price objective on Summit Hotel Properties in a research report on Tuesday, November 4th. Robert W. Baird reduced their price objective on Summit Hotel Properties from $5.00 to $4.50 and set a “neutral” rating on the stock in a research note on Friday, October 3rd. Zacks Research raised shares of Summit Hotel Properties from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 21st. Bank of America reaffirmed an “underperform” rating and set a $4.50 price target (down previously from $5.75) on shares of Summit Hotel Properties in a research note on Tuesday, November 4th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Summit Hotel Properties in a research report on Tuesday, October 14th. Two research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus price target of $4.50.

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.