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

Summit Hotel Properties, Inc. (NYSE:INN) declared a quarterly dividend on Thursday, January 22nd. Investors of record on Friday, February 13th will be given a dividend of 0.08 per share by the real estate investment trust on Friday, February 27th. This represents a c) dividend on an annualized basis and a dividend yield of 6.7%. The ex-dividend date is Friday, February 13th.

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

Shares of INN stock opened at $4.79 on Friday. Summit Hotel Properties has a 52-week low of $3.57 and a 52-week high of $6.96. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 1.14. The stock’s 50-day moving average price is $4.97 and its 200 day moving average price is $5.28. The stock has a market capitalization of $521.37 million, a PE ratio of -29.95 and a beta of 1.31.

Summit Hotel Properties (NYSE:INN) last posted 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 the consensus estimate of $179.03 million. Summit Hotel Properties had a return on equity of 0.02% and a net margin of 0.04%. As a group, equities research analysts forecast that Summit Hotel Properties will post 0.88 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Weiss Ratings restated a “sell (d+)” rating on shares of Summit Hotel Properties in a report on Monday, December 29th. Deutsche Bank Aktiengesellschaft set a $6.00 price target on shares of Summit Hotel Properties and gave the stock a “buy” rating in a research note on Tuesday, January 13th. Zacks Research downgraded Summit Hotel Properties from a “hold” rating to a “strong sell” rating in a report on Monday, January 5th. Robert W. Baird set a $5.00 target price on Summit Hotel Properties in a research note on Wednesday, December 17th. Finally, Bank of America reissued an “underperform” rating and set a $4.50 price target (down previously from $5.75) on shares of Summit Hotel Properties in a research report on Tuesday, November 4th. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Reduce” and a consensus target price of $5.00.

Summit Hotel Properties Company Profile

Summit Hotel Properties is a real estate investment trust (REIT) that acquires, owns and operates branded select-service hotels and extended-stay properties across the United States. The company focuses on upper-midscale and upscale lodging segments, targeting established national brands to combine the operational efficiencies of limited-service properties with strong franchise affiliation.

The company’s portfolio comprises over thirty hotels carrying well-known flags such as Marriott, Hilton, Hyatt and IHG.