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

Summit Hotel Properties, Inc. (NYSE:INN) declared a quarterly dividend on Thursday, October 24th, NASDAQ reports. Stockholders of record on Friday, November 15th will be given 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 5.14%. The ex-dividend date is Friday, November 15th.

Summit Hotel Properties has increased its dividend payment by an average of 32.6% per year over the last three years. Summit Hotel Properties has a payout ratio of -290.9% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities 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

NYSE INN traded down $0.05 during trading hours on Friday, hitting $6.22. The company’s stock had a trading volume of 329,727 shares, compared to its average volume of 756,112. Summit Hotel Properties has a 12 month low of $5.31 and a 12 month high of $7.22. The company’s 50 day simple moving average is $6.66 and its two-hundred day simple moving average is $6.28. The company has a market cap of $672.95 million, a P/E ratio of -26.21 and a beta of 2.04. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.89 and a quick ratio of 0.89.

Summit Hotel Properties (NYSE:INN) last released its quarterly earnings data on Monday, July 29th. The real estate investment trust reported $0.23 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.02). The business had revenue of $193.90 million during the quarter, compared to the consensus estimate of $191.05 million. Summit Hotel Properties had a return on equity of 1.76% and a net margin of 3.23%. During the same quarter in the previous year, the business posted $0.27 earnings per share. As a group, sell-side analysts expect that Summit Hotel Properties will post 0.89 EPS for the current fiscal 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.