Summit Hotel Properties, Inc. (NYSE:INN – Get Free Report) 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 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.
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