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

Summit Hotel Properties, Inc. (NYSE:INN) announced a quarterly dividend on Thursday, October 24th,NASDAQ Dividends reports. Stockholders of record on Friday, November 15th will be paid 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 4.92%. The ex-dividend date is Friday, November 15th.

Summit Hotel Properties has increased its dividend 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. 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 Down 0.3 %

Shares of NYSE INN opened at $6.51 on Wednesday. The firm’s 50-day moving average price is $6.56 and its 200-day moving average price is $6.28. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.01. The stock has a market capitalization of $705.81 million, a price-to-earnings ratio of 651.00 and a beta of 2.05. Summit Hotel Properties has a 12-month low of $5.66 and a 12-month high of $7.22.

Summit Hotel Properties (NYSE:INN) last posted its quarterly earnings data on Monday, November 4th. The real estate investment trust reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.22). The firm had revenue of $176.81 million during the quarter, compared to analysts’ expectations of $176.24 million. Summit Hotel Properties had a return on equity of 1.87% and a net margin of 3.41%. During the same period last year, the company earned $0.22 earnings per share. On average, equities research analysts anticipate that Summit Hotel Properties will post 0.87 EPS for the current fiscal year.

About Summit Hotel Properties

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.