Summit Hotel Properties, Inc. (NYSE:INN) Raises Dividend to $0.08 Per Share

Summit Hotel Properties, Inc. (NYSE:INN) announced a quarterly dividend on Wednesday, May 1st, Zacks reports. Investors of record on Friday, May 17th will be paid a dividend of 0.08 per share by the real estate investment trust on Friday, May 31st. This represents a $0.32 annualized dividend and a dividend yield of 5.12%. The ex-dividend date of this dividend is Thursday, May 16th. This is a positive change from Summit Hotel Properties’s previous quarterly dividend of $0.06.

Summit Hotel Properties has increased its dividend payment by an average of 32.6% annually over the last three years and has raised its dividend annually for the last 1 consecutive years. Summit Hotel Properties has a payout ratio of -171.4% meaning 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 $0.94 per share next year, which means the company should continue to be able to cover its $0.24 annual dividend with an expected future payout ratio of 25.5%.

Summit Hotel Properties Stock Up 1.1 %

NYSE:INN traded up $0.07 on Friday, hitting $6.25. The stock had a trading volume of 454,730 shares, compared to its average volume of 747,288. The business’s fifty day moving average is $6.36 and its 200 day moving average is $6.37. The company has a market cap of $671.90 million, a PE ratio of -26.02 and a beta of 1.94. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.06. Summit Hotel Properties has a 52 week low of $5.31 and a 52 week high of $7.26.

Summit Hotel Properties (NYSE:INN) last announced its quarterly earnings results on Wednesday, May 1st. The real estate investment trust reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.20). The firm had revenue of $188.14 million during the quarter, compared to the consensus estimate of $181.40 million. Summit Hotel Properties had a negative return on equity of 0.56% and a negative net margin of 1.04%. During the same quarter in the previous year, the company posted $0.22 EPS. On average, equities research analysts expect that Summit Hotel Properties will post 0.84 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Wolfe Research initiated coverage on Summit Hotel Properties in a report on Wednesday, January 10th. They issued a “peer perform” rating on the stock.

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.