Summit Hotel Properties (NYSE:INN) Issues FY 2024 Earnings Guidance

Summit Hotel Properties (NYSE:INN) issued an update on its FY 2024 earnings guidance on Monday morning. The company provided earnings per share guidance of 0.910-0.990 for the period, compared to the consensus earnings per share estimate of 0.940. The company issued revenue guidance of -.

Summit Hotel Properties Trading Up 1.8 %

INN traded up $0.11 during trading on Tuesday, hitting $6.27. 221,851 shares of the stock traded hands, compared to its average volume of 721,724. The firm has a 50-day moving average of $5.94 and a 200 day moving average of $6.24. Summit Hotel Properties has a 12-month low of $5.31 and a 12-month high of $6.98. The firm has a market capitalization of $678.35 million, a P/E ratio of -25.67 and a beta of 2.03. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.13 and a quick ratio of 1.13.

Summit Hotel Properties (NYSE:INN) last announced 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 firm had revenue of $193.90 million for the quarter, compared to analysts’ expectations of $191.05 million. Summit Hotel Properties had a negative net margin of 1.04% and a negative return on equity of 0.56%. During the same period in the prior year, the business posted $0.27 EPS. Equities research analysts anticipate that Summit Hotel Properties will post 0.88 EPS for the current year.

Summit Hotel Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Friday, August 16th will be issued a dividend of $0.08 per share. The ex-dividend date is Friday, August 16th. This represents a $0.32 dividend on an annualized basis and a yield of 5.10%. Summit Hotel Properties’s dividend payout ratio is currently -133.33%.

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.