Summit Hotel Properties (NYSE:INN) Issues Quarterly Earnings Results

Summit Hotel Properties (NYSE:INN) announced its quarterly earnings results on Monday. The real estate investment trust reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.02), Zacks reports. The company had revenue of $193.90 million for the quarter, compared to analyst estimates 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 period in the prior year, the business posted $0.27 earnings per share. Summit Hotel Properties updated its FY 2024 guidance to 0.910-0.990 EPS.

Summit Hotel Properties Price Performance

Shares of INN opened at $6.35 on Wednesday. The business’s 50-day moving average is $5.95 and its two-hundred day moving average is $6.24. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 1.08. Summit Hotel Properties has a fifty-two week low of $5.31 and a fifty-two week high of $6.98.

Summit Hotel Properties Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Friday, August 16th will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 5.04%. The ex-dividend date is Friday, August 16th. 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.