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

Summit Hotel Properties (NYSE:INN) issued its earnings results on Monday. The real estate investment trust reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.02), Zacks reports. The firm had revenue of $193.90 million during the quarter, compared to the consensus estimate of $191.05 million. Summit Hotel Properties had a net margin of 3.23% and a return on equity of 1.76%. During the same quarter in the previous year, the firm earned $0.27 earnings per share. Summit Hotel Properties updated its FY 2024 guidance to 0.910-0.990 EPS.

Summit Hotel Properties Price Performance

INN opened at $6.35 on Wednesday. Summit Hotel Properties has a 12-month low of $5.31 and a 12-month high of $6.98. The stock has a 50-day moving average price of $5.95 and a 200-day moving average price of $6.24. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 1.08.

Summit Hotel Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Friday, August 16th will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.04%. The ex-dividend date is Friday, August 16th. Summit Hotel Properties’s 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.