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

Summit Hotel Properties, Inc. (NYSE:INN) declared a quarterly dividend on Thursday, January 23rd,RTT News reports. Shareholders of record on Friday, February 14th will be paid a dividend of 0.08 per share by the real estate investment trust on Friday, February 28th. This represents a $0.32 dividend on an annualized basis and a yield of 4.76%.

Summit Hotel Properties has a dividend payout ratio of -168.4% meaning 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 $0.90 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 35.6%.

Summit Hotel Properties Stock Performance

Shares of INN opened at $6.72 on Friday. Summit Hotel Properties has a 12-month low of $5.66 and a 12-month high of $7.22. 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 company has a market cap of $728.47 million, a PE ratio of 671.90 and a beta of 2.03. The stock has a 50-day moving average price of $6.66 and a 200-day moving average price of $6.52.

Summit Hotel Properties (NYSE:INN) last released its quarterly earnings results on Monday, November 4th. The real estate investment trust reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.22). The company 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 in the prior year, the firm earned $0.22 EPS. As a group, equities analysts forecast that Summit Hotel Properties will post 0.88 earnings per share 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.