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

Summit Hotel Properties, Inc. (NYSE:INN) announced a quarterly dividend on Tuesday, October 27th. Investors of record on Monday, November 16th will be paid a dividend of $0.08 per share by the real estate investment trust on Monday, November 30th. This represents a $0.32 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date is Monday, November 16th.

Summit Hotel Properties has increased its dividend payment by an average of 0.1% annually over the last three years and has raised its dividend annually for the last 2 consecutive years. Summit Hotel Properties has a payout ratio of -177.8% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Summit Hotel Properties to earn $0.80 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 40.0%.

Summit Hotel Properties Stock Performance

INN stock opened at $7.07 on Wednesday. The stock has a market capitalization of $761.98 million, a P/E ratio of -30.72 and a beta of 1.29. Summit Hotel Properties has a one year low of $3.97 and a one year high of $7.17. The company has a 50 day moving average price of $6.07 and a two-hundred day moving average price of $5.54.

Summit Hotel Properties (NYSE:INN) last issued its quarterly earnings results on Wednesday, August 5th. The real estate investment trust reported $0.04 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.05. The business had revenue of $199.02 million during the quarter, compared to analyst estimates of $198.41 million. Summit Hotel Properties has set its FY 2026 guidance at 0.790-0.850 EPS. Research analysts forecast that Summit Hotel Properties will post 0.77 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Summit Hotel Properties

Large investors have recently bought and sold shares of the stock. BlackRock Inc. acquired a new position in shares of Summit Hotel Properties in the 2nd quarter valued at $66,080,000. Jennison Associates LLC increased its holdings in shares of Summit Hotel Properties by 2.0% during the 1st quarter. Jennison Associates LLC now owns 7,081,569 shares of the real estate investment trust’s stock worth $31,301,000 after buying an additional 140,495 shares during the last quarter. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Summit Hotel Properties during the 1st quarter worth $8,624,000. Bank of New York Mellon Corp acquired a new stake in shares of Summit Hotel Properties during the 2nd quarter worth $4,316,000. Finally, Algert Global LLC purchased a new position in shares of Summit Hotel Properties in the 2nd quarter worth $3,856,000. Hedge funds and other institutional investors own 96.47% of the company’s stock.

About Summit Hotel Properties

Summit Hotel Properties, Inc is a real estate investment trust (REIT) focused on owning and investing in premium-branded, select-service hotels in the United States. Its properties generally operate under nationally recognized hotel brands and serve business and leisure travelers.

The company’s portfolio has included hotels affiliated with major hospitality brands such as Marriott, Hilton, Hyatt and InterContinental Hotels Group. Summit emphasizes select-service properties, which typically offer essential lodging amenities while operating with a more streamlined cost structure than full-service hotels.

Summit Hotel Properties was founded in 2003 and became a publicly traded company in 2011.