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

Summit Hotel Properties, Inc. (NYSE:INN) announced a quarterly dividend on Thursday, January 23rd,RTT News reports. Shareholders of record on Friday, February 14th will be given 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 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. Equities research 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 Price Performance

Shares of Summit Hotel Properties stock traded up $0.03 during midday trading on Thursday, hitting $6.72. 388,018 shares of the company were exchanged, compared to its average volume of 531,173. The firm has a market cap of $728.47 million, a P/E ratio of 671.90 and a beta of 2.03. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.78 and a quick ratio of 0.78. Summit Hotel Properties has a 52 week low of $5.66 and a 52 week high of $7.22. The firm has a 50 day simple moving average of $6.66 and a 200-day simple moving average of $6.52.

Summit Hotel Properties (NYSE:INN) last released its 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 business had revenue of $176.81 million for the quarter, compared to analyst estimates 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 posted $0.22 EPS. Research analysts forecast that Summit Hotel Properties will post 0.88 earnings per share for the current year.

Summit Hotel Properties Company Profile

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.