Summit Hotel Properties (NYSE:INN) Releases Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Summit Hotel Properties (NYSE:INN) issued its quarterly earnings data on Tuesday. The real estate investment trust reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.03, FiscalAI reports. The firm had revenue of $185.71 million during the quarter, compared to the consensus estimate of $180.92 million. Summit Hotel Properties had a negative return on equity of 0.60% and a negative net margin of 0.99%.

Summit Hotel Properties Stock Performance

Shares of Summit Hotel Properties stock traded down $0.07 during mid-day trading on Tuesday, hitting $7.03. 1,404,640 shares of the stock were exchanged, compared to its average volume of 1,251,868. Summit Hotel Properties has a 12 month low of $3.97 and a 12 month high of $7.36. The company has a 50-day simple moving average of $6.15 and a 200 day simple moving average of $5.59. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.71 and a current ratio of 0.71. The company has a market capitalization of $757.67 million, a P/E ratio of -30.54, a P/E/G ratio of 8.01 and a beta of 1.27.

Summit Hotel Properties Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, November 30th. Shareholders of record on Monday, November 16th will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, November 16th. This represents a $0.32 annualized dividend and a dividend yield of 4.6%. Summit Hotel Properties’s dividend payout ratio (DPR) is currently -139.13%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on INN shares. Weiss Ratings downgraded Summit Hotel Properties from a “hold (c-)” rating to a “sell (d+)” rating in a report on Thursday, October 8th. Zacks Research cut Summit Hotel Properties from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 24th. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $5.40.

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.