Summit Hotel Properties, Inc. (INN) To Go Ex-Dividend on May 16th

Summit Hotel Properties, Inc. (NYSE:INN) announced a quarterly dividend on Thursday, April 24th, RTT News reports. Investors of record on Friday, May 16th will be paid a dividend of 0.08 per share by the real estate investment trust on Friday, May 30th. This represents a $0.32 dividend on an annualized basis and a yield of 6.94%. The ex-dividend date is Friday, May 16th.

Summit Hotel Properties has a payout ratio of -177.8% 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 Trading Down 1.3%

Summit Hotel Properties stock opened at $4.61 on Wednesday. The firm has a 50-day moving average of $4.71 and a 200-day moving average of $5.93. Summit Hotel Properties has a one year low of $3.57 and a one year high of $7.22. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.78 and a quick ratio of 0.78. The company has a market cap of $517.34 million, a price-to-earnings ratio of 461.00, a P/E/G ratio of 1.54 and a beta of 1.62.

Summit Hotel Properties (NYSE:INN) last issued its earnings results on Wednesday, April 30th. The real estate investment trust reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.01. Summit Hotel Properties had a net margin of 3.41% and a return on equity of 1.87%. The business had revenue of $184.48 million during the quarter, compared to the consensus estimate of $184.93 million. On average, equities analysts expect that Summit Hotel Properties will post 0.88 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Bank of America raised shares of Summit Hotel Properties from an “underperform” rating to a “neutral” rating and set a $5.00 target price on the stock in a report on Wednesday, April 30th.

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.