Summit Hotel Properties, Inc. (NYSE:INN – Get Free Report) announced a quarterly dividend on Tuesday, July 28th. Shareholders of record on Monday, August 17th will be given a dividend of 0.08 per share by the real estate investment trust on Monday, August 31st. This represents a c) dividend on an annualized basis and a yield of 4.6%. The ex-dividend date is Monday, August 17th.
Summit Hotel Properties has raised its dividend payment by an average of 0.1%annually over the last three years and has increased 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 $0.76 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 42.1%.
Summit Hotel Properties Stock Up 2.2%
Summit Hotel Properties stock traded up $0.15 during trading hours on Wednesday, hitting $7.01. The stock had a trading volume of 19,752 shares, compared to its average volume of 1,327,710. The stock’s 50-day moving average price is $6.40 and its 200-day moving average price is $5.25. The stock has a market capitalization of $760.07 million, a P/E ratio of -24.22 and a beta of 1.26. Summit Hotel Properties has a 12-month low of $3.97 and a 12-month high of $7.14. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.16.
Analyst Ratings Changes
INN has been the subject of several recent analyst reports. Zacks Research upgraded Summit Hotel Properties from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 22nd. Weiss Ratings upgraded Summit Hotel Properties from a “sell (d)” rating to a “sell (d+)” rating in a report on Friday, May 29th. Finally, Raymond James Financial restated an “outperform” rating and set a $7.00 target price on shares of Summit Hotel Properties in a research note on Monday, June 8th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Summit Hotel Properties has a consensus rating of “Hold” and a consensus price target of $5.40.
Check Out Our Latest Stock Report on INN
About Summit Hotel Properties
Summit Hotel Properties is a real estate investment trust (REIT) that acquires, owns and operates branded select-service hotels and extended-stay properties across the United States. The company focuses on upper-midscale and upscale lodging segments, targeting established national brands to combine the operational efficiencies of limited-service properties with strong franchise affiliation.
The company’s portfolio comprises over thirty hotels carrying well-known flags such as Marriott, Hilton, Hyatt and IHG.
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