Summit Hotel Properties, Inc. (NYSE:INN) Increases Dividend to $0.08 Per Share

Summit Hotel Properties, Inc. (NYSE:INNGet Free Report) announced a quarterly dividend on Wednesday, May 1st, Zacks reports. Shareholders of record on Friday, May 17th will be paid a dividend of 0.08 per share by the real estate investment trust on Friday, May 31st. This represents a $0.32 annualized dividend and a yield of 5.21%. The ex-dividend date is Thursday, May 16th. This is a positive change from Summit Hotel Properties’s previous quarterly dividend of $0.06.

Summit Hotel Properties has increased its dividend by an average of 32.6% per year 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 -228.6% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Summit Hotel Properties to earn $0.94 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 34.0%.

Summit Hotel Properties Trading Up 0.2 %

Shares of NYSE:INN traded up $0.01 during midday trading on Wednesday, hitting $6.14. The company’s stock had a trading volume of 23,897 shares, compared to its average volume of 721,188. Summit Hotel Properties has a 12-month low of $5.31 and a 12-month high of $7.26. The business’s 50 day simple moving average is $6.30 and its 200 day simple moving average is $6.41. The company has a debt-to-equity ratio of 1.08, a quick ratio of 1.13 and a current ratio of 1.13.

Summit Hotel Properties (NYSE:INNGet Free Report) last released its earnings results on Wednesday, May 1st. The real estate investment trust reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.20). The business had revenue of $188.14 million during the quarter, compared to analysts’ expectations of $181.40 million. Summit Hotel Properties had a negative return on equity of 0.56% and a negative net margin of 1.04%. During the same period last year, the business earned $0.22 earnings per share. Sell-side analysts forecast that Summit Hotel Properties will post 0.84 EPS for the current year.

Summit Hotel Properties Company Profile

(Get Free Report)

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.

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Dividend History for Summit Hotel Properties (NYSE:INN)

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