Summit Hotel Properties, Inc. (INN) To Go Ex-Dividend on February 14th

Summit Hotel Properties, Inc. (NYSE:INNGet Free Report) announced a quarterly dividend on Thursday, January 25th, Zacks reports. Investors of record on Thursday, February 15th will be given a dividend of 0.06 per share by the real estate investment trust on Thursday, February 29th. This represents a $0.24 dividend on an annualized basis and a yield of 3.61%. The ex-dividend date is Wednesday, February 14th.

Summit Hotel Properties has increased its dividend payment by an average of 6.9% annually over the last three years and has increased its dividend every year for the last 1 years. Summit Hotel Properties has a payout ratio of -96.0% 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 $0.88 per share next year, which means the company should continue to be able to cover its $0.24 annual dividend with an expected future payout ratio of 27.3%.

Summit Hotel Properties Trading Up 0.8 %

NYSE:INN opened at $6.64 on Monday. The company has a fifty day moving average of $6.61 and a 200-day moving average of $6.14. Summit Hotel Properties has a twelve month low of $5.31 and a twelve month high of $8.31. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 1.04.

Hedge Funds Weigh In On Summit Hotel Properties

Institutional investors have recently bought and sold shares of the company. PNC Financial Services Group Inc. lifted its holdings in Summit Hotel Properties by 2.6% during the first quarter. PNC Financial Services Group Inc. now owns 47,984 shares of the real estate investment trust’s stock valued at $478,000 after purchasing an additional 1,212 shares during the last quarter. Natixis Advisors L.P. lifted its holdings in Summit Hotel Properties by 6.3% during the 1st quarter. Natixis Advisors L.P. now owns 64,265 shares of the real estate investment trust’s stock worth $640,000 after purchasing an additional 3,825 shares in the last quarter. MetLife Investment Management LLC boosted its stake in Summit Hotel Properties by 100.5% in the 1st quarter. MetLife Investment Management LLC now owns 55,232 shares of the real estate investment trust’s stock worth $550,000 after purchasing an additional 27,683 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its holdings in Summit Hotel Properties by 14.1% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 91,771 shares of the real estate investment trust’s stock valued at $914,000 after buying an additional 11,315 shares in the last quarter. Finally, Great West Life Assurance Co. Can grew its stake in Summit Hotel Properties by 1.7% during the first quarter. Great West Life Assurance Co. Can now owns 177,186 shares of the real estate investment trust’s stock valued at $1,820,000 after acquiring an additional 2,913 shares in the last quarter. Hedge funds and other institutional investors own 95.06% of the company’s stock.

Analyst Ratings Changes

Separately, Wolfe Research began coverage on shares of Summit Hotel Properties in a research note on Wednesday, January 10th. They issued a “peer perform” rating for the company.

Check Out Our Latest Stock Report on Summit Hotel Properties

About Summit Hotel Properties

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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.

See Also

Dividend History for Summit Hotel Properties (NYSE:INN)

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