Summit Hotel Properties, Inc. (NYSE:INN) Announces Quarterly Dividend of $0.08

Summit Hotel Properties, Inc. (NYSE:INNGet Free Report) declared a quarterly dividend on Wednesday, May 1st, Zacks reports. Investors of record on Friday, May 17th will be given 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 dividend yield of 5.31%. The ex-dividend date is Thursday, May 16th. This is a boost from Summit Hotel Properties’s previous quarterly dividend of $0.06.

Summit Hotel Properties has increased its dividend payment by an average of 32.6% per year over the last three years and has increased its dividend every year for the last 2 years. Summit Hotel Properties has a dividend 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. 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 Stock Down 0.5 %

NYSE INN opened at $6.03 on Tuesday. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 1.08. Summit Hotel Properties has a 52-week low of $5.31 and a 52-week high of $7.26. The company has a fifty day moving average of $6.31 and a 200-day moving average of $6.40.

Summit Hotel Properties (NYSE:INNGet Free Report) last announced its quarterly earnings data on Wednesday, May 1st. The real estate investment trust reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.18 by ($0.20). The firm had revenue of $188.14 million for the quarter, compared to the consensus estimate of $181.40 million. Summit Hotel Properties had a negative net margin of 1.04% and a negative return on equity of 0.56%. During the same quarter last year, the company posted $0.22 earnings per share. On average, research analysts forecast that Summit Hotel Properties will post 0.84 earnings per share for the current fiscal year.

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.

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Dividend History for Summit Hotel Properties (NYSE:INN)

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