Summit Hotel Properties, Inc. (INN) To Go Ex-Dividend on November 15th

Summit Hotel Properties, Inc. (NYSE:INN) declared a quarterly dividend on Thursday, October 24th,NASDAQ Dividends reports. Shareholders of record on Friday, November 15th will be paid a dividend of 0.08 per share by the real estate investment trust on Friday, November 29th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.92%. The ex-dividend date of this dividend is Friday, November 15th.

Summit Hotel Properties has raised its dividend by an average of 32.6% annually over the last three years. Summit Hotel Properties has a payout ratio of -290.9% meaning 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 Price Performance

Shares of INN opened at $6.51 on Wednesday. Summit Hotel Properties has a twelve month low of $5.66 and a twelve month high of $7.22. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.01. The firm has a 50 day moving average of $6.56 and a 200 day moving average of $6.28. The company has a market capitalization of $705.81 million, a P/E ratio of 651.00 and a beta of 2.05.

Summit Hotel Properties (NYSE:INN) last issued its earnings results on Monday, November 4th. The real estate investment trust reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.22). Summit Hotel Properties had a return on equity of 1.87% and a net margin of 3.41%. The company had revenue of $176.81 million during the quarter, compared to analysts’ expectations of $176.24 million. During the same quarter in the prior year, the business posted $0.22 EPS. As a group, equities research analysts anticipate that Summit Hotel Properties will post 0.87 earnings per share for the current fiscal year.

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.