Summit Hotel Properties Inc (NYSE:INN) Announces Quarterly Dividend of $0.18

Summit Hotel Properties Inc (NYSE:INN) announced a quarterly dividend on Monday, July 29th, NASDAQ reports. Investors of record on Friday, August 16th will be paid a dividend of 0.18 per share by the real estate investment trust on Friday, August 30th. This represents a $0.72 annualized dividend and a dividend yield of 6.20%. The ex-dividend date is Thursday, August 15th.

Summit Hotel Properties has increased its dividend payment by an average of 15.3% per year over the last three years and has raised its dividend annually for the last 5 consecutive years. Summit Hotel Properties has a payout ratio of 56.3% indicating that its dividend is sufficiently covered by earnings. Analysts expect Summit Hotel Properties to earn $1.18 per share next year, which means the company should continue to be able to cover its $0.72 annual dividend with an expected future payout ratio of 61.0%.

Shares of INN stock opened at $11.61 on Wednesday. Summit Hotel Properties has a twelve month low of $9.29 and a twelve month high of $14.79. The stock’s fifty day simple moving average is $11.50. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.82. The company has a market cap of $1.20 billion, a P/E ratio of 8.60 and a beta of 1.23.

A number of brokerages have issued reports on INN. Deutsche Bank reaffirmed a “buy” rating and issued a $14.00 target price on shares of Summit Hotel Properties in a report on Sunday, April 21st. ValuEngine raised Yirendai from a “strong sell” rating to a “sell” rating in a report on Friday, May 3rd. Capital One Financial began coverage on Summit Hotel Properties in a report on Tuesday, June 25th. They issued an “equal weight” rating and a $13.00 target price for the company. TheStreet cut Viewray from a “c-” rating to a “d” rating in a report on Friday, May 3rd. Finally, Zacks Investment Research cut Zafgen from a “buy” rating to a “hold” rating in a report on Saturday, July 20th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. Summit Hotel Properties has an average rating of “Hold” and an average target price of $13.40.

Summit Hotel Properties Company Profile

Summit Hotel Properties, Inc is a publicly-traded real estate investment trust focused on owning premium-branded hotels with efficient operating models primarily in the upscale segment of the lodging industry. As of April 18, 2019, the Company's portfolio consisted of 69 hotels with a total of 10,714 guestrooms located in 24 states.

Read More: What is a balanced fund?

Dividend History for Summit Hotel Properties (NYSE:INN)

Receive News & Ratings for Summit Hotel Properties Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Summit Hotel Properties and related companies with MarketBeat.com's FREE daily email newsletter.