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

Summit Hotel Properties, Inc. (NYSE:INN) announced 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 dividend on an annualized basis and a yield of 5.12%. The ex-dividend date is Thursday, May 16th. This is an increase from Summit Hotel Properties’s previous quarterly dividend of $0.06.

Summit Hotel Properties has increased its dividend by an average of 32.6% annually over the last three years and has increased its dividend every year for the last 1 years. Summit Hotel Properties has a dividend payout ratio of -171.4% 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 $0.24 annual dividend with an expected future payout ratio of 25.5%.

Summit Hotel Properties Stock Performance

Shares of NYSE:INN traded up $0.07 on Friday, hitting $6.25. The company had a trading volume of 454,730 shares, compared to its average volume of 747,288. The stock has a market cap of $671.90 million, a price-to-earnings ratio of -25.73 and a beta of 1.94. The stock has a 50 day moving average price of $6.36 and a 200 day moving average price of $6.37. Summit Hotel Properties has a 1-year low of $5.31 and a 1-year high of $7.26. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.06.

Summit Hotel Properties (NYSE:INN) last announced its earnings results 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 company had revenue of $188.14 million for the quarter, compared to the consensus estimate 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 in the previous year, the firm posted $0.22 EPS. Analysts expect that Summit Hotel Properties will post 0.84 EPS for the current year.

Wall Street Analysts Forecast Growth

Separately, Wolfe Research assumed coverage on Summit Hotel Properties in a research note on Wednesday, January 10th. They set a “peer perform” rating on the stock.

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.