Summit Hotel Properties, Inc. (NYSE:INN – Get Free Report) declared a quarterly dividend on Wednesday, May 1st, Zacks reports. Investors of record on Friday, May 17th will be paid 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 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% per year 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 -171.4% meaning 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 $0.24 annual dividend with an expected future payout ratio of 25.5%.
Summit Hotel Properties Price Performance
Shares of INN stock traded up $0.07 during mid-day trading on Friday, reaching $6.25. The company’s stock had a trading volume of 454,730 shares, compared to its average volume of 747,288. The firm’s 50-day moving average is $6.36 and its two-hundred day moving average is $6.37. The company has a market cap of $671.90 million, a P/E ratio of -25.73 and a beta of 1.94. Summit Hotel Properties has a 1-year low of $5.31 and a 1-year high of $7.26. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.80 and a current ratio of 0.80.
Analyst Ratings Changes
Separately, Wolfe Research began coverage on Summit Hotel Properties in a research note on Wednesday, January 10th. They issued a “peer perform” rating on the stock.
View Our Latest Analysis on INN
About Summit Hotel Properties
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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