Summit Hotel Properties (NYSE:INN) Announces Earnings Results, Misses Estimates By $0.02 EPS

Summit Hotel Properties (NYSE:INN) announced its quarterly earnings data on Monday. The real estate investment trust reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.02), Zacks reports. Summit Hotel Properties had a return on equity of 1.76% and a net margin of 3.23%. The business had revenue of $193.90 million for the quarter, compared to analyst estimates of $191.05 million. During the same period in the prior year, the company earned $0.27 EPS. Summit Hotel Properties updated its FY 2024 guidance to 0.910-0.990 EPS.

Summit Hotel Properties Price Performance

INN stock remained flat at $6.34 on Wednesday. The company had a trading volume of 1,248,942 shares, compared to its average volume of 731,160. The company has a fifty day moving average of $5.95 and a two-hundred day moving average of $6.24. Summit Hotel Properties has a 52-week low of $5.31 and a 52-week high of $6.98. The company has a market cap of $685.92 million, a price-to-earnings ratio of -26.42 and a beta of 2.03. The company has a debt-to-equity ratio of 1.08, a quick ratio of 1.13 and a current ratio of 1.13.

Summit Hotel Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 16th will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 5.05%. The ex-dividend date of this dividend is Friday, August 16th. Summit Hotel Properties’s dividend payout ratio is presently -133.33%.

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.