Summit Hotel Properties (NYSE:INN) Posts Quarterly Earnings Results, Misses Estimates By $0.22 EPS

Summit Hotel Properties (NYSE:INN) announced its quarterly earnings data on Monday. The real estate investment trust reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.22), Zacks reports. The business had revenue of $176.81 million during the quarter, compared to analyst estimates of $176.24 million. Summit Hotel Properties had a net margin of 3.41% and a return on equity of 1.86%. During the same quarter last year, the firm posted $0.22 EPS. Summit Hotel Properties updated its FY 2024 guidance to 0.920-0.980 EPS.

Summit Hotel Properties Trading Up 7.1 %

NYSE:INN opened at $6.49 on Thursday. The stock has a fifty day moving average price of $6.58 and a 200 day moving average price of $6.27. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.99. Summit Hotel Properties has a 12-month low of $5.66 and a 12-month high of $7.22. The firm has a market cap of $703.13 million, a PE ratio of 649.00 and a beta of 2.05.

Summit Hotel Properties Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 4.93%. The ex-dividend date is Friday, November 15th. Summit Hotel Properties’s payout ratio is currently 3,200.00%.

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.