Summit Hotel Properties, Inc. (NYSE:INN – Get Free Report) declared a quarterly dividend on Thursday, October 24th, NASDAQ reports. Stockholders of record on Friday, November 15th will be given a dividend of 0.08 per share by the real estate investment trust on Friday, November 29th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.14%. The ex-dividend date of this dividend is Friday, November 15th.
Summit Hotel Properties has raised its dividend by an average of 32.6% annually over the last three years. Summit Hotel Properties has a payout ratio of -290.9% meaning 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 $0.32 annual dividend with an expected future payout ratio of 34.0%.
Summit Hotel Properties Stock Performance
Shares of INN stock traded down $0.05 during trading hours on Friday, reaching $6.22. 329,727 shares of the company traded hands, compared to its average volume of 756,112. The firm has a 50-day moving average price of $6.66 and a 200 day moving average price of $6.28. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.89 and a quick ratio of 0.89. Summit Hotel Properties has a 12-month low of $5.31 and a 12-month high of $7.22. The company has a market cap of $672.95 million, a P/E ratio of -26.21 and a beta of 2.04.
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.
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