Summit Hotel Properties, Inc. (NYSE:INN – Get Free Report) declared a quarterly dividend on Thursday, October 24th, NASDAQ reports. Shareholders of record on Friday, November 15th will be paid a dividend of 0.08 per share by the real estate investment trust on Friday, November 29th. This represents a $0.32 annualized dividend and a yield of 5.14%. The ex-dividend date is Friday, November 15th.
Summit Hotel Properties has increased its dividend by an average of 32.6% per year over the last three years. Summit Hotel Properties has a payout ratio of -290.9% 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 $0.32 annual dividend with an expected future payout ratio of 34.0%.
Summit Hotel Properties Stock Down 0.8 %
Shares of Summit Hotel Properties stock traded down $0.05 during trading hours on Friday, reaching $6.22. 329,727 shares of the company were exchanged, compared to its average volume of 756,112. The firm has a market cap of $672.95 million, a PE ratio of -25.92 and a beta of 2.04. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.89 and a current ratio of 0.89. Summit Hotel Properties has a 1 year low of $5.31 and a 1 year high of $7.22. The stock’s fifty day moving average is $6.66 and its 200 day moving average is $6.28.
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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