Summit Hotel Properties, Inc. (INN) To Go Ex-Dividend on November 14th

Summit Hotel Properties, Inc. (NYSE:INN) declared a quarterly dividend on Friday, October 31st. Shareholders of record on Friday, November 14th will be paid a dividend of 0.08 per share by the real estate investment trust on Friday, November 28th. This represents a c) dividend on an annualized basis and a yield of 5.7%. The ex-dividend date of this dividend is Friday, November 14th.

Summit Hotel Properties has decreased its dividend by an average of 0.2%annually over the last three years and has raised its dividend annually for the last 2 consecutive years. Summit Hotel Properties has a dividend payout ratio of -177.8% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Summit Hotel Properties to earn $0.90 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 35.6%.

Summit Hotel Properties Trading Up 0.1%

INN traded up $0.01 during trading on Wednesday, reaching $5.63. 188,578 shares of the company’s stock were exchanged, compared to its average volume of 1,126,629. The company’s fifty day moving average price is $5.51 and its 200-day moving average price is $5.13. The firm has a market capitalization of $612.02 million, a PE ratio of -62.50 and a beta of 1.72. Summit Hotel Properties has a fifty-two week low of $3.57 and a fifty-two week high of $6.99. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.80 and a current ratio of 0.80.

Summit Hotel Properties (NYSE:INN) last posted its quarterly earnings results on Tuesday, November 4th. The real estate investment trust reported $0.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.02. Summit Hotel Properties had a return on equity of 0.56% and a net margin of 1.00%.The business had revenue of $177.12 million for the quarter, compared to analyst estimates of $179.03 million. As a group, equities analysts forecast that Summit Hotel Properties will post 0.88 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Bank of America reaffirmed an “underperform” rating and issued a $4.50 price target (down from $5.75) on shares of Summit Hotel Properties in a research note on Tuesday, November 4th. Wall Street Zen lowered shares of Summit Hotel Properties from a “hold” rating to a “sell” rating in a report on Saturday, October 18th. Robert W. Baird reduced their price target on shares of Summit Hotel Properties from $5.00 to $4.50 and set a “neutral” rating on the stock in a research report on Friday, October 3rd. Weiss Ratings restated a “sell (d+)” rating on shares of Summit Hotel Properties in a research report on Tuesday, October 14th. Finally, Zacks Research raised Summit Hotel Properties from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 21st. Two equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Reduce” and an average price target of $4.50.

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.