Summit Hotel Properties, Inc. (NYSE:INN – Get Free Report) declared a quarterly dividend on Thursday, July 25th, NASDAQ reports. Investors of record on Friday, August 16th will be paid a dividend of 0.08 per share by the real estate investment trust on Friday, August 30th. This represents a $0.32 annualized dividend and a dividend yield of 5.23%. The ex-dividend date of this dividend is Friday, August 16th.
Summit Hotel Properties has raised its dividend by an average of 32.6% per year over the last three years. Summit Hotel Properties has a payout ratio of -228.6% 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 $0.95 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 33.7%.
Summit Hotel Properties Stock Performance
NYSE:INN traded up $0.20 during midday trading on Friday, hitting $6.12. The company’s stock had a trading volume of 899,890 shares, compared to its average volume of 723,078. Summit Hotel Properties has a fifty-two week low of $5.31 and a fifty-two week high of $6.98. The firm’s 50 day moving average is $5.94 and its 200-day moving average is $6.25. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.13 and a quick ratio of 1.13. The firm has a market cap of $662.12 million, a P/E ratio of -25.50 and a beta of 2.03.
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.
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