Summit Hotel Properties (NYSE:INN) Issues Earnings Results

Summit Hotel Properties (NYSE:INN) released its earnings results on Monday. The real estate investment trust reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.02), Zacks reports. Summit Hotel Properties had a negative net margin of 1.04% and a negative return on equity of 0.56%. The business had revenue of $193.90 million for the quarter, compared to the consensus estimate of $191.05 million. During the same quarter in the previous year, the firm earned $0.27 EPS. Summit Hotel Properties updated its FY 2024 guidance to 0.910-0.990 EPS.

Summit Hotel Properties Stock Performance

Shares of INN stock opened at $6.16 on Tuesday. The company has a market cap of $666.45 million, a P/E ratio of -25.67 and a beta of 2.03. The business has a 50 day moving average of $5.94 and a two-hundred day moving average of $6.24. Summit Hotel Properties has a 52 week low of $5.31 and a 52 week high of $6.98. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 1.08.

Summit Hotel Properties Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Friday, August 16th will be issued a $0.08 dividend. The ex-dividend date of this dividend is Friday, August 16th. This represents a $0.32 dividend on an annualized basis and a yield of 5.19%. Summit Hotel Properties’s dividend payout ratio is currently -133.33%.

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.