Summit Hotel Properties, Inc. (NYSE:INN – Get Free Report) announced 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% annually over the last three years. Summit Hotel Properties has a payout ratio of -228.6% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities 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 Trading Up 3.4 %
Shares of NYSE INN opened at $6.12 on Friday. The company has a market cap of $662.14 million, a price-to-earnings ratio of -25.50 and a beta of 2.03. Summit Hotel Properties has a 12-month low of $5.31 and a 12-month high of $6.98. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 1.08. The stock’s 50 day simple moving average is $5.94 and its 200 day simple moving average is $6.25.
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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