Summit Hotel Properties (NYSE:INN) Announces Earnings Results

Summit Hotel Properties (NYSE:INN) announced its earnings results on Monday. The real estate investment trust reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.22), Zacks reports. The firm had revenue of $176.81 million during the quarter, compared to analysts’ expectations of $176.24 million. Summit Hotel Properties had a return on equity of 1.76% and a net margin of 3.23%. During the same period in the previous year, the business posted $0.22 earnings per share. Summit Hotel Properties updated its FY 2024 guidance to 0.920-0.980 EPS.

Summit Hotel Properties Trading Down 1.6 %

NYSE:INN traded down $0.10 during midday trading on Tuesday, hitting $6.08. The stock had a trading volume of 207,364 shares, compared to its average volume of 748,770. The stock has a 50-day moving average of $6.59 and a 200 day moving average of $6.27. The company has a market capitalization of $658.71 million, a price-to-earnings ratio of 6.30 and a beta of 2.05. Summit Hotel Properties has a one year low of $5.66 and a one year high of $7.22. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.99.

Summit Hotel Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 5.26%. The ex-dividend date is Friday, November 15th.

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.