Summit Hotel Properties, Inc. (NYSE:INN) Announces $0.08 Quarterly Dividend

by · The Cerbat Gem

Summit Hotel Properties, Inc. (NYSE:INN – Get Free Report) declared a quarterly dividend on Thursday, January 22nd. Stockholders of record on Friday, February 13th will be given a dividend of 0.08 per share by the real estate investment trust on Friday, February 27th. This represents a c) dividend on an annualized basis and a dividend yield of 6.8%. The ex-dividend date is Friday, February 13th.

Summit Hotel Properties has decreased its dividend payment by an average of 0.2%annually over the last three years and has increased its dividend every year for the last 2 years. Summit Hotel Properties has a 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 research 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 Down 2.6%

Shares of NYSE:INN traded down $0.13 during midday trading on Friday, hitting $4.71. The company had a trading volume of 81,560 shares, compared to its average volume of 768,306. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 1.14. Summit Hotel Properties has a 12 month low of $3.57 and a 12 month high of $6.96. The firm has a fifty day simple moving average of $4.97 and a 200 day simple moving average of $5.28. The stock has a market cap of $511.90 million, a price-to-earnings ratio of -29.47 and a beta of 1.31.

Summit Hotel Properties (NYSE:INN – Get Free Report) last released its quarterly earnings data on Tuesday, November 4th. The real estate investment trust reported $0.17 EPS for the quarter, beating analysts’ consensus estimates of $0.15 by $0.02. Summit Hotel Properties had a return on equity of 0.02% and a net margin of 0.04%.The business had revenue of $177.12 million during the quarter, compared to the consensus estimate of $179.03 million. On average, analysts predict that Summit Hotel Properties will post 0.88 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on INN. Robert W. Baird set a $5.00 price target on shares of Summit Hotel Properties in a research report on Wednesday, December 17th. Wall Street Zen downgraded shares of Summit Hotel Properties from a “hold” rating to a “sell” rating in a research note on Saturday, October 18th. Bank of America reiterated an “underperform” rating and issued a $4.50 target price (down from $5.75) on shares of Summit Hotel Properties in a report on Tuesday, November 4th. Summit Redstone set a $4.50 price target on shares of Summit Hotel Properties in a research report on Tuesday, November 4th. Finally, Zacks Research lowered shares of Summit Hotel Properties from a “hold” rating to a “strong sell” rating in a report on Monday, January 5th. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and an average price target of $5.00.

View Our Latest Research Report on INN

Summit Hotel Properties Company Profile

(Get Free Report)

Summit Hotel Properties is a real estate investment trust (REIT) that acquires, owns and operates branded select-service hotels and extended-stay properties across the United States. The company focuses on upper-midscale and upscale lodging segments, targeting established national brands to combine the operational efficiencies of limited-service properties with strong franchise affiliation.

The company’s portfolio comprises over thirty hotels carrying well-known flags such as Marriott, Hilton, Hyatt and IHG.

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