Summit Hotel Properties (NYSE:INN – Get Free Report) announced its earnings results on Wednesday. The real estate investment trust reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.20), Zacks reports. Summit Hotel Properties had a negative net margin of 1.04% and a negative return on equity of 0.56%. The firm had revenue of $188.14 million for the quarter, compared to the consensus estimate of $181.40 million. During the same period in the prior year, the business earned $0.22 EPS. Summit Hotel Properties updated its FY 2024 guidance to 0.900-1.000 EPS.
Summit Hotel Properties Stock Performance
INN stock opened at $6.25 on Friday. The company’s 50 day simple moving average is $6.35 and its 200-day simple moving average is $6.38. Summit Hotel Properties has a 52-week low of $5.31 and a 52-week high of $7.26. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.80 and a current ratio of 1.13.
Summit Hotel Properties Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Friday, May 17th will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 5.12%. This is a boost from Summit Hotel Properties’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Thursday, May 16th. Summit Hotel Properties’s dividend payout ratio (DPR) is presently -100.00%.
Wall Street Analysts Forecast Growth
Check Out Our Latest Stock Report on Summit Hotel Properties
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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