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

Summit Hotel Properties, Inc. (NYSE:INN) announced a quarterly dividend on Tuesday, October 27th. Investors of record on Monday, November 16th will be paid a dividend of $0.08 per share by the real estate investment trust on Monday, November 30th. This represents a $0.32 annualized dividend and a dividend yield of 4.5%. The ex-dividend date is Monday, November 16th.

Summit Hotel Properties has increased its dividend by an average of 0.1% per year over the last three years and has raised 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. Analysts expect Summit Hotel Properties to earn $0.80 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 40.0%.

Summit Hotel Properties Stock Performance

Summit Hotel Properties stock opened at $7.07 on Wednesday. The stock’s 50 day moving average price is $6.07 and its 200 day moving average price is $5.54. The firm has a market capitalization of $761.98 million, a PE ratio of -30.72 and a beta of 1.29. Summit Hotel Properties has a one year low of $3.97 and a one year high of $7.17.

Summit Hotel Properties (NYSE:INN) last issued its quarterly earnings data on Wednesday, August 5th. The real estate investment trust reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.05. The firm had revenue of $199.02 million during the quarter, compared to analyst estimates of $198.41 million. Summit Hotel Properties has set its FY 2026 guidance at 0.790-0.850 EPS. On average, analysts forecast that Summit Hotel Properties will post 0.77 earnings per share for the current fiscal year.

About Summit Hotel Properties

Summit Hotel Properties, Inc is a real estate investment trust (REIT) focused on owning and investing in premium-branded, select-service hotels in the United States. Its properties generally operate under nationally recognized hotel brands and serve business and leisure travelers.

The company’s portfolio has included hotels affiliated with major hospitality brands such as Marriott, Hilton, Hyatt and InterContinental Hotels Group. Summit emphasizes select-service properties, which typically offer essential lodging amenities while operating with a more streamlined cost structure than full-service hotels.

Summit Hotel Properties was founded in 2003 and became a publicly traded company in 2011.