Summit Hotel Properties (NYSE:INN) Reaches New 52-Week High After Dividend Announcement

Key Points

• Summit Hotel Properties reached a new 52-week high of $7.17 after announcing a quarterly dividend of $0.08, equivalent to $0.32 annually and a 4.5% yield.
• Analyst sentiment remains mixed: the consensus rating is “Hold”, with an average price target of $5.40, below the stock’s recent trading level.
• The REIT exceeded quarterly earnings expectations with $0.04 in EPS versus a forecasted loss of $0.01, while institutional investors own a substantial 96.47% of outstanding shares.

Shares of Summit Hotel Properties, Inc. (NYSE:INN - Get Free Report) reached a new 52-week high during trading on Wednesday after the company announced a dividend. The company traded as high as $7.17 and last traded at $7.1440, with a volume of 665,231 shares traded. The stock had previously closed at $7.08.The newly announced dividend which will be paid on Monday, November 30th. Investors of record on Monday, November 16th will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date of this dividend is Monday, November 16th. Summit Hotel Properties's dividend payout ratio (DPR) is presently -139.13%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on INN. Weiss Ratings lowered shares of Summit Hotel Properties from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Thursday, October 8th. Zacks Research lowered shares of Summit Hotel Properties from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 24th. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $5.40.

Summit Hotel Properties Price Performance

The company has a fifty day moving average price of $6.07 and a two-hundred day moving average price of $5.54. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 1.15. The company has a market cap of $768.45 million, a price-to-earnings ratio of -30.98 and a beta of 1.29.

Summit Hotel Properties (NYSE:INN - Get Free Report) last issued its earnings results on Wednesday, August 5th. The real estate investment trust reported $0.04 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.05. The firm had revenue of $199.02 million during the quarter, compared to analysts' expectations of $198.41 million. Summit Hotel Properties had a negative return on equity of 0.60% and a negative net margin of 0.99%. Summit Hotel Properties has set its FY 2026 guidance at 0.790-0.850 EPS. As a group, equities research analysts anticipate that Summit Hotel Properties, Inc. will post 0.77 EPS for the current fiscal year.

Institutional Investors Weigh In On Summit Hotel Properties

Large investors have recently modified their holdings of the stock. BlackRock Inc. acquired a new stake in Summit Hotel Properties in the 2nd quarter valued at $66,080,000. Jennison Associates LLC lifted its holdings in shares of Summit Hotel Properties by 2.0% during the first quarter. Jennison Associates LLC now owns 7,081,569 shares of the real estate investment trust's stock valued at $31,301,000 after acquiring an additional 140,495 shares during the period. Arrowstreet Capital Limited Partnership bought a new position in shares of Summit Hotel Properties during the first quarter valued at $8,624,000. Bank of New York Mellon Corp acquired a new stake in shares of Summit Hotel Properties in the 2nd quarter valued at $4,316,000. Finally, Algert Global LLC acquired a new stake in shares of Summit Hotel Properties in the 2nd quarter valued at $3,856,000. 96.47% of the stock is currently owned by institutional investors.

Summit Hotel Properties Company Profile

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.

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