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

Key Points

• Summit Hotel Properties, Inc. has declared a quarterly dividend of $0.08 per share, with the payment date set for August 29th, and an annualized yield of 6.3% based on this dividend.
• The company currently has a dividend payout ratio of -177.8%, indicating it is unable to cover its dividend payments with earnings and is relying on its balance sheet to do so.
• Research analysts have varying outlooks on the stock, with Bank of America raising its target price from $5.00 to $5.75 and assigning a "neutral" rating, while Wall Street Zen downgraded its rating from "hold" to "sell."

Summit Hotel Properties, Inc. (NYSE:INN - Get Free Report) announced a quarterly dividend on Monday, August 4th, Wall Street Journal reports. Shareholders of record on Friday, August 15th will be given a dividend of 0.08 per share by the real estate investment trust on Friday, August 29th. This represents a c) dividend on an annualized basis and a yield of 6.3%. The ex-dividend date of this dividend is Friday, August 15th.

Summit Hotel Properties has a dividend 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. 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 Price Performance

Shares of NYSE:INN traded up $0.03 during midday trading on Monday, hitting $5.06. 694,055 shares of the stock were exchanged, compared to its average volume of 1,302,076. The stock has a market cap of $567.83 million, a P/E ratio of 31.63 and a beta of 1.73. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 1.08. Summit Hotel Properties has a twelve month low of $3.57 and a twelve month high of $7.22. The company has a 50 day moving average price of $5.02 and a 200-day moving average price of $5.26.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Bank of America boosted their target price on shares of Summit Hotel Properties from $5.00 to $5.75 and gave the company a "neutral" rating in a research note on Monday, July 21st. Wall Street Zen cut Summit Hotel Properties from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd.

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.

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