Summit Hotel Properties, Inc. (INN) to Distribute Quarterly Dividend of $0.08 on February 28th

Summit Hotel Properties, Inc. (NYSE:INN) declared a quarterly dividend on Thursday, January 23rd,RTT News reports. Shareholders of record on Friday, February 14th will be paid a dividend of 0.08 per share by the real estate investment trust on Friday, February 28th. This represents a $0.32 dividend on an annualized basis and a yield of 4.82%. The ex-dividend date of this dividend is Friday, February 14th.

Summit Hotel Properties has a payout ratio of -168.4% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities 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 Stock Down 0.2 %

Summit Hotel Properties stock opened at $6.64 on Wednesday. Summit Hotel Properties has a 1-year low of $5.66 and a 1-year high of $7.22. The company has a market cap of $719.37 million, a P/E ratio of 663.50 and a beta of 2.02. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.01. The company has a fifty day simple moving average of $6.74 and a 200 day simple moving average of $6.59.

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.