Summit Hotel Properties, Inc. (NYSE:INN) announced a quarterly dividend on Monday, July 31st, Wall Street Journal reports. Shareholders of record on Wednesday, August 16th will be paid a dividend of 0.17 per share by the real estate investment trust on Thursday, August 31st. This represents a $0.68 dividend on an annualized basis and a yield of 4.63%. The ex-dividend date of this dividend is Monday, August 14th.
Summit Hotel Properties has increased its dividend payment by an average of 6.6% annually over the last three years and has raised its dividend every year for the last 3 years. Summit Hotel Properties has a dividend payout ratio of 53.1% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Summit Hotel Properties to earn $0.58 per share next year, which means the company may not be able to cover its $0.68 annual dividend with an expected future payout ratio of 117.2%.
Shares of Summit Hotel Properties (NYSE INN) opened at 14.69 on Friday. The stock has a market capitalization of $1.53 billion, a PE ratio of 16.07 and a beta of 1.17. The firm’s 50-day moving average is $17.23 and its 200-day moving average is $16.84. Summit Hotel Properties has a one year low of $12.45 and a one year high of $19.39.
Summit Hotel Properties (NYSE:INN) last announced its quarterly earnings data on Wednesday, August 2nd. The real estate investment trust reported $0.36 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.38 by $0.02. Summit Hotel Properties had a net margin of 21.97% and a return on equity of 9.89%. The firm had revenue of $124.11 million during the quarter, compared to analysts’ expectations of $132.21 million. During the same period in the prior year, the company posted $0.42 EPS. The company’s revenue for the quarter was down 2.4% compared to the same quarter last year. On average, analysts expect that Summit Hotel Properties will post $0.84 earnings per share for the current fiscal year.
A number of research firms have commented on INN. Robert W. Baird reaffirmed an “outperform” rating and issued a $18.00 target price (up previously from $17.00) on shares of Summit Hotel Properties in a research report on Friday, June 16th. Zacks Investment Research raised shares of Summit Hotel Properties from a “hold” rating to a “buy” rating and set a $21.00 target price on the stock in a research report on Thursday, July 6th. BidaskClub cut shares of Summit Hotel Properties from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 30th. Cantor Fitzgerald decreased their target price on shares of Summit Hotel Properties to $19.00 and set a “buy” rating on the stock in a research report on Monday, June 5th. Finally, UBS AG cut shares of Summit Hotel Properties from an “outperform” rating to a “market perform” rating in a research report on Friday, July 14th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $18.00.
In other Summit Hotel Properties news, Chairman Daniel P. Hansen purchased 10,000 shares of Summit Hotel Properties stock in a transaction dated Wednesday, August 9th. The shares were acquired at an average price of $15.60 per share, with a total value of $156,000.00. Following the completion of the transaction, the chairman now owns 800,256 shares of the company’s stock, valued at $12,483,993.60. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 1.94% of the stock is currently owned by corporate insiders.
Summit Hotel Properties Company Profile
Summit Hotel Properties, Inc is a real estate investment trust (REIT). The Company is focused primarily on owning premium-branded, select-service hotels in the Upscale segment of the United States lodging industry. The Company’s portfolio consists of 79 hotels with a total of 11,590 guestrooms located in 24 states.
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