Summit Hotel Properties, Inc. (NYSE:INN) declared a quarterly dividend on Monday, October 30th, NASDAQ reports. Shareholders of record on Thursday, November 16th will be given a dividend of 0.17 per share by the real estate investment trust on Thursday, November 30th. This represents a $0.68 annualized dividend and a yield of 4.47%. The ex-dividend date of this dividend is Wednesday, November 15th.
Summit Hotel Properties has raised its dividend payment by an average of 6.6% annually over the last three years and has increased its dividend annually for the last 3 consecutive years. Summit Hotel Properties has a payout ratio of 53.5% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Summit Hotel Properties to earn $1.42 per share next year, which means the company should continue to be able to cover its $0.68 annual dividend with an expected future payout ratio of 47.9%.
Summit Hotel Properties (NYSE:INN) opened at $15.21 on Tuesday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.61 and a current ratio of 1.61. Summit Hotel Properties has a 52-week low of $13.62 and a 52-week high of $19.39. The stock has a market capitalization of $1,594.39, a P/E ratio of 11.50 and a beta of 1.20.
Summit Hotel Properties (NYSE:INN) last released its earnings results on Monday, October 30th. The real estate investment trust reported $0.17 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.17. Summit Hotel Properties had a return on equity of 8.96% and a net margin of 20.21%. The company had revenue of $136.60 million for the quarter, compared to analysts’ expectations of $135.69 million. During the same quarter in the previous year, the firm posted $0.37 EPS. The firm’s quarterly revenue was up 15.5% on a year-over-year basis. sell-side analysts forecast that Summit Hotel Properties will post 1.27 earnings per share for the current fiscal year.
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A number of equities research analysts recently weighed in on the company. BidaskClub upgraded Summit Hotel Properties from a “sell” rating to a “hold” rating in a report on Wednesday, August 2nd. Zacks Investment Research upgraded Summit Hotel Properties from a “hold” rating to a “buy” rating and set a $20.00 price target on the stock in a report on Monday, July 31st. Canaccord Genuity lowered their price target on Summit Hotel Properties from $21.00 to $18.00 and set a “buy” rating on the stock in a report on Friday, August 4th. Royal Bank Of Canada restated a “buy” rating and issued a $20.00 price target on shares of Summit Hotel Properties in a report on Friday, August 4th. Finally, Deutsche Bank AG restated a “buy” rating and issued a $17.00 price target (down previously from $19.00) on shares of Summit Hotel Properties in a report on Wednesday, August 9th. Two research analysts have rated the stock with a sell rating, two have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $17.72.
About Summit Hotel Properties
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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