Summit Hotel Properties Inc (NYSE:INN) declared a quarterly dividend on Monday, February 4th, Wall Street Journal reports. Investors of record on Thursday, February 14th will be given a dividend of 0.18 per share by the real estate investment trust on Thursday, February 28th. This represents a $0.72 dividend on an annualized basis and a yield of 6.38%. The ex-dividend date of this dividend is Wednesday, February 13th.
Summit Hotel Properties has increased its dividend payment by an average of 15.3% annually over the last three years and has increased its dividend every year for the last 5 years. Summit Hotel Properties has a payout ratio of 56.3% meaning its dividend is sufficiently covered by earnings. Analysts expect Summit Hotel Properties to earn $1.27 per share next year, which means the company should continue to be able to cover its $0.72 annual dividend with an expected future payout ratio of 56.7%.
Get Summit Hotel Properties alerts:Summit Hotel Properties stock traded up $0.18 during mid-day trading on Monday, reaching $11.28. The company’s stock had a trading volume of 496,201 shares, compared to its average volume of 693,074. The company has a market cap of $1.16 billion, a P/E ratio of 8.42 and a beta of 1.45. Summit Hotel Properties has a 12 month low of $9.29 and a 12 month high of $15.61. The company has a current ratio of 1.52, a quick ratio of 1.52 and a debt-to-equity ratio of 0.80.
A number of research analysts have recently commented on INN shares. Zacks Investment Research raised shares of Summit Hotel Properties from a “hold” rating to a “buy” rating and set a $14.00 price objective for the company in a research report on Friday, October 12th. Bank of America downgraded shares of Summit Hotel Properties from a “buy” rating to a “neutral” rating in a research report on Tuesday, October 23rd. ValuEngine downgraded shares of Summit Hotel Properties from a “sell” rating to a “strong sell” rating in a research report on Tuesday, October 23rd. Raymond James decreased their price objective on shares of Summit Hotel Properties from $16.00 to $14.00 and set a “buy” rating for the company in a research report on Thursday, November 1st. Finally, Deutsche Bank decreased their price objective on shares of Summit Hotel Properties from $16.00 to $14.00 and set a “buy” rating for the company in a research report on Thursday, November 1st. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $14.86.
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Summit Hotel Properties Company Profile
Summit Hotel Properties, Inc is a publicly-traded real estate investment trust focused on owning premium-branded hotels with efficient operating models primarily in the Upscale segment of the lodging industry. As of October 30, 2018, the Company's portfolio consisted of 77 hotels with a total of 11,659 guestrooms located in 26 states.
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