Summit Hotel Properties Inc (INN) Raises Dividend to $0.18 Per Share

Summit Hotel Properties Inc (NYSE:INN) declared a quarterly dividend on Tuesday, February 6th, Wall Street Journal reports. Investors of record on Friday, February 16th will be paid a dividend of 0.18 per share by the real estate investment trust on Wednesday, February 28th. This represents a $0.72 annualized dividend and a dividend yield of 4.99%. The ex-dividend date of this dividend is Thursday, February 15th. This is a boost from Summit Hotel Properties’s previous quarterly dividend of $0.17.

Summit Hotel Properties has raised its dividend payment by an average of 13.5% per year over the last three years and has raised its dividend annually for the last 4 consecutive years. Summit Hotel Properties has a dividend payout ratio of 54.4% meaning its dividend is sufficiently covered by earnings. Research analysts expect Summit Hotel Properties to earn $1.41 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 48.2%.

Summit Hotel Properties (NYSE INN) opened at $14.42 on Friday. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.64. Summit Hotel Properties has a one year low of $13.94 and a one year high of $19.39. The company has a market cap of $1,460.92, a price-to-earnings ratio of 17.59, a P/E/G ratio of 2.10 and a beta of 1.22.

Several brokerages recently commented on INN. Zacks Investment Research raised shares of Summit Hotel Properties from a “sell” rating to a “hold” rating in a research note on Wednesday, November 1st. Raymond James Financial raised shares of Summit Hotel Properties from a “market perform” rating to an “outperform” rating and set a $17.50 target price on the stock in a research note on Monday, October 30th. KeyCorp set a $17.00 target price on shares of Summit Hotel Properties and gave the stock a “buy” rating in a research note on Sunday, October 29th. Janney Montgomery Scott downgraded shares of Summit Hotel Properties from a “buy” rating to a “neutral” rating in a research note on Monday, November 20th. Finally, Cantor Fitzgerald reaffirmed a “buy” rating and issued a $17.00 target price on shares of Summit Hotel Properties in a research note on Monday, November 20th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $17.50.

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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 83 hotels with a total of 12,242 guestrooms located in 26 states.

Dividend History for Summit Hotel Properties (NYSE:INN)

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