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

Summit Hotel Properties Inc (NYSE:INN) announced a quarterly dividend on Tuesday, February 6th, Wall Street Journal reports. Shareholders of record on Friday, February 16th will be given 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 yield of 4.92%. The ex-dividend date is Thursday, February 15th. This is an increase from Summit Hotel Properties’s previous quarterly dividend of $0.17.

Summit Hotel Properties has raised its dividend by an average of 13.5% annually over the last three years and has increased 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. 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%.

Shares of Summit Hotel Properties (NYSE:INN) traded up $0.23 during trading hours on Tuesday, hitting $14.63. The stock had a trading volume of 1,267,664 shares, compared to its average volume of 804,527. 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 1-year low of $14.03 and a 1-year high of $19.39. The stock has a market cap of $1,585.00, a PE ratio of 17.73, a P/E/G ratio of 2.28 and a beta of 1.22.

A number of analysts have recently issued reports on INN shares. Cantor Fitzgerald reiterated a “buy” rating and set a $17.00 target price on shares of Summit Hotel Properties in a report on Monday, November 20th. Zacks Investment Research cut Summit Hotel Properties from a “hold” rating to a “sell” rating in a report on Thursday, November 23rd. Janney Montgomery Scott cut Summit Hotel Properties from a “buy” rating to a “neutral” rating in a report on Monday, November 20th. Raymond James Financial upgraded Summit Hotel Properties from a “market perform” rating to an “outperform” rating and set a $17.50 target price for the company in a report on Monday, October 30th. Finally, KeyCorp set a $17.00 target price on Summit Hotel Properties and gave the stock a “buy” rating in a report on Sunday, October 29th. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $17.50.

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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 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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