Summit Hotel Properties (NYSE:INN) Releases Earnings Results, Misses Estimates By $0.22 EPS

Summit Hotel Properties (NYSE:INN) issued its earnings results on Monday. The real estate investment trust reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.22), Zacks reports. Summit Hotel Properties had a return on equity of 1.76% and a net margin of 3.23%. The company had revenue of $176.81 million for the quarter, compared to the consensus estimate of $176.24 million. During the same quarter in the prior year, the company posted $0.22 EPS. Summit Hotel Properties updated its FY 2024 guidance to 0.920-0.980 EPS.

Summit Hotel Properties Price Performance

Shares of NYSE:INN opened at $6.06 on Wednesday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a fifty day moving average price of $6.58 and a 200 day moving average price of $6.27. Summit Hotel Properties has a fifty-two week low of $5.66 and a fifty-two week high of $7.22. The firm has a market cap of $656.54 million, a price-to-earnings ratio of 6.30 and a beta of 2.05.

Summit Hotel Properties Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.28%.

About Summit Hotel Properties

Summit Hotel Properties, Inc is a publicly traded real estate investment trust focused on owning premium-branded lodging properties with efficient operating models primarily in the upscale segment of the lodging industry. As of November 1, 2023, the Company’s portfolio consisted of 101 assets, 57 of which are wholly owned, with a total of 15,035 guestrooms located in 24 states.