Summit Hotel Properties (NYSE:INN) Issues Quarterly Earnings Results, Misses Expectations By $0.22 EPS

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

Summit Hotel Properties Stock Performance

NYSE INN opened at $6.07 on Tuesday. Summit Hotel Properties has a 1 year low of $5.66 and a 1 year high of $7.22. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.89 and a quick ratio of 0.89. The company has a market capitalization of $657.62 million, a PE ratio of 6.30 and a beta of 2.05. The company has a fifty day moving average of $6.59 and a two-hundred day moving average of $6.27.

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 $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.27%. The ex-dividend date of this dividend is Friday, November 15th.

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.