Summit Hotel Properties (INN) Declares $0.06 Dividend

Summit Hotel Properties said on April 27, 2023 that its board of directors declared a regular quarterly dividend of $0.06 per share ($0.24 annualized). Previously, the company paid $0.04 per share.

Shares must be purchased before the ex-div date of May 16, 2023 to qualify for the dividend. Shareholders of record as of May 17, 2023 will receive the payment on May 31, 2023.

At the current share price of $6.21 / share, the stock's dividend yield is 3.86%.

Looking back five years and taking a sample every week, the average dividend yield has been 5.20%, the lowest has been 1.78%, and the highest has been 19.89%. The standard deviation of yields is 2.47 (n=125).

The current dividend yield is 0.54 standard deviations below the historical average.

Additionally, the company's dividend payout ratio is 11.67. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.

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What is the Fund Sentiment?

There are 449 funds or institutions reporting positions in Summit Hotel Properties. This is a decrease of 17 owner(s) or 3.65% in the last quarter. Average portfolio weight of all funds dedicated to INN is 0.09%, an increase of 17.67%. Total shares owned by institutions increased in the last three months by 0.39% to 122,033K shares. The put/call ratio of INN is 2.07, indicating a bearish outlook.

Analyst Price Forecast Suggests 47.83% Upside

As of April 24, 2023, the average one-year price target for Summit Hotel Properties is 9.18. The forecasts range from a low of 8.08 to a high of $11.55. The average price target represents an increase of 47.83% from its latest reported closing price of 6.21.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Summit Hotel Properties is 778MM, an increase of 15.16%. The projected annual non-GAAP EPS is 0.18.

What are Other Shareholders Doing?

IJR - iShares Core S&P Small-Cap ETF holds 8,002K shares representing 7.49% ownership of the company. In it's prior filing, the firm reported owning 7,862K shares, representing an increase of 1.75%. The firm decreased its portfolio allocation in INN by 0.52% over the last quarter.

Jennison Associates holds 6,826K shares representing 6.38% ownership of the company. In it's prior filing, the firm reported owning 6,735K shares, representing an increase of 1.33%. The firm decreased its portfolio allocation in INN by 52.42% over the last quarter.

Macquarie Group holds 4,784K shares representing 4.48% ownership of the company. In it's prior filing, the firm reported owning 4,983K shares, representing a decrease of 4.16%. The firm decreased its portfolio allocation in INN by 0.73% over the last quarter.

VGSIX - Vanguard Real Estate Index Fund Investor Shares holds 4,762K shares representing 4.45% ownership of the company. In it's prior filing, the firm reported owning 4,851K shares, representing a decrease of 1.87%. The firm decreased its portfolio allocation in INN by 11.34% over the last quarter.

American Century Companies holds 3,491K shares representing 3.27% ownership of the company. In it's prior filing, the firm reported owning 3,339K shares, representing an increase of 4.34%. The firm increased its portfolio allocation in INN by 4.27% over the last quarter.

Summit Hotel Properties Background Information
(This description is provided by the company.)

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 February 23, 2021, the Company's portfolio consisted of 72 hotels, 67 of which are wholly owned, with a total of 11,288 guestrooms located in 23 states.

This story originally appeared on Fintel.