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Uncover the Scoop on Summit Hotel Properties (NYSE:INN) and Its Upcoming $0.06 Quarterly Dividend!

Hey there, savvy investors! Let’s dive into the latest buzz about Summit Hotel Properties, Inc. (NYSE:INN) and the hot topic of its upcoming $0.06 quarterly dividend. I’ve got the deets straight from the streets of Wall Street, so buckle up for a wild ride through the financial jungle.

The Lowdown on Summit Hotel Properties’ Dividend Payout

So, here’s the scoop – Summit Hotel Properties recently spilled the beans on its quarterly dividend plans. According to the intel from Zacks, the real estate investment trust is gearing up to dole out $0.06 per share to its shareholders. Mark your calendars, as this cash shower is set to happen on Thursday, February 29th, for those lucky investors on record as of Thursday, February 15th.

Dividend Dance: A Tradition for Summit Hotel Properties

Now, this ain’t their first rodeo. Summit Hotel Properties has been on a roll, raising its dividend like it’s a yearly tradition. Over the last three years, they’ve hiked it up by an average of 6.9% annually. And guess what? They’ve been doing it every single year for the past decade. That’s some serious commitment to keeping the cash flow sweet for their investors.

Can Summit Hotel Properties Keep the Dividend Train Rolling?

But, hold your horses! There’s a twist. The company’s dividend payout ratio is currently dancing on the wild side at -96.0%. Translation: they’re not exactly covering it with their earnings alone. Instead, they’re relying on their balance sheet to foot the bill. Analysts are chiming in, predicting that Summit Hotel Properties will rake in $0.88 per share next year. If their crystal ball is accurate, it means the company should keep the dividend dream alive with an expected future payout ratio of 27.3%.

Taking Stock of Summit Hotel Properties’ Performance

Let’s shift gears and zoom in on the stock performance. INN was strutting its stuff on Friday, making a $0.03 leap to hit $6.76. With a market cap of $727.23 million, a P/E ratio of -30.68, and a beta of 1.97, this stock is no wallflower. It’s been dancing between a 12-month low of $5.31 and a high of $8.81. Keep an eye on those moving averages – the 50-day is at $6.55, while the 200-day is cruising at $6.13.

Wall Street Whispers on Summit Hotel Properties

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Now, let’s eavesdrop on what Wall Street is saying. Wolfe Research recently threw their hat into the ring, giving Summit Hotel Properties a “peer perform” rating on January 10th. It’s like being at a school dance – not the hottest date, but still in the game.

Big Players in the INN Game

Institutional investors and hedge funds are playing their cards with INN. Vanguard Group Inc. and State Street Corp have been upping their ante, with Vanguard snatching an additional 599,123 shares. Talk about confidence! Overall, institutional big shots hold a whopping 95.06% of the company’s stock.

Peek Inside Summit Hotel Properties

Before we wrap up this financial fiesta, let’s take a peek inside Summit Hotel Properties. This real estate investment trust is all about owning top-tier lodging properties with slick operating models, mainly in the upscale lodging scene. Their portfolio boasts 101 assets spread across 24 states, with a cool 15,035 guestrooms. As of November 1, 2023, 57 of these are wholly owned.

What’s Next for Summit Hotel Properties?

As we bid adieu, keep an eye on Summit Hotel Properties. The real question is, should you park your cash in this stock? MarketBeat dishes out the latest stock analyses, so stay tuned for updates on Summit Hotel Properties and other market movers. And remember, folks, this financial rollercoaster never sleeps – catch the latest wave, or risk being left in the backwaters!

That’s a wrap for now, Wall Street watchers. Until next time, happy investing!

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