DiamondRock Hospitality Company (NYSE:DRH) Declares $0.08 Dividend

DiamondRock Hospitality Company (NYSE:DRH - Get Free Report) announced a dividend on Saturday, June 21st, investing.com reports. Shareholders of record on Tuesday, July 1st will be paid a dividend of 0.08 per share by the real estate investment trust on Friday, July 11th. This represents a yield of 4.2%. The ex-dividend date is Monday, June 30th.

DiamondRock Hospitality has a dividend payout ratio of 71.1% meaning its dividend is sufficiently covered by earnings. Research analysts expect DiamondRock Hospitality to earn $1.02 per share next year, which means the company should continue to be able to cover its $0.32 annual dividend with an expected future payout ratio of 31.4%.

DiamondRock Hospitality Stock Performance

Shares of DRH opened at $7.63 on Friday. The stock has a 50 day moving average price of $7.47 and a two-hundred day moving average price of $8.17. DiamondRock Hospitality has a 52 week low of $6.19 and a 52 week high of $10.00. The firm has a market capitalization of $1.57 billion, a P/E ratio of 42.36, a P/E/G ratio of 1.91 and a beta of 1.34. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.62 and a current ratio of 1.62.

DiamondRock Hospitality (NYSE:DRH - Get Free Report) last posted its earnings results on Thursday, May 1st. The real estate investment trust reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.02. The firm had revenue of $254.85 million during the quarter, compared to analyst estimates of $256.47 million. DiamondRock Hospitality had a net margin of 4.57% and a return on equity of 3.18%. The business's revenue was up .5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.17 EPS. Equities analysts forecast that DiamondRock Hospitality will post 0.96 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of DiamondRock Hospitality by 3.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,327,841 shares of the real estate investment trust's stock valued at $10,251,000 after acquiring an additional 48,558 shares during the period. AQR Capital Management LLC boosted its holdings in DiamondRock Hospitality by 223.2% in the 1st quarter. AQR Capital Management LLC now owns 65,376 shares of the real estate investment trust's stock valued at $505,000 after purchasing an additional 45,146 shares during the period. United Services Automobile Association bought a new position in DiamondRock Hospitality in the 1st quarter valued at $91,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in DiamondRock Hospitality by 5.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 123,672 shares of the real estate investment trust's stock valued at $955,000 after purchasing an additional 5,971 shares during the period.

Analyst Ratings Changes

DRH has been the subject of several research reports. Bank of America upgraded shares of DiamondRock Hospitality from an "underperform" rating to a "buy" rating and set a $9.50 price target for the company in a research report on Wednesday, April 30th. Evercore ISI cut their target price on shares of DiamondRock Hospitality from $10.00 to $9.00 and set an "in-line" rating for the company in a research report on Monday, April 28th. Truist Financial cut their target price on shares of DiamondRock Hospitality from $10.00 to $9.00 and set a "hold" rating for the company in a research report on Friday, May 30th. Stifel Nicolaus raised their price objective on shares of DiamondRock Hospitality from $8.00 to $8.25 and gave the stock a "hold" rating in a report on Friday, May 2nd. Finally, Morgan Stanley cut their price objective on shares of DiamondRock Hospitality from $9.00 to $7.00 and set an "equal weight" rating for the company in a report on Tuesday, April 22nd. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $8.89.

About DiamondRock Hospitality

DiamondRock Hospitality Company is a self-advised real estate investment trust (REIT) that is an owner of a leading portfolio of geographically diversified hotels concentrated in leisure destinations and top gateway markets. The Company currently owns 36 premium quality hotels with over 9,700 rooms. The Company has strategically positioned its portfolio to be operated both under leading global brand families as well as independent boutique hotels in the lifestyle segment.

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