DiamondRock Hospitality Company (NYSE:DRH) Announces Dividend of $0.08

DiamondRock Hospitality Company (NYSE:DRH - Get Free Report) declared a dividend on Saturday, June 21st, investing.com reports. Investors of record on Tuesday, July 1st will be given 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 of this dividend is Monday, June 30th.

DiamondRock Hospitality has a payout ratio of 71.1% meaning its dividend is sufficiently covered by earnings. 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

DiamondRock Hospitality stock traded down $0.01 during trading on Tuesday, hitting $7.72. The stock had a trading volume of 3,706,956 shares, compared to its average volume of 2,306,928. DiamondRock Hospitality has a 1 year low of $6.19 and a 1 year high of $10.00. The company has a quick ratio of 1.62, a current ratio of 1.62 and a debt-to-equity ratio of 0.69. The stock's 50 day moving average is $7.50 and its two-hundred day moving average is $8.13. The stock has a market cap of $1.59 billion, a price-to-earnings ratio of 42.86, a price-to-earnings-growth ratio of 1.93 and a beta of 1.34.

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

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in 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 last quarter. United Services Automobile Association bought a new position in DiamondRock Hospitality in the first quarter valued at $91,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in DiamondRock Hospitality by 5.1% in the first 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 acquiring an additional 5,971 shares during the last quarter. Finally, AQR Capital Management LLC increased its stake in DiamondRock Hospitality by 223.2% in the first quarter. AQR Capital Management LLC now owns 65,376 shares of the real estate investment trust's stock valued at $505,000 after acquiring an additional 45,146 shares during the last quarter.

Wall Street Analyst Weigh In

Several research firms recently commented on DRH. Evercore ISI dropped their price objective on DiamondRock Hospitality from $10.00 to $9.00 and set an "in-line" rating on the stock in a research note on Monday, April 28th. Stifel Nicolaus boosted their target price on shares of DiamondRock Hospitality from $8.00 to $8.25 and gave the company a "hold" rating in a report on Friday, May 2nd. Morgan Stanley lowered their target price on shares of DiamondRock Hospitality from $9.00 to $7.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 22nd. Bank of America raised shares of DiamondRock Hospitality from an "underperform" rating to a "buy" rating and set a $9.50 target price on the stock in a report on Wednesday, April 30th. Finally, Truist Financial lowered their target price on shares of DiamondRock Hospitality from $10.00 to $9.00 and set a "hold" rating on the stock in a report on Friday, May 30th. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $8.89.

DiamondRock Hospitality Company Profile

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.