Morgan Stanley Cuts DiamondRock Hospitality (NYSE:DRH) Price Target to $7.00

DiamondRock Hospitality (NYSE:DRH - Free Report) had its price target trimmed by Morgan Stanley from $9.00 to $7.00 in a research report report published on Tuesday,Benzinga reports. The brokerage currently has an equal weight rating on the real estate investment trust's stock.

Several other analysts also recently weighed in on the stock. Wells Fargo & Company dropped their target price on shares of DiamondRock Hospitality from $10.50 to $9.50 and set an "equal weight" rating on the stock in a research report on Tuesday, February 18th. Stifel Nicolaus cut their target price on DiamondRock Hospitality from $9.75 to $8.00 and set a "hold" rating on the stock in a research report on Wednesday, April 16th. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $9.17.

DiamondRock Hospitality Stock Up 1.3 %

Shares of DRH stock traded up $0.09 during trading hours on Tuesday, reaching $7.21. 2,147,422 shares of the company's stock were exchanged, compared to its average volume of 2,164,838. DiamondRock Hospitality has a 1 year low of $6.19 and a 1 year high of $10.00. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 0.66. The stock has a market cap of $1.51 billion, a PE ratio of 25.75, a PEG ratio of 2.06 and a beta of 1.38. The stock's fifty day moving average price is $7.64 and its two-hundred day moving average price is $8.55.

DiamondRock Hospitality Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Friday, March 28th were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 4.44%. The ex-dividend date was Friday, March 28th. This is a boost from DiamondRock Hospitality's previous quarterly dividend of $0.03. DiamondRock Hospitality's dividend payout ratio (DPR) is 188.24%.

Institutional Investors Weigh In On DiamondRock Hospitality

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Nissay Asset Management Corp Japan ADV boosted its stake in shares of DiamondRock Hospitality by 4.0% in the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 31,738 shares of the real estate investment trust's stock worth $292,000 after buying an additional 1,216 shares during the last quarter. Xponance Inc. boosted its position in DiamondRock Hospitality by 9.9% in the 4th quarter. Xponance Inc. now owns 15,098 shares of the real estate investment trust's stock worth $136,000 after purchasing an additional 1,360 shares in the last quarter. Ancora Advisors LLC grew its stake in shares of DiamondRock Hospitality by 0.9% during the 4th quarter. Ancora Advisors LLC now owns 164,150 shares of the real estate investment trust's stock worth $1,482,000 after purchasing an additional 1,490 shares during the period. Vert Asset Management LLC increased its holdings in shares of DiamondRock Hospitality by 2.1% during the 4th quarter. Vert Asset Management LLC now owns 82,570 shares of the real estate investment trust's stock valued at $746,000 after purchasing an additional 1,729 shares in the last quarter. Finally, Illinois Municipal Retirement Fund increased its holdings in shares of DiamondRock Hospitality by 1.8% during the 1st quarter. Illinois Municipal Retirement Fund now owns 107,860 shares of the real estate investment trust's stock valued at $833,000 after purchasing an additional 1,873 shares in the last quarter.

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.