DiamondRock Hospitality (NYSE:DRH) Rating Increased to Hold at Wells Fargo & Company

DiamondRock Hospitality (NYSE:DRH - Get Free Report) was upgraded by equities researchers at Wells Fargo & Company from a "strong sell" rating to a "hold" rating in a note issued to investors on Tuesday, MarketBeat Ratings reports. The firm currently has a $8.25 target price on the real estate investment trust's stock, up from their previous target price of $7.75. Wells Fargo & Company's target price would indicate a potential upside of 3.51% from the company's previous close.

Several other brokerages also recently weighed in on DRH. Truist Financial dropped their target price on DiamondRock Hospitality from $10.00 to $9.00 and set a "hold" rating on the stock in a research note on Friday, May 30th. Evercore ISI lowered their price target on DiamondRock Hospitality from $10.00 to $9.00 and set an "in-line" rating for the company in a report on Monday, April 28th. Bank of America upgraded shares of DiamondRock Hospitality from an "underperform" rating to a "buy" rating and set a $9.50 price objective on the stock in a report on Wednesday, April 30th. Stifel Nicolaus increased their price objective on shares of DiamondRock Hospitality from $8.00 to $8.25 and gave the company a "hold" rating in a research report on Friday, May 2nd. Finally, Morgan Stanley dropped 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 research 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. According to data from MarketBeat.com, DiamondRock Hospitality currently has an average rating of "Hold" and a consensus target price of $8.71.

DiamondRock Hospitality Stock Up 1.3%

Shares of DiamondRock Hospitality stock traded up $0.10 on Tuesday, reaching $7.97. The stock had a trading volume of 2,684,128 shares, compared to its average volume of 2,357,854. The company has a 50 day moving average price of $7.61 and a 200 day moving average price of $8.06. The company has a quick ratio of 1.62, a current ratio of 1.62 and a debt-to-equity ratio of 0.69. DiamondRock Hospitality has a 1 year low of $6.19 and a 1 year high of $10.00. The stock has a market capitalization of $1.64 billion, a P/E ratio of 44.28, a P/E/G ratio of 1.97 and a beta of 1.33.

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

Hedge Funds Weigh In On DiamondRock Hospitality

Several hedge funds and other institutional investors have recently bought and sold shares of DRH. Alyeska Investment Group L.P. boosted its holdings in shares of DiamondRock Hospitality by 2.8% in the 1st quarter. Alyeska Investment Group L.P. now owns 8,812,253 shares of the real estate investment trust's stock valued at $68,031,000 after acquiring an additional 236,176 shares during the last quarter. Invesco Ltd. boosted its holdings in DiamondRock Hospitality by 3.9% in the fourth quarter. Invesco Ltd. now owns 8,651,539 shares of the real estate investment trust's stock valued at $78,123,000 after purchasing an additional 323,745 shares during the last quarter. Bank of America Corp DE grew its position in DiamondRock Hospitality by 78.8% during the 4th quarter. Bank of America Corp DE now owns 6,953,022 shares of the real estate investment trust's stock worth $62,786,000 after purchasing an additional 3,064,117 shares during the period. Centersquare Investment Management LLC grew its holdings in DiamondRock Hospitality by 12.9% during the first quarter. Centersquare Investment Management LLC now owns 5,967,761 shares of the real estate investment trust's stock worth $46,071,000 after acquiring an additional 683,839 shares during the period. Finally, JPMorgan Chase & Co. increased its holdings in shares of DiamondRock Hospitality by 18.7% during the 4th quarter. JPMorgan Chase & Co. now owns 5,716,469 shares of the real estate investment trust's stock valued at $51,620,000 after purchasing an additional 901,600 shares in the last quarter.

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.