DiamondRock Hospitality (NYSE:DRH) Raised 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.com reports. The brokerage presently has a $8.25 price target on the real estate investment trust's stock, up from their prior price target of $7.75. Wells Fargo & Company's target price would indicate a potential upside of 3.13% from the company's previous close.

A number of other brokerages have also weighed in on DRH. Truist Financial lowered 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. Bank of America raised shares of DiamondRock Hospitality from an "underperform" rating to a "buy" rating and set a $9.50 price target on the stock in a research report on Wednesday, April 30th. Morgan Stanley dropped 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 research note on Tuesday, April 22nd. Evercore ISI decreased their target price on shares of DiamondRock Hospitality from $10.00 to $9.00 and set an "in-line" rating on the stock in a research report on Monday, April 28th. Finally, Stifel Nicolaus raised their target price 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. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $8.71.

DiamondRock Hospitality Stock Performance

Shares of DRH traded up $0.02 during midday trading on Tuesday, reaching $8.00. The stock had a trading volume of 1,461,474 shares, compared to its average volume of 2,361,511. The firm has a market cap of $1.65 billion, a PE ratio of 44.44, a P/E/G ratio of 2.00 and a beta of 1.33. The firm has a 50 day simple moving average of $7.63 and a 200-day simple moving average of $8.04. DiamondRock Hospitality has a one year low of $6.19 and a one year high of $10.00. The company has a current ratio of 1.62, a quick ratio of 1.62 and a debt-to-equity ratio of 0.69.

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

Institutional Investors Weigh In On DiamondRock Hospitality

Hedge funds and other institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. lifted its stake in DiamondRock Hospitality by 18.7% in 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 during the last quarter. Oppenheimer Asset Management Inc. acquired a new stake in shares of DiamondRock Hospitality during the 1st quarter valued at $103,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in DiamondRock Hospitality by 45.2% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 138,327 shares of the real estate investment trust's stock worth $1,249,000 after acquiring an additional 43,088 shares during the last quarter. Norges Bank bought a new stake in DiamondRock Hospitality during the 4th quarter worth $5,839,000. Finally, Cbre Investment Management Listed Real Assets LLC acquired a new position in DiamondRock Hospitality in the 4th quarter worth about $14,889,000.

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.