Brokerages Set DiamondRock Hospitality (NYSE:DRH) Price Target at $8.92

DiamondRock Hospitality (NYSE:DRH - Get Free Report) has been given a consensus recommendation of "Hold" by the seven brokerages that are presently covering the company, MarketBeat reports. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $9.04.

A number of equities research analysts have recently issued reports on the stock. Evercore ISI cut their price target on shares of DiamondRock Hospitality from $10.00 to $9.00 and set an "in-line" rating on the stock in a report on Monday, April 28th. Stifel Nicolaus lifted their price target on DiamondRock Hospitality from $8.00 to $8.25 and gave the company a "hold" rating in a report on Friday. Morgan Stanley reduced their price objective on 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. Bank of America upgraded DiamondRock Hospitality from an "underperform" rating to a "buy" rating and set a $9.50 price objective for the company in a research report on Wednesday. Finally, Wells Fargo & Company reduced their price target on shares of DiamondRock Hospitality from $10.50 to $9.50 and set an "equal weight" rating for the company in a research report on Tuesday, February 18th.

Hedge Funds Weigh In On DiamondRock Hospitality

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Versant Capital Management Inc increased its position in shares of DiamondRock Hospitality by 156.3% during the 1st quarter. Versant Capital Management Inc now owns 3,699 shares of the real estate investment trust's stock worth $29,000 after purchasing an additional 2,256 shares in the last quarter. GF Fund Management CO. LTD. acquired a new stake in shares of DiamondRock Hospitality during the fourth quarter worth approximately $34,000. State of Wyoming bought a new position in shares of DiamondRock Hospitality in the fourth quarter valued at approximately $54,000. FIL Ltd bought a new stake in DiamondRock Hospitality during the 4th quarter worth approximately $60,000. Finally, Smartleaf Asset Management LLC grew its position in DiamondRock Hospitality by 278.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 9,769 shares of the real estate investment trust's stock worth $89,000 after acquiring an additional 7,189 shares during the last quarter.

DiamondRock Hospitality Price Performance

DRH stock traded up $0.23 on Tuesday, hitting $7.63. 5,083,310 shares of the company's stock traded hands, compared to its average volume of 2,192,673. The stock has a market cap of $1.59 billion, a price-to-earnings ratio of 27.23, a P/E/G ratio of 2.06 and a beta of 1.38. 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 fifty day moving average of $7.54 and a 200-day moving average of $8.49.

DiamondRock Hospitality (NYSE:DRH - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The real estate investment trust reported $0.19 EPS for the quarter, beating analysts' consensus estimates of $0.17 by $0.02. The company had revenue of $254.85 million during the quarter, compared to the consensus estimate of $256.47 million. DiamondRock Hospitality had a return on equity of 4.25% and a net margin of 6.30%. The company's quarterly revenue was up .5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.17 EPS. On average, analysts forecast that DiamondRock Hospitality will post 0.96 EPS for the current fiscal year.

DiamondRock Hospitality Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Friday, March 28th were issued a dividend of $0.08 per share. This is an increase from DiamondRock Hospitality's previous quarterly dividend of $0.03. The ex-dividend date of this dividend was Friday, March 28th. This represents a $0.32 annualized dividend and a dividend yield of 4.20%. DiamondRock Hospitality's payout ratio is presently 188.24%.

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.