DiamondRock Hospitality (NYSE:DRH) Sees Unusually-High Trading Volume - Time to Buy?

DiamondRock Hospitality Company (NYSE:DRH - Get Free Report) saw unusually-strong trading volume on Wednesday . Approximately 5,194,685 shares traded hands during trading, an increase of 128% from the previous session's volume of 2,274,148 shares.The stock last traded at $7.62 and had previously closed at $7.54.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on DRH shares. Truist Financial cut their price target 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. Morgan Stanley dropped their price target 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. Stifel Nicolaus boosted 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. Bank of America upgraded shares of DiamondRock Hospitality from an "underperform" rating to a "buy" rating and set a $9.50 price objective for the company in a report on Wednesday, April 30th. Finally, Evercore ISI cut 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 note on Monday, April 28th. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $8.89.

DiamondRock Hospitality Stock Down 0.1%

The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.62 and a current ratio of 1.62. The stock's 50-day moving average price is $7.48 and its two-hundred day moving average price is $8.15. The stock has a market capitalization of $1.57 billion, a PE ratio of 42.36, a P/E/G ratio of 1.91 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, topping the consensus estimate of $0.17 by $0.02. The business had revenue of $254.85 million for the quarter, compared to analyst estimates of $256.47 million. DiamondRock Hospitality had a net margin of 4.57% and a return on equity of 3.18%. During the same quarter in the previous year, the firm posted $0.17 earnings per share. DiamondRock Hospitality's quarterly revenue was up .5% on a year-over-year basis. As a group, analysts expect that DiamondRock Hospitality Company will post 0.96 EPS for the current fiscal year.

DiamondRock Hospitality Cuts Dividend

The business also recently disclosed a dividend, which will be paid on Friday, July 11th. Investors of record on Tuesday, July 1st will be given a dividend of $0.08 per share. This represents a yield of 4.2%. The ex-dividend date is Monday, June 30th. DiamondRock Hospitality's dividend payout ratio (DPR) is presently 177.78%.

Institutional Investors Weigh In On DiamondRock Hospitality

Several hedge funds have recently added to or reduced their stakes in the stock. Voya Investment Management LLC raised its position in shares of DiamondRock Hospitality by 5.8% in the 1st quarter. Voya Investment Management LLC now owns 665,423 shares of the real estate investment trust's stock worth $5,137,000 after purchasing an additional 36,361 shares during the last quarter. Inspire Investing LLC raised its holdings in DiamondRock Hospitality by 19.6% in the first quarter. Inspire Investing LLC now owns 52,946 shares of the real estate investment trust's stock worth $409,000 after buying an additional 8,690 shares during the last quarter. Strs Ohio purchased a new position in DiamondRock Hospitality in the first quarter worth about $304,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of 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 worth $10,251,000 after buying an additional 48,558 shares in the last quarter. Finally, United Services Automobile Association purchased a new stake in shares of DiamondRock Hospitality during the first quarter valued at approximately $91,000.

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.