Bank of America upgraded shares of DiamondRock Hospitality (NYSE:DRH - Free Report) from an underperform rating to a buy rating in a report released on Wednesday, Marketbeat reports. The firm currently has $9.50 price objective on the real estate investment trust's stock.
Other research analysts have also issued reports about the stock. Morgan Stanley reduced 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 price objective on DiamondRock Hospitality from $10.00 to $9.00 and set an "in-line" rating on the stock in a research note on Monday. Wells Fargo & Company dropped their price objective on DiamondRock Hospitality from $10.50 to $9.50 and set an "equal weight" rating on the stock in a report on Tuesday, February 18th. Finally, Stifel Nicolaus reduced their target price on DiamondRock Hospitality from $9.75 to $8.00 and set a "hold" rating for the company in a report on Wednesday, April 16th. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to MarketBeat, DiamondRock Hospitality has an average rating of "Hold" and a consensus target price of $9.04.
View Our Latest Report on DRH
DiamondRock Hospitality Stock Performance
Shares of DRH traded up $0.23 during mid-day trading on Wednesday, hitting $7.63. The stock had a trading volume of 5,083,310 shares, compared to its average volume of 2,193,059. DiamondRock Hospitality has a 52 week low of $6.19 and a 52 week high of $10.00. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.73 and a quick ratio of 1.73. The business has a fifty day moving average price of $7.54 and a 200-day moving average price of $8.50. The firm has a market cap of $1.59 billion, a P/E ratio of 27.23, a PEG ratio of 2.06 and a beta of 1.38.
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 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.02. The company had revenue of $254.85 million during the quarter, compared to analyst estimates of $256.47 million. DiamondRock Hospitality had a return on equity of 4.25% and a net margin of 6.30%. The firm's revenue for the quarter was up .5% on a year-over-year basis. During the same quarter last year, the firm posted $0.17 EPS. On average, equities research analysts expect that DiamondRock Hospitality will post 0.96 EPS for the current year.
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 given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 4.20%. This is a boost from DiamondRock Hospitality's previous quarterly dividend of $0.03. The ex-dividend date was Friday, March 28th. DiamondRock Hospitality's payout ratio is presently 188.24%.
Institutional Trading of DiamondRock Hospitality
Several institutional investors and hedge funds have recently modified their holdings of the business. Victory Capital Management Inc. grew its holdings in shares of DiamondRock Hospitality by 21.4% during the first quarter. Victory Capital Management Inc. now owns 2,682,395 shares of the real estate investment trust's stock worth $20,708,000 after purchasing an additional 473,698 shares in the last quarter. Cerity Partners LLC purchased a new position in DiamondRock Hospitality in the 1st quarter worth approximately $137,000. Envestnet Asset Management Inc. bought a new position in shares of DiamondRock Hospitality in the 1st quarter worth $395,000. Lightrock Netherlands B.V. increased its holdings in shares of DiamondRock Hospitality by 13.6% in the 1st quarter. Lightrock Netherlands B.V. now owns 589,109 shares of the real estate investment trust's stock worth $4,556,000 after buying an additional 70,421 shares during the last quarter. Finally, Principal Financial Group Inc. raised its position in shares of DiamondRock Hospitality by 2.3% during the 1st quarter. Principal Financial Group Inc. now owns 1,034,246 shares of the real estate investment trust's stock valued at $7,984,000 after buying an additional 23,653 shares in the last quarter.
DiamondRock Hospitality Company Profile
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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.
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