Wells Fargo & Company Increases DiamondRock Hospitality (NYSE:DRH) Price Target to $13.00

Key Points

• Wells Fargo raised DiamondRock Hospitality’s price target from $12.00 to $13.00 while keeping an equal weight rating, implying modest upside from the previous close.
• Other analysts have also turned more positive: Bank of America, Truist, Stifel, Barclays and Ladenburg Thalmann all recently adjusted their targets, with the stock now carrying a consensus Hold and an average price target of $12.12.
• DiamondRock shares were trading near $12.80 with a 52-week high of $13.05, while recent insider sales by two directors reduced their holdings and institutional investors continued to add to positions.

DiamondRock Hospitality (NYSE:DRH - Get Free Report) had its price target boosted by analysts at Wells Fargo & Company from $12.00 to $13.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has an "equal weight" rating on the real estate investment trust's stock. Wells Fargo & Company's target price indicates a potential upside of 1.52% from the company's previous close.

Other equities analysts have also issued research reports about the company. Bank of America lifted their target price on DiamondRock Hospitality from $12.50 to $13.00 and gave the company a "buy" rating in a research note on Monday. Truist Financial raised their price target on shares of DiamondRock Hospitality from $11.00 to $12.00 and gave the company a "buy" rating in a report on Tuesday, May 26th. Stifel Nicolaus set a $12.25 price objective on shares of DiamondRock Hospitality in a research report on Thursday, June 4th. Barclays boosted their price objective on shares of DiamondRock Hospitality from $10.00 to $12.00 and gave the stock an "equal weight" rating in a research note on Monday, June 1st. Finally, LADENBURG THALM/SH SH increased their target price on shares of DiamondRock Hospitality from $13.00 to $14.00 and gave the company a "buy" rating in a research report on Thursday, June 18th. Four research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $12.12.

DiamondRock Hospitality Price Performance

DiamondRock Hospitality stock opened at $12.80 on Thursday. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.64 and a quick ratio of 1.64. The stock has a market cap of $2.62 billion, a price-to-earnings ratio of 51.20, a price-to-earnings-growth ratio of 4.50 and a beta of 0.98. The firm has a 50-day moving average of $11.72 and a two-hundred day moving average of $10.44. DiamondRock Hospitality has a 1 year low of $7.45 and a 1 year high of $13.05.

Insiders Place Their Bets

In other news, Director Kathleen Merrill sold 20,000 shares of DiamondRock Hospitality stock in a transaction on Friday, June 12th. The shares were sold at an average price of $11.88, for a total transaction of $237,600.00. Following the completion of the sale, the director directly owned 84,335 shares in the company, valued at approximately $1,001,899.80. The trade was a 19.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Michael A. Hartmeier sold 20,000 shares of the company's stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $10.46, for a total value of $209,200.00. Following the completion of the transaction, the director directly owned 95,354 shares in the company, valued at approximately $997,402.84. The trade was a 17.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.90% of the company's stock.

Institutional Trading of DiamondRock Hospitality

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. AQR Capital Management LLC boosted its holdings in DiamondRock Hospitality by 223.2% in the first quarter. AQR Capital Management LLC now owns 65,376 shares of the real estate investment trust's stock valued at $505,000 after purchasing an additional 45,146 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in DiamondRock Hospitality by 5.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 123,672 shares of the real estate investment trust's stock worth $955,000 after acquiring an additional 5,971 shares during the period. United Services Automobile Association purchased a new position in shares of DiamondRock Hospitality in the 1st quarter valued at about $91,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in DiamondRock Hospitality by 3.8% in the 1st 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 valued at $10,251,000 after purchasing an additional 48,558 shares during the last quarter. Finally, Creative Planning purchased a new position in DiamondRock Hospitality in the 2nd quarter valued at $99,000.

About DiamondRock Hospitality

DiamondRock Hospitality Company is a real estate investment trust (REIT) that acquires, owns and manages a diversified portfolio of upscale, full-service hotels in urban gateway markets across the United States. Established in 2004 and headquartered in Bethesda, Maryland, the company focuses on investing in high-quality lodging properties that cater to both business and leisure travelers. Its assets are positioned in key metropolitan areas, enabling DiamondRock to benefit from strong demand drivers such as corporate travel, group conventions and resort leisure stays.

The company's portfolio includes full-service hotels offering a broad range of amenities, including guest rooms, on-site food and beverage outlets, meeting and event space, fitness centers and spa services.

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