Brokerages Set DiamondRock Hospitality (NYSE:DRH) Price Target at $9.92

Shares of DiamondRock Hospitality (NYSE:DRH) have received a consensus recommendation of “Moderate Buy” from the six ratings firms that are presently covering the company, MarketBeat Ratings reports. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $9.92.

Several research firms have recently weighed in on DRH. Wells Fargo & Company dropped their price objective on shares of DiamondRock Hospitality from $9.50 to $9.00 and set an “equal weight” rating for the company in a report on Friday, September 13th. StockNews.com raised DiamondRock Hospitality from a “sell” rating to a “hold” rating in a report on Saturday, August 10th. Truist Financial reduced their price objective on DiamondRock Hospitality from $11.00 to $10.00 and set a “hold” rating on the stock in a research note on Wednesday, September 4th. Finally, Compass Point upgraded DiamondRock Hospitality from a “neutral” rating to a “buy” rating and set a $10.00 target price for the company in a research note on Monday, August 5th.

Hedge Funds Weigh In On DiamondRock Hospitality

Large investors have recently made changes to their positions in the company. Evergreen Capital Management LLC increased its position in DiamondRock Hospitality by 14.4% in the second quarter. Evergreen Capital Management LLC now owns 14,372 shares of the real estate investment trust’s stock worth $122,000 after purchasing an additional 1,810 shares during the period. Louisiana State Employees Retirement System grew its position in shares of DiamondRock Hospitality by 1.8% during the 2nd quarter. Louisiana State Employees Retirement System now owns 105,700 shares of the real estate investment trust’s stock worth $893,000 after buying an additional 1,900 shares during the period. Van ECK Associates Corp raised its stake in shares of DiamondRock Hospitality by 6.7% during the second quarter. Van ECK Associates Corp now owns 32,191 shares of the real estate investment trust’s stock worth $272,000 after buying an additional 2,028 shares during the last quarter. LDR Capital Management LLC lifted its holdings in DiamondRock Hospitality by 25.5% in the first quarter. LDR Capital Management LLC now owns 13,244 shares of the real estate investment trust’s stock valued at $127,000 after buying an additional 2,692 shares during the period. Finally, ProShare Advisors LLC boosted its stake in DiamondRock Hospitality by 7.4% in the first quarter. ProShare Advisors LLC now owns 42,394 shares of the real estate investment trust’s stock valued at $407,000 after acquiring an additional 2,916 shares during the last quarter.

DiamondRock Hospitality Price Performance

Shares of DRH stock opened at $9.10 on Friday. The stock’s fifty day simple moving average is $8.62 and its 200 day simple moving average is $8.58. DiamondRock Hospitality has a one year low of $7.33 and a one year high of $9.99. The firm has a market cap of $1.91 billion, a price-to-earnings ratio of 25.28, a P/E/G ratio of 4.27 and a beta of 1.60. The company has a debt-to-equity ratio of 0.71, a current ratio of 2.03 and a quick ratio of 2.03.

DiamondRock Hospitality (NYSE:DRH) last posted its earnings results on Thursday, August 1st. The real estate investment trust reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.32 by ($0.22). The firm had revenue of $309.28 million during the quarter, compared to the consensus estimate of $301.77 million. DiamondRock Hospitality had a return on equity of 4.31% and a net margin of 6.43%. The firm’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.32 EPS. On average, analysts expect that DiamondRock Hospitality will post 0.98 earnings per share for the current fiscal year.

DiamondRock Hospitality Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were given a $0.03 dividend. The ex-dividend date was Monday, September 30th. This represents a $0.12 dividend on an annualized basis and a yield of 1.32%. DiamondRock Hospitality’s payout ratio is 33.33%.

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.