DiamondRock Hospitality (NYSE:DRH) Sets New 1-Year Low at $7.55

Shares of DiamondRock Hospitality (NYSE:DRHGet Rating) reached a new 52-week low during trading on Friday . The company traded as low as $7.55 and last traded at $7.59, with a volume of 18025 shares. The stock had previously closed at $7.87.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Wells Fargo & Company downgraded shares of DiamondRock Hospitality from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $11.00 to $10.00 in a report on Monday, August 29th. Citigroup upped their price target on shares of DiamondRock Hospitality to $10.00 in a research report on Monday, August 22nd. Truist Financial increased their price objective on shares of DiamondRock Hospitality from $9.00 to $11.00 and gave the stock a “hold” rating in a research report on Wednesday, June 1st. Stifel Nicolaus decreased their target price on shares of DiamondRock Hospitality from $12.00 to $11.00 and set a “buy” rating for the company in a research note on Tuesday, July 26th. Finally, Evercore ISI reiterated an “in-line” rating and set a $10.00 price objective on shares of DiamondRock Hospitality in a research note on Monday, July 11th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $10.63.

DiamondRock Hospitality Stock Performance

The company has a debt-to-equity ratio of 0.74, a current ratio of 1.93 and a quick ratio of 1.93. The firm has a market capitalization of $1.59 billion, a price-to-earnings ratio of 35.77 and a beta of 1.59. The firm’s fifty day moving average is $9.07 and its 200 day moving average is $9.43.

DiamondRock Hospitality Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 12th. Investors of record on Friday, September 30th will be issued a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a dividend yield of 1.59%. The ex-dividend date of this dividend is Thursday, September 29th.

Hedge Funds Weigh In On DiamondRock Hospitality

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in shares of DiamondRock Hospitality by 2.3% in the first quarter. Vanguard Group Inc. now owns 34,721,111 shares of the real estate investment trust’s stock valued at $350,683,000 after purchasing an additional 768,226 shares during the period. State Street Corp boosted its stake in DiamondRock Hospitality by 0.5% during the second quarter. State Street Corp now owns 13,603,078 shares of the real estate investment trust’s stock worth $111,681,000 after buying an additional 64,600 shares in the last quarter. FMR LLC boosted its stake in shares of DiamondRock Hospitality by 7.8% in the 2nd quarter. FMR LLC now owns 13,319,480 shares of the real estate investment trust’s stock valued at $109,353,000 after purchasing an additional 958,454 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of DiamondRock Hospitality by 8.2% in the 2nd quarter. Principal Financial Group Inc. now owns 11,318,923 shares of the real estate investment trust’s stock valued at $92,928,000 after purchasing an additional 853,334 shares in the last quarter. Finally, Pzena Investment Management LLC lifted its position in DiamondRock Hospitality by 21.8% during the 1st quarter. Pzena Investment Management LLC now owns 6,565,872 shares of the real estate investment trust’s stock worth $66,315,000 after buying an additional 1,174,806 shares in the last quarter.

DiamondRock Hospitality Company Profile

(Get Rating)

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 top gateway markets and destination resort locations. The Company owns 31 premium quality hotels with over 10,000 rooms. The Company has strategically positioned its hotels to be operated both under leading global brand families as well as unique boutique hotels in the lifestyle segment.

Further Reading

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