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

DiamondRock Hospitality (NYSE:DRH) has earned an average rating of “Hold” from the five brokerages that are presently covering the stock, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $10.30.

DRH has been the subject of a number of recent research reports. Stifel Nicolaus raised their price target on shares of DiamondRock Hospitality from $10.00 to $10.50 and gave the stock a “buy” rating in a research report on Friday, February 23rd. Truist Financial upped their price target on shares of DiamondRock Hospitality from $10.00 to $11.00 and gave the company a “hold” rating in a report on Thursday, March 14th. Wells Fargo & Company boosted their price objective on DiamondRock Hospitality from $9.00 to $10.00 and gave the company an “equal weight” rating in a report on Friday, December 22nd. StockNews.com downgraded DiamondRock Hospitality from a “hold” rating to a “sell” rating in a report on Saturday, February 3rd. Finally, Wolfe Research initiated coverage on shares of DiamondRock Hospitality in a research note on Wednesday, January 10th. They set an “outperform” rating and a $11.00 price objective on the stock.

Institutional Trading of DiamondRock Hospitality

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Centersquare Investment Management LLC raised its position in shares of DiamondRock Hospitality by 166.0% during the 2nd quarter. Centersquare Investment Management LLC now owns 6,699,705 shares of the real estate investment trust’s stock worth $53,665,000 after purchasing an additional 4,181,147 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of DiamondRock Hospitality by 133.3% during the first quarter. JPMorgan Chase & Co. now owns 4,720,222 shares of the real estate investment trust’s stock valued at $38,376,000 after acquiring an additional 2,697,132 shares during the last quarter. Norges Bank purchased a new position in shares of DiamondRock Hospitality in the fourth quarter valued at approximately $16,550,000. Goldman Sachs Group Inc. boosted its stake in shares of DiamondRock Hospitality by 92.6% in the second quarter. Goldman Sachs Group Inc. now owns 4,072,464 shares of the real estate investment trust’s stock worth $32,620,000 after acquiring an additional 1,957,524 shares during the last quarter. Finally, Balyasny Asset Management L.P. increased its position in shares of DiamondRock Hospitality by 989.5% during the first quarter. Balyasny Asset Management L.P. now owns 2,126,866 shares of the real estate investment trust’s stock worth $17,291,000 after purchasing an additional 1,931,649 shares in the last quarter.

DiamondRock Hospitality Price Performance

Shares of DRH stock opened at $9.61 on Monday. The stock has a market capitalization of $2.01 billion, a price-to-earnings ratio of 26.69 and a beta of 1.60. The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 0.71. DiamondRock Hospitality has a twelve month low of $7.33 and a twelve month high of $9.99. The stock has a fifty day simple moving average of $9.36 and a two-hundred day simple moving average of $8.80.

DiamondRock Hospitality (NYSE:DRH) last issued its earnings results on Friday, February 23rd. The real estate investment trust reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.14). DiamondRock Hospitality had a return on equity of 5.29% and a net margin of 8.03%. The business had revenue of $263.50 million for the quarter, compared to the consensus estimate of $261.45 million. During the same quarter in the previous year, the company earned $0.23 earnings per share. The firm’s revenue was up 3.3% on a year-over-year basis. On average, analysts predict that DiamondRock Hospitality will post 0.96 EPS for the current fiscal year.

DiamondRock Hospitality Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 12th. Shareholders of record on Friday, March 29th will be given a dividend of $0.03 per share. The ex-dividend date of this dividend is Wednesday, March 27th. This represents a $0.12 dividend on an annualized basis and a yield of 1.25%. DiamondRock Hospitality’s dividend payout ratio is currently 33.33%.

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.