DiamondRock Hospitality (NYSE:DRH) Sets New 12-Month High – Here’s Why

Shares of DiamondRock Hospitality Company (NYSE:DRH) reached a new 52-week high on Monday. The stock traded as high as $14.60 and last traded at $14.6210, with a volume of 100,229 shares trading hands. The stock had previously closed at $14.25.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Truist Financial upped their target price on DiamondRock Hospitality from $12.00 to $15.00 and gave the company a “buy” rating in a report on Thursday, September 10th. Bank of America upped their price target on shares of DiamondRock Hospitality from $12.50 to $13.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. Morgan Stanley lifted their price objective on shares of DiamondRock Hospitality from $11.00 to $12.00 and gave the company an “equal weight” rating in a research note on Monday, October 12th. Zacks Research cut shares of DiamondRock Hospitality from a “strong-buy” rating to a “hold” rating in a report on Monday, September 28th. Finally, Citigroup increased their price target on DiamondRock Hospitality from $11.00 to $13.00 and gave the company a “neutral” rating in a research note on Wednesday, July 22nd. Four research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $13.03.

DiamondRock Hospitality Trading Up 2.1%

The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.64 and a current ratio of 1.64. The firm has a market cap of $2.98 billion, a P/E ratio of 58.14, a PEG ratio of 4.50 and a beta of 1.01. The company has a 50 day moving average of $12.78 and a 200 day moving average of $11.30.

DiamondRock Hospitality (NYSE:DRH) last issued its earnings results on Thursday, July 30th. The real estate investment trust reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $0.22. The firm had revenue of $318.29 million for the quarter, compared to analysts’ expectations of $314.98 million. DiamondRock Hospitality had a return on equity of 4.04% and a net margin of 5.69%. The company’s revenue was up 4.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.35 earnings per share. Analysts predict that DiamondRock Hospitality Company will post 0.96 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in DRH. Bank of America Corp DE acquired a new stake in shares of DiamondRock Hospitality during the 2nd quarter worth about $129,710,000. Louisiana State Employees Retirement System acquired a new stake in DiamondRock Hospitality during the first quarter worth approximately $846,000. The Manufacturers Life Insurance Company acquired a new position in DiamondRock Hospitality in the second quarter valued at about $1,325,000. Hsbc Holdings PLC bought a new stake in DiamondRock Hospitality during the second quarter worth $8,490,000. Finally, Janus Henderson Group PLC grew its position in DiamondRock Hospitality by 10.1% in the first quarter. Janus Henderson Group PLC now owns 1,312,694 shares of the real estate investment trust’s stock valued at $12,299,000 after acquiring an additional 119,921 shares during the last quarter.

DiamondRock Hospitality Company Profile

DiamondRock Hospitality Company (NYSE: DRH) is a self-advised real estate investment trust that owns a portfolio of hotels and resort properties in the United States. The company focuses on lodging real estate in leisure destinations and gateway markets, with properties serving business travelers, vacationers, and group customers.

DiamondRock’s portfolio includes hotels operated under nationally recognized brands as well as independent and boutique properties. Its business activities include acquiring, owning, leasing, and strategically managing hospitality real estate, while day-to-day hotel operations are generally carried out by third-party management companies and brand operators.

The company was formed in 2004 through a spin-off from Marriott International and is headquartered in Bethesda, Maryland.