DiamondRock Hospitality (NYSE:DRH) Price Target Cut to $9.00 by Analysts at Wells Fargo & Company

DiamondRock Hospitality (NYSE:DRH) had its price target reduced by Wells Fargo & Company from $9.50 to $9.00 in a research report report published on Friday, Benzinga reports. They currently have an equal weight rating on the real estate investment trust’s stock.

A number of other research analysts also recently issued reports on the company. StockNews.com upgraded DiamondRock Hospitality from a sell rating to a hold rating in a research note on Saturday, August 10th. Truist Financial dropped their target price on DiamondRock Hospitality from $11.00 to $10.00 and set a hold rating on the stock in a research report on Wednesday, September 4th. Finally, Compass Point raised DiamondRock Hospitality from a neutral rating to a buy rating and set a $10.00 target price for the company in a report on Monday, August 5th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of Hold and an average price target of $9.92.

DiamondRock Hospitality Stock Performance

Shares of DRH stock opened at $8.44 on Friday. DiamondRock Hospitality has a 52 week low of $7.33 and a 52 week high of $9.99. The firm has a 50 day moving average of $8.34 and a two-hundred day moving average of $8.67. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 0.71. The stock has a market capitalization of $1.77 billion, a PE ratio of 23.44, a P/E/G ratio of 4.07 and a beta of 1.60.

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

DiamondRock Hospitality Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be issued a $0.03 dividend. The ex-dividend date is Monday, September 30th. This represents a $0.12 dividend on an annualized basis and a yield of 1.42%. DiamondRock Hospitality’s dividend payout ratio (DPR) is 33.33%.

Institutional Investors Weigh In On DiamondRock Hospitality

Hedge funds and other institutional investors have recently made changes to their positions in the business. Paralel Advisors LLC acquired a new position in shares of DiamondRock Hospitality during the fourth quarter worth about $2,352,000. Natixis acquired a new position in shares of DiamondRock Hospitality in the 1st quarter valued at approximately $728,000. Centersquare Investment Management LLC grew its position in shares of DiamondRock Hospitality by 40.3% during the first quarter. Centersquare Investment Management LLC now owns 6,303,698 shares of the real estate investment trust’s stock worth $56,103,000 after buying an additional 1,810,788 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in DiamondRock Hospitality by 19.9% in the first quarter. Russell Investments Group Ltd. now owns 562,844 shares of the real estate investment trust’s stock valued at $5,409,000 after acquiring an additional 93,381 shares in the last quarter. Finally, Norges Bank bought a new position in DiamondRock Hospitality during the 4th quarter valued at $13,301,000.

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.