DiamondRock Hospitality (NYSE:DRH) Downgraded to Inline Rating by Evercore ISI

Evercore ISI downgraded shares of DiamondRock Hospitality (NYSE:DRH) from an outperform rating to an inline rating in a research report sent to investors on Friday morning, Marketbeat reports. Evercore ISI currently has $10.50 price target on the real estate investment trust’s stock.

DRH has been the subject of several other reports. Truist Financial dropped their target price on shares of DiamondRock Hospitality from $11.00 to $10.00 and set a “hold” rating for the company in a report on Wednesday, September 4th. Compass Point upgraded shares of DiamondRock Hospitality from a “neutral” rating to a “buy” rating and set a $10.00 price target for the company in a report on Monday, August 5th. Wells Fargo & Company reduced their price objective on shares of DiamondRock Hospitality from $9.50 to $9.00 and set an “equal weight” rating on the stock in a research note on Friday, September 13th. Finally, StockNews.com raised shares of DiamondRock Hospitality from a “sell” rating to a “hold” rating in a research note on Tuesday. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $10.17.

DiamondRock Hospitality Stock Performance

Shares of DiamondRock Hospitality stock traded down $0.18 during trading hours on Friday, hitting $8.86. 1,591,462 shares of the company were exchanged, compared to its average volume of 1,872,442. The company has a current ratio of 1.73, a quick ratio of 2.03 and a debt-to-equity ratio of 0.66. The business has a 50-day moving average of $8.85 and a 200-day moving average of $8.54. DiamondRock Hospitality has a 1 year low of $7.74 and a 1 year high of $9.99. The stock has a market capitalization of $1.84 billion, a price-to-earnings ratio of 31.64, a P/E/G ratio of 5.38 and a beta of 1.60.

DiamondRock Hospitality Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were issued a $0.03 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.12 annualized dividend and a yield of 1.35%. DiamondRock Hospitality’s dividend payout ratio is currently 42.86%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Quarry LP raised its holdings in shares of DiamondRock Hospitality by 2,093.9% during the 2nd quarter. Quarry LP now owns 3,949 shares of the real estate investment trust’s stock valued at $33,000 after buying an additional 3,769 shares during the period. Headlands Technologies LLC acquired a new stake in DiamondRock Hospitality in the second quarter valued at $42,000. Mirae Asset Global Investments Co. Ltd. increased its position in shares of DiamondRock Hospitality by 35.1% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,153 shares of the real estate investment trust’s stock worth $73,000 after purchasing an additional 2,116 shares during the last quarter. Harbor Capital Advisors Inc. bought a new position in shares of DiamondRock Hospitality during the third quarter worth about $74,000. Finally, Choreo LLC bought a new stake in DiamondRock Hospitality in the second quarter valued at about $89,000.

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.