DiamondRock Hospitality (DRH) to Issue Quarterly Dividend of $0.32 on January 14th

DiamondRock Hospitality (NYSE:DRH) announced a quarterly dividend on Monday, December 9th,RTT News reports. Shareholders of record on Tuesday, December 31st will be paid a dividend of 0.32 per share by the real estate investment trust on Tuesday, January 14th. This represents a $1.28 annualized dividend and a yield of 13.16%. The ex-dividend date of this dividend is Tuesday, December 31st. This is a positive change from DiamondRock Hospitality’s previous quarterly dividend of $0.03.

DiamondRock Hospitality has a dividend payout ratio of 25.0% indicating that its dividend is sufficiently covered by earnings. Analysts expect DiamondRock Hospitality to earn $1.03 per share next year, which means the company should continue to be able to cover its $0.12 annual dividend with an expected future payout ratio of 11.7%.

DiamondRock Hospitality Price Performance

Shares of NYSE DRH opened at $9.73 on Wednesday. The firm has a market cap of $2.02 billion, a P/E ratio of 34.75, a price-to-earnings-growth ratio of 5.58 and a beta of 1.60. The business’s 50 day moving average is $9.06 and its 200-day moving average is $8.63. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 0.66. DiamondRock Hospitality has a 1-year low of $7.74 and a 1-year high of $10.00.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Stifel Nicolaus cut DiamondRock Hospitality from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $10.75 to $10.25 in a research report on Friday, November 22nd. Truist Financial lowered their price target on shares of DiamondRock Hospitality from $11.00 to $10.00 and set a “hold” rating on the stock in a research report on Wednesday, September 4th. Evercore ISI lowered shares of DiamondRock Hospitality from an “outperform” rating to an “inline” rating and set a $10.50 target price on the stock. in a research report on Friday, November 15th. Wells Fargo & Company lifted their price target on shares of DiamondRock Hospitality from $10.00 to $10.50 and gave the company an “equal weight” rating in a research report on Monday. Finally, StockNews.com raised DiamondRock Hospitality from a “sell” rating to a “hold” rating in a research report on Tuesday, November 12th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $10.38.

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.