Wells Fargo & Company Lowers DiamondRock Hospitality (NYSE:DRH) Price Target to $9.00

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

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

DiamondRock Hospitality Price Performance

Shares of NYSE:DRH opened at $8.44 on Friday. The company’s fifty day moving average is $8.34 and its 200 day moving average is $8.67. DiamondRock Hospitality has a 52 week low of $7.33 and a 52 week high of $9.99. 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 cap of $1.77 billion, a PE ratio of 23.44, a PEG ratio of 4.07 and a beta of 1.60.

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

DiamondRock Hospitality Announces Dividend

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

Institutional Investors Weigh In On DiamondRock Hospitality

A number of large investors have recently bought and sold shares of the company. Parallel Advisors LLC lifted its holdings in shares of DiamondRock Hospitality by 313.5% in the 4th quarter. Parallel Advisors LLC now owns 3,196 shares of the real estate investment trust’s stock valued at $30,000 after buying an additional 2,423 shares during the period. Quadrant Capital Group LLC raised its stake in DiamondRock Hospitality by 195.7% during the fourth quarter. Quadrant Capital Group LLC now owns 3,330 shares of the real estate investment trust’s stock worth $31,000 after purchasing an additional 2,204 shares during the period. Quarry LP grew its position in DiamondRock Hospitality by 2,093.9% in the second quarter. Quarry LP now owns 3,949 shares of the real estate investment trust’s stock worth $33,000 after acquiring an additional 3,769 shares during the period. Headlands Technologies LLC acquired a new position in DiamondRock Hospitality in the second quarter valued at about $42,000. Finally, Choreo LLC purchased a new position in DiamondRock Hospitality during the second quarter worth 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.