DiamondRock Hospitality (NYSE:DRH) Rating Lowered to Inline at Evercore ISI

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

Several other equities research analysts have also recently commented on the company. Wells Fargo & Company dropped their target price on DiamondRock Hospitality from $9.50 to $9.00 and set an “equal weight” rating on the stock in a report on Friday, September 13th. StockNews.com raised DiamondRock Hospitality from a “sell” rating to a “hold” rating in a research note on Tuesday. Truist Financial cut their price target 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. Finally, Compass Point raised shares of DiamondRock Hospitality from a “neutral” rating to a “buy” rating and set a $10.00 price objective on the stock in a research note on Monday, August 5th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $10.17.

DiamondRock Hospitality Stock Performance

DiamondRock Hospitality stock traded down $0.18 during mid-day trading on Friday, hitting $8.86. 1,591,462 shares of the company’s stock traded hands, compared to its average volume of 1,872,442. The company has a quick ratio of 2.03, a current ratio of 1.73 and a debt-to-equity ratio of 0.66. DiamondRock Hospitality has a one year low of $7.74 and a one year high of $9.99. The firm has a 50 day moving average price of $8.85 and a 200 day moving average price of $8.54. The company has a market cap of $1.84 billion, a PE ratio of 31.64, a price-to-earnings-growth ratio of 5.38 and a beta of 1.60.

DiamondRock Hospitality Announces Dividend

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

Institutional Trading of DiamondRock Hospitality

Hedge funds have recently made changes to their positions in the stock. Rush Island Management LP purchased a new stake in DiamondRock Hospitality in the 3rd quarter worth approximately $51,726,000. Millennium Management LLC purchased a new stake in shares of DiamondRock Hospitality during the second quarter worth $15,118,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in DiamondRock Hospitality by 326.6% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,235,728 shares of the real estate investment trust’s stock valued at $10,788,000 after purchasing an additional 946,073 shares during the last quarter. Hotchkis & Wiley Capital Management LLC purchased a new position in DiamondRock Hospitality in the third quarter valued at about $6,442,000. Finally, Wellington Management Group LLP increased its position in DiamondRock Hospitality by 15.6% in the 3rd quarter. Wellington Management Group LLP now owns 4,925,093 shares of the real estate investment trust’s stock worth $42,996,000 after purchasing an additional 663,529 shares during the last quarter.

About DiamondRock Hospitality

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.