Brokerages Set DiamondRock Hospitality (NYSE:DRH) Target Price at $9.92

DiamondRock Hospitality (NYSE:DRH) has been assigned an average rating of “Moderate Buy” from the six brokerages that are covering the company, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $9.92.

DRH has been the topic of a number of analyst reports. Compass Point upgraded 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. StockNews.com upgraded shares of DiamondRock Hospitality from a “sell” rating to a “hold” rating in a research note on Saturday, August 10th. Truist Financial lowered their price objective 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. Finally, Wells Fargo & Company cut their target price on shares of DiamondRock Hospitality from $9.50 to $9.00 and set an “equal weight” rating for the company in a research note on Friday, September 13th.

DiamondRock Hospitality Stock Up 0.6 %

DiamondRock Hospitality stock opened at $8.91 on Friday. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 0.71. DiamondRock Hospitality has a 1-year low of $7.33 and a 1-year high of $9.99. The company has a fifty day simple moving average of $8.58 and a 200 day simple moving average of $8.58. The company has a market cap of $1.87 billion, a P/E ratio of 24.74, a price-to-earnings-growth ratio of 4.27 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 earnings per share for the quarter, missing the consensus estimate of $0.32 by ($0.22). DiamondRock Hospitality had a net margin of 6.43% and a return on equity of 4.31%. The company had revenue of $309.28 million during the quarter, compared to the consensus estimate of $301.77 million. During the same quarter in the previous year, the business earned $0.32 EPS. DiamondRock Hospitality’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 fiscal year.

DiamondRock Hospitality Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were issued a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a dividend yield of 1.35%. The ex-dividend date was Monday, September 30th. DiamondRock Hospitality’s payout ratio is 33.33%.

Hedge Funds Weigh In On DiamondRock Hospitality

Institutional investors and hedge funds have recently made changes to their positions in the company. Quarry LP grew its position 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 worth $33,000 after purchasing an additional 3,769 shares in the last quarter. Headlands Technologies LLC acquired a new stake in DiamondRock Hospitality during the second quarter worth approximately $42,000. Choreo LLC bought a new position in DiamondRock Hospitality during the 2nd quarter worth $89,000. SG Americas Securities LLC acquired a new position in DiamondRock Hospitality in the 3rd quarter valued at $100,000. Finally, Evergreen Capital Management LLC lifted its position in shares of DiamondRock Hospitality by 14.4% during the 2nd quarter. Evergreen Capital Management LLC now owns 14,372 shares of the real estate investment trust’s stock valued at $122,000 after acquiring an additional 1,810 shares during the period.

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.