DiamondRock Hospitality Co. (NYSE:DRH) had its price objective raised by analysts at Citigroup Inc. from $9.00 to $10.00 in a note issued to investors on Wednesday. The firm currently has a “neutral” rating on the real estate investment trust’s stock. Citigroup Inc.’s target price would indicate a potential upside of 10.99% from the stock’s current price.
A number of other research analysts have also recently commented on the company. Morgan Stanley cut DiamondRock Hospitality from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $10.00 to $8.00 in a report on Monday, September 26th. Zacks Investment Research upgraded DiamondRock Hospitality from a “sell” rating to a “hold” rating in a report on Tuesday, September 13th. Canaccord Genuity reiterated a “buy” rating and issued a $12.00 price objective on shares of DiamondRock Hospitality in a report on Tuesday, August 16th. Barclays PLC reiterated a “buy” rating and issued a $11.00 price objective on shares of DiamondRock Hospitality in a report on Thursday, August 11th. Finally, TheStreet upgraded DiamondRock Hospitality from a “hold” rating to a “buy” rating in a report on Tuesday, July 19th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the stock. DiamondRock Hospitality currently has an average rating of “Hold” and an average price target of $10.91.
DiamondRock Hospitality (NYSE:DRH) opened at 9.01 on Wednesday. DiamondRock Hospitality has a 12-month low of $7.28 and a 12-month high of $12.84. The stock has a market capitalization of $1.81 billion, a P/E ratio of 16.38 and a beta of 1.53. The firm’s 50-day moving average price is $9.67 and its 200 day moving average price is $9.49.
DiamondRock Hospitality (NYSE:DRH) last issued its earnings results on Friday, August 5th. The real estate investment trust reported $0.31 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.32 by $0.01. The company had revenue of $256.66 million for the quarter, compared to analyst estimates of $259.26 million. DiamondRock Hospitality had a return on equity of 6.24% and a net margin of 11.80%. The company’s revenue for the quarter was up 2.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.31 earnings per share. On average, equities analysts anticipate that DiamondRock Hospitality will post $1.02 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 12th. Investors of record on Friday, September 30th will be issued a $0.125 dividend. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 5.55%. DiamondRock Hospitality’s payout ratio is currently 89.29%.
Several hedge funds have recently added to or reduced their stakes in DRH. Genesee Valley Trust Co. increased its stake in DiamondRock Hospitality by 7.3% in the second quarter. Genesee Valley Trust Co. now owns 11,102 shares of the real estate investment trust’s stock worth $100,000 after buying an additional 755 shares during the last quarter. Hancock Holding Co. acquired a new stake in DiamondRock Hospitality during the first quarter worth approximately $103,000. Fuller & Thaler Asset Management Inc. acquired a new stake in DiamondRock Hospitality during the second quarter worth approximately $107,000. Boothbay Fund Management LLC increased its stake in DiamondRock Hospitality by 6.1% in the first quarter. Boothbay Fund Management LLC now owns 10,983 shares of the real estate investment trust’s stock worth $111,000 after buying an additional 636 shares during the last quarter. Finally, Hillsdale Investment Management Inc. acquired a new stake in DiamondRock Hospitality during the second quarter worth approximately $116,000.
DiamondRock Hospitality Company Profile
DiamondRock Hospitality Company is a lodging-focused Maryland corporation operating as a real estate investment trust (REIT). The Company owns a portfolio of approximately 30 hotels and resorts throughout North America and the United States Virgin Islands that consists of over 10,925 guest rooms. Its primary business is to acquire, own, asset manage and renovate full-service hotel properties in the United States.
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