DiamondRock Hospitality (NYSE:DRH) Price Target Raised to $10.00

DiamondRock Hospitality (NYSE:DRH) had its target price hoisted by Morgan Stanley from $9.60 to $10.00 in a research report sent to investors on Friday morning,Benzinga reports. The firm currently has an equal weight rating on the real estate investment trust’s stock.

A number of other research analysts also recently issued reports on DRH. LADENBURG THALM/SH SH increased their price objective on DiamondRock Hospitality from $13.00 to $14.00 and gave the stock a “buy” rating in a report on Thursday, June 18th. Stifel Nicolaus set a $12.25 target price on DiamondRock Hospitality in a research note on Thursday, June 4th. Truist Financial upped their price target on DiamondRock Hospitality from $11.00 to $12.00 and gave the stock a “buy” rating in a research report on Tuesday, May 26th. Wells Fargo & Company raised their price target on shares of DiamondRock Hospitality from $11.00 to $12.00 and gave the stock an “equal weight” rating in a research note on Monday, June 1st. Finally, Barclays lifted their price objective on shares of DiamondRock Hospitality from $10.00 to $12.00 and gave the company an “equal weight” rating in a report on Monday, June 1st. Three investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $11.69.

DiamondRock Hospitality Stock Performance

DRH opened at $12.55 on Friday. The company has a market capitalization of $2.57 billion, a price-to-earnings ratio of 50.20, a P/E/G ratio of 4.50 and a beta of 0.98. The business’s 50-day moving average price is $11.58 and its two-hundred day moving average price is $10.36. DiamondRock Hospitality has a 1 year low of $7.45 and a 1 year high of $12.56. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.64 and a quick ratio of 1.64.

DiamondRock Hospitality Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 14th. Shareholders of record on Tuesday, June 30th were given a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend was Tuesday, June 30th. DiamondRock Hospitality’s dividend payout ratio is 76.60%.

Insiders Place Their Bets

In other news, Director Michael A. Hartmeier sold 20,000 shares of DiamondRock Hospitality stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $10.46, for a total value of $209,200.00. Following the completion of the transaction, the director owned 95,354 shares of the company’s stock, valued at $997,402.84. This trade represents a 17.34% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Kathleen Merrill sold 20,000 shares of DiamondRock Hospitality stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $11.88, for a total transaction of $237,600.00. Following the completion of the transaction, the director directly owned 84,335 shares of the company’s stock, valued at approximately $1,001,899.80. This trade represents a 19.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.90% of the company’s stock.

Institutional Investors Weigh In On DiamondRock Hospitality

Hedge funds have recently bought and sold shares of the company. Allworth Financial LP boosted its stake in shares of DiamondRock Hospitality by 146.0% during the 4th quarter. Allworth Financial LP now owns 2,859 shares of the real estate investment trust’s stock worth $26,000 after acquiring an additional 1,697 shares during the period. First Horizon Corp increased its holdings in shares of DiamondRock Hospitality by 54.9% during the 4th quarter. First Horizon Corp now owns 3,214 shares of the real estate investment trust’s stock worth $29,000 after acquiring an additional 1,139 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in DiamondRock Hospitality by 77.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 3,436 shares of the real estate investment trust’s stock valued at $31,000 after acquiring an additional 1,498 shares during the period. Global Retirement Partners LLC raised its stake in DiamondRock Hospitality by 12,114.7% in the 4th quarter. Global Retirement Partners LLC now owns 4,153 shares of the real estate investment trust’s stock valued at $37,000 after acquiring an additional 4,119 shares during the period. Finally, Danske Bank A S acquired a new stake in DiamondRock Hospitality during the 3rd quarter valued at $33,000.

About DiamondRock Hospitality

DiamondRock Hospitality Company is a real estate investment trust (REIT) that acquires, owns and manages a diversified portfolio of upscale, full-service hotels in urban gateway markets across the United States. Established in 2004 and headquartered in Bethesda, Maryland, the company focuses on investing in high-quality lodging properties that cater to both business and leisure travelers. Its assets are positioned in key metropolitan areas, enabling DiamondRock to benefit from strong demand drivers such as corporate travel, group conventions and resort leisure stays.

The company’s portfolio includes full-service hotels offering a broad range of amenities, including guest rooms, on-site food and beverage outlets, meeting and event space, fitness centers and spa services.