DiamondRock Hospitality (NYSE:DRH) Given New $10.50 Price Target at Wells Fargo & Company

DiamondRock Hospitality (NYSE:DRH) had its target price hoisted by Wells Fargo & Company from $10.00 to $10.50 in a research note released on Monday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the real estate investment trust’s stock.

DRH has been the topic of a number of other research reports. StockNews.com raised shares of DiamondRock Hospitality from a “sell” rating to a “hold” rating in a report on Tuesday, November 12th. Evercore ISI cut DiamondRock Hospitality from an “outperform” rating to an “inline” rating and set a $10.50 target price on the stock. in a research note on Friday, November 15th. Stifel Nicolaus lowered DiamondRock Hospitality from a “buy” rating to a “hold” rating and dropped their price target for the stock from $10.75 to $10.25 in a research note on Friday, November 22nd. Finally, Truist Financial cut their price objective on DiamondRock Hospitality from $11.00 to $10.00 and set a “hold” rating for the company in a report on Wednesday, September 4th. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $10.38.

DiamondRock Hospitality Stock Up 0.5 %

DRH stock opened at $9.63 on Monday. The company’s 50 day moving average is $9.04 and its 200 day moving average is $8.62. The stock has a market cap of $2.00 billion, a price-to-earnings ratio of 34.39, a price-to-earnings-growth ratio of 5.58 and a beta of 1.60. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 0.66. DiamondRock Hospitality has a 1-year low of $7.74 and a 1-year high of $10.00.

DiamondRock Hospitality Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 14th. Shareholders of record on Tuesday, December 31st will be given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 13.29%. This is a positive change from DiamondRock Hospitality’s previous quarterly dividend of $0.03. DiamondRock Hospitality’s dividend payout ratio is presently 42.86%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Quarry LP boosted its holdings in 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 valued at $33,000 after acquiring an additional 3,769 shares during the period. Headlands Technologies LLC purchased a new stake in shares of DiamondRock Hospitality during the second quarter valued at approximately $42,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of DiamondRock Hospitality by 35.1% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,153 shares of the real estate investment trust’s stock worth $73,000 after purchasing an additional 2,116 shares during the last quarter. Harbor Capital Advisors Inc. purchased a new position in shares of DiamondRock Hospitality in the third quarter worth $74,000. Finally, Choreo LLC bought a new stake in DiamondRock Hospitality during the 2nd quarter valued at $89,000.

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.