Brokerages Set DiamondRock Hospitality (NYSE:DRH) Target Price at $10.38

DiamondRock Hospitality (NYSE:DRH) has received a consensus rating of “Hold” from the five ratings firms that are currently covering the firm, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $10.38.

A number of brokerages have commented on DRH. Stifel Nicolaus lowered DiamondRock Hospitality from a “buy” rating to a “hold” rating and decreased their price objective for the company from $10.75 to $10.25 in a research report on Friday, November 22nd. Truist Financial decreased their target price on DiamondRock Hospitality from $11.00 to $10.00 and set a “hold” rating on the stock in a research report on Wednesday, September 4th. StockNews.com upgraded DiamondRock Hospitality from a “sell” rating to a “hold” rating in a report on Tuesday, November 12th. Wells Fargo & Company lifted their target price on DiamondRock Hospitality from $10.00 to $10.50 and gave the stock an “equal weight” rating in a report on Monday, December 9th. Finally, Evercore ISI downgraded shares of DiamondRock Hospitality from an “outperform” rating to an “inline” rating and set a $10.50 target price on the stock. in a research report on Friday, November 15th.

DiamondRock Hospitality Stock Performance

DRH stock opened at $9.21 on Wednesday. The stock has a market cap of $1.91 billion, a P/E ratio of 32.89, a P/E/G ratio of 5.65 and a beta of 1.60. The firm has a 50 day simple moving average of $9.20 and a 200 day simple moving average of $8.72. DiamondRock Hospitality has a 52 week low of $7.74 and a 52 week high of $10.00. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.73 and a current ratio of 1.73.

DiamondRock Hospitality Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 14th. Investors of record on Tuesday, December 31st will be issued a dividend of $0.32 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.28 annualized dividend and a yield of 13.90%. This is an increase from DiamondRock Hospitality’s previous quarterly dividend of $0.03. DiamondRock Hospitality’s dividend payout ratio is 42.86%.

Institutional Investors Weigh In On DiamondRock Hospitality

Institutional investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC lifted its position in shares of DiamondRock Hospitality by 0.5% during the 3rd quarter. Geode Capital Management LLC now owns 5,350,283 shares of the real estate investment trust’s stock valued at $46,716,000 after buying an additional 28,391 shares during the last quarter. Barclays PLC lifted its holdings in DiamondRock Hospitality by 37.6% during the third quarter. Barclays PLC now owns 368,616 shares of the real estate investment trust’s stock valued at $3,219,000 after purchasing an additional 100,805 shares during the last quarter. Orion Portfolio Solutions LLC boosted its position in DiamondRock Hospitality by 1.6% during the third quarter. Orion Portfolio Solutions LLC now owns 104,965 shares of the real estate investment trust’s stock worth $916,000 after purchasing an additional 1,652 shares during the period. Jane Street Group LLC increased its stake in shares of DiamondRock Hospitality by 73.0% in the third quarter. Jane Street Group LLC now owns 302,757 shares of the real estate investment trust’s stock worth $2,643,000 after purchasing an additional 127,717 shares in the last quarter. Finally, Wellington Management Group LLP raised its position in shares of DiamondRock Hospitality by 15.6% in the third quarter. Wellington Management Group LLP now owns 4,925,093 shares of the real estate investment trust’s stock valued at $42,996,000 after purchasing an additional 663,529 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.