DiamondRock Hospitality Co. (DRH) Stock Price Up 5.7%
Shares of DiamondRock Hospitality Co. (NYSE:DRH) rose 5.7% on Friday . The stock traded as high as $9.97 and last traded at $9.96, with a volume of 2,138,274 shares changing hands. The stock had previously closed at $9.42.
DRH has been the topic of several research reports. TheStreet raised DiamondRock Hospitality from a “hold” rating to a “buy” rating in a research report on Tuesday, July 19th. Canaccord Genuity reaffirmed a “buy” rating and set a $12.00 price objective on shares of DiamondRock Hospitality in a research report on Friday, May 6th. Zacks Investment Research cut DiamondRock Hospitality from a “hold” rating to a “strong sell” rating in a research report on Tuesday, July 19th. Janney Montgomery Scott initiated coverage on DiamondRock Hospitality in a research report on Monday, May 23rd. They set a “neutral” rating and a $9.50 price objective on the stock. Finally, Deutsche Bank AG reissued a “hold” rating and issued a $11.00 price target on shares of DiamondRock Hospitality in a research report on Sunday, June 26th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $11.27.
The stock’s 50-day moving average is $9.51 and its 200-day moving average is $9.16. The firm has a market cap of $2.02 billion and a price-to-earnings ratio of 22.04.
DiamondRock Hospitality (NYSE:DRH) last issued its earnings results on Friday, August 5th. The real estate investment trust reported $0.31 EPS for the quarter, missing the Zacks’ consensus estimate of $0.33 by $0.02. The firm had revenue of $256.66 million for the quarter, compared to analyst estimates of $259.26 million. The business’s revenue for the quarter was up 2.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.31 earnings per share. Equities analysts anticipate that DiamondRock Hospitality Co. will post $1.04 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, July 12th. Stockholders of record on Thursday, June 30th were given a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 4.97%. The ex-dividend date of this dividend was Tuesday, June 28th.
Other institutional investors recently modified their holdings of the company. State of Tennessee Treasury Department bought a new position in shares of DiamondRock Hospitality during the fourth quarter worth approximately $1,499,000. New York State Common Retirement Fund raised its position in shares of DiamondRock Hospitality by 1.5% in the fourth quarter. New York State Common Retirement Fund now owns 231,012 shares of the real estate investment trust’s stock valued at $2,229,000 after buying an additional 3,400 shares during the last quarter. Rhumbline Advisers raised its position in shares of DiamondRock Hospitality by 2.6% in the fourth quarter. Rhumbline Advisers now owns 354,942 shares of the real estate investment trust’s stock valued at $3,425,000 after buying an additional 8,890 shares during the last quarter. Matarin Capital Management LLC acquired a new position in shares of DiamondRock Hospitality during the fourth quarter valued at about $3,538,000. Finally, California Public Employees Retirement System raised its position in shares of DiamondRock Hospitality by 1.9% in the fourth quarter. California Public Employees Retirement System now owns 599,178 shares of the real estate investment trust’s stock valued at $5,782,000 after buying an additional 11,100 shares during the last quarter.
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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