Diamondrock Hospitality Company (DRH) Declares Quarterly Dividend of $0.13
Diamondrock Hospitality Company (NYSE:DRH) announced a quarterly dividend on Monday, September 18th, NASDAQ reports. Stockholders of record on Friday, September 29th will be given a dividend of 0.125 per share by the real estate investment trust on Thursday, October 12th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 4.60%. The ex-dividend date is Thursday, September 28th.
Diamondrock Hospitality has increased its dividend payment by an average of 14.3% per year over the last three years. Diamondrock Hospitality has a payout ratio of 50.0% meaning its dividend is sufficiently covered by earnings. Analysts expect Diamondrock Hospitality to earn $1.01 per share next year, which means the company should continue to be able to cover its $0.50 annual dividend with an expected future payout ratio of 49.5%.
Shares of Diamondrock Hospitality (NYSE DRH) opened at 10.87 on Tuesday. Diamondrock Hospitality has a 52-week low of $8.73 and a 52-week high of $12.08. The firm has a market capitalization of $2.18 billion, a PE ratio of 22.00 and a beta of 1.39. The stock’s 50 day moving average price is $10.99 and its 200-day moving average price is $11.14.
Diamondrock Hospitality (NYSE:DRH) last issued its earnings results on Monday, August 7th. The real estate investment trust reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.01. Diamondrock Hospitality had a net margin of 11.47% and a return on equity of 5.41%. The company had revenue of $243.30 million for the quarter, compared to analyst estimates of $240.73 million. During the same period in the prior year, the business posted $0.31 earnings per share. The firm’s revenue for the quarter was up 1.2% compared to the same quarter last year. Equities research analysts anticipate that Diamondrock Hospitality will post $0.46 EPS for the current fiscal year.
In other news, Director Maureen L. Mcavey sold 6,000 shares of the stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $11.20, for a total value of $67,200.00. Following the sale, the director now directly owns 81,030 shares in the company, valued at $907,536. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.10% of the stock is owned by corporate insiders.
Several research analysts have weighed in on DRH shares. Zacks Investment Research upgraded shares of Diamondrock Hospitality from a “hold” rating to a “buy” rating and set a $13.00 target price on the stock in a research report on Monday, May 29th. BidaskClub upgraded shares of Diamondrock Hospitality from a “hold” rating to a “buy” rating in a research report on Wednesday, June 14th. Canaccord Genuity restated a “buy” rating and set a $13.00 target price on shares of Diamondrock Hospitality in a research report on Monday, August 7th. Stifel Nicolaus restated a “buy” rating on shares of Diamondrock Hospitality in a research report on Thursday, August 10th. Finally, Robert W. Baird set a $12.00 target price on shares of Diamondrock Hospitality and gave the stock a “buy” rating in a research report on Sunday, September 10th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $11.60.
About Diamondrock Hospitality
DiamondRock Hospitality Company is a real estate investment trust (REIT). As of December 31, 2016, the Company owned a portfolio of 26 hotels and resorts that contains 9,472 guest rooms located in 17 different markets in North America and the United States Virgin Islands. Its business is to acquire, own, asset manage and renovate hotel properties in the United States.
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