DiamondRock Hospitality (NYSE:DRH) Sets New 1-Year High – Here’s What Happened

DiamondRock Hospitality Company (NYSE:DRH)’s share price hit a new 52-week high during trading on Wednesday . The stock traded as high as $9.56 and last traded at $9.6470, with a volume of 2473819 shares changing hands. The stock had previously closed at $9.18.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Truist Financial upgraded shares of DiamondRock Hospitality from a “hold” rating to a “buy” rating and upped their price target for the company from $10.00 to $11.00 in a research note on Friday, January 9th. Deutsche Bank Aktiengesellschaft raised shares of DiamondRock Hospitality from a “hold” rating to a “buy” rating and boosted their price objective for the company from $10.00 to $12.00 in a report on Tuesday, January 13th. Morgan Stanley reduced their target price on DiamondRock Hospitality from $9.00 to $8.50 and set an “equal weight” rating for the company in a research note on Wednesday, October 22nd. Evercore ISI boosted their price target on DiamondRock Hospitality from $9.00 to $10.00 and gave the company an “in-line” rating in a research note on Thursday, November 20th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of DiamondRock Hospitality in a report on Wednesday, October 8th. Three equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, DiamondRock Hospitality currently has an average rating of “Hold” and an average price target of $9.91.

DiamondRock Hospitality Stock Up 3.5%

The company has a quick ratio of 1.64, a current ratio of 1.64 and a debt-to-equity ratio of 0.70. The company has a market capitalization of $1.94 billion, a price-to-earnings ratio of 38.00, a P/E/G ratio of 4.50 and a beta of 1.03. The business’s 50-day moving average is $9.07 and its 200-day moving average is $8.42.

DiamondRock Hospitality (NYSE:DRH) last announced its quarterly earnings results on Thursday, November 6th. The real estate investment trust reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.04. The company had revenue of $285.38 million for the quarter, compared to the consensus estimate of $277.45 million. DiamondRock Hospitality had a return on equity of 4.04% and a net margin of 5.69%.The firm’s revenue for the quarter was up .1% compared to the same quarter last year. During the same period last year, the firm earned $0.27 EPS. DiamondRock Hospitality has set its FY 2025 guidance at 1.020-1.06 EPS. As a group, equities analysts predict that DiamondRock Hospitality Company will post 0.96 earnings per share for the current year.

DiamondRock Hospitality Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 14th. Shareholders of record on Wednesday, December 31st were issued a $0.08 dividend. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $0.32 dividend on an annualized basis and a yield of 3.4%. DiamondRock Hospitality’s payout ratio is presently 128.00%.

Institutional Investors Weigh In On DiamondRock Hospitality

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. State Street Corp lifted its stake in shares of DiamondRock Hospitality by 0.8% in the 2nd quarter. State Street Corp now owns 12,587,578 shares of the real estate investment trust’s stock valued at $97,400,000 after purchasing an additional 93,929 shares during the period. Bank of America Corp DE grew its position in DiamondRock Hospitality by 17.5% during the second quarter. Bank of America Corp DE now owns 9,231,991 shares of the real estate investment trust’s stock valued at $70,717,000 after buying an additional 1,377,897 shares during the period. Alyeska Investment Group L.P. increased its holdings in DiamondRock Hospitality by 5.5% in the third quarter. Alyeska Investment Group L.P. now owns 9,152,343 shares of the real estate investment trust’s stock valued at $72,853,000 after buying an additional 475,611 shares in the last quarter. Pzena Investment Management LLC raised its position in shares of DiamondRock Hospitality by 2.1% in the second quarter. Pzena Investment Management LLC now owns 8,785,278 shares of the real estate investment trust’s stock worth $67,295,000 after acquiring an additional 181,610 shares during the period. Finally, Centersquare Investment Management LLC boosted its stake in shares of DiamondRock Hospitality by 6.0% during the 3rd quarter. Centersquare Investment Management LLC now owns 7,536,975 shares of the real estate investment trust’s stock worth $59,994,000 after acquiring an additional 427,467 shares in the last quarter.

DiamondRock Hospitality Company Profile

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.