DiamondRock Hospitality (NYSE:DRH) Price Target Raised to $13.00

DiamondRock Hospitality (NYSE:DRH) had its price target raised by Wells Fargo & Company from $12.00 to $13.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an equal weight rating on the real estate investment trust’s stock.

Several other research firms have also weighed in on DRH. Citigroup upped their price objective on shares of DiamondRock Hospitality from $11.00 to $13.00 and gave the company a “neutral” rating in a research note on Wednesday. Bank of America lifted their target price on shares of DiamondRock Hospitality from $12.50 to $13.00 and gave the company a “buy” rating in a research note on Monday, July 20th. Truist Financial boosted their price target on shares of DiamondRock Hospitality from $11.00 to $12.00 and gave the company a “buy” rating in a report on Tuesday, May 26th. LADENBURG THALM/SH SH upped their price target on shares of DiamondRock Hospitality from $13.00 to $14.00 and gave the stock a “buy” rating in a research note on Thursday, June 18th. Finally, Barclays increased their price objective on DiamondRock Hospitality from $10.00 to $12.00 and gave the stock an “equal weight” rating in a report on Monday, June 1st. Four equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $12.12.

DiamondRock Hospitality Price Performance

NYSE DRH opened at $12.85 on Thursday. The company has a 50 day simple moving average of $11.81 and a 200-day simple moving average of $10.48. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.64 and a quick ratio of 1.64. The firm has a market capitalization of $2.63 billion, a price-to-earnings ratio of 51.40, a price-to-earnings-growth ratio of 4.50 and a beta of 0.98. DiamondRock Hospitality has a 52-week low of $7.45 and a 52-week high of $13.05.

DiamondRock Hospitality Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 14th. Investors of record on Tuesday, June 30th were issued a $0.09 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $0.36 dividend on an annualized basis and a yield of 2.8%. DiamondRock Hospitality’s dividend payout ratio is currently 76.60%.

Insider Activity at DiamondRock Hospitality

In other DiamondRock Hospitality news, Director Kathleen Merrill sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $11.88, for a total value of $237,600.00. Following the completion of the sale, the director directly owned 84,335 shares of the company’s stock, valued at $1,001,899.80. The trade was a 19.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Michael A. Hartmeier sold 20,000 shares of the stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $10.46, for a total transaction of $209,200.00. Following the transaction, the director owned 95,354 shares in the company, valued at approximately $997,402.84. This trade represents a 17.34% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On DiamondRock Hospitality

Several institutional investors and hedge funds have recently modified their holdings of the business. State Street Corp grew its position in shares of DiamondRock Hospitality by 0.8% in the second 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 last quarter. Bank of America Corp DE lifted its position in shares of DiamondRock Hospitality by 17.5% during the 2nd quarter. Bank of America Corp DE now owns 9,231,991 shares of the real estate investment trust’s stock worth $70,717,000 after purchasing an additional 1,377,897 shares during the last quarter. Alyeska Investment Group L.P. lifted its position in shares of DiamondRock Hospitality by 5.5% during the 3rd quarter. Alyeska Investment Group L.P. now owns 9,152,343 shares of the real estate investment trust’s stock worth $72,853,000 after purchasing an additional 475,611 shares during the last quarter. Centersquare Investment Management LLC boosted its stake in DiamondRock Hospitality by 3.2% during the 4th quarter. Centersquare Investment Management LLC now owns 7,780,988 shares of the real estate investment trust’s stock valued at $69,718,000 after purchasing an additional 244,013 shares during the period. Finally, Cohen & Steers Inc. bought a new stake in DiamondRock Hospitality during the 4th quarter valued at approximately $59,231,000.

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.