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

DiamondRock Hospitality (NYSE:DRH) had its price objective upped by Citigroup from $11.00 to $13.00 in a research note issued to investors on Wednesday morning,Benzinga reports. Citigroup currently has a neutral rating on the real estate investment trust’s stock.

Other analysts also recently issued research reports about the stock. Wells Fargo & Company raised their price target on shares of DiamondRock Hospitality from $11.00 to $12.00 and gave the stock an “equal weight” rating in a research report on Monday, June 1st. Stifel Nicolaus set a $12.25 target price on shares of DiamondRock Hospitality in a research note on Thursday, June 4th. Morgan Stanley increased their price target on shares of DiamondRock Hospitality from $9.60 to $10.00 and gave the stock an “equal weight” rating in a research report on Friday, July 17th. Barclays lifted their price target on DiamondRock Hospitality from $10.00 to $12.00 and gave the stock an “equal weight” rating in a research note on Monday, June 1st. Finally, LADENBURG THALM/SH SH boosted their price objective on DiamondRock Hospitality from $13.00 to $14.00 and gave the company a “buy” rating in a report on Thursday, June 18th. Four investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat.com, DiamondRock Hospitality presently has an average rating of “Hold” and a consensus target price of $12.12.

DiamondRock Hospitality Stock Performance

DiamondRock Hospitality stock opened at $12.85 on Wednesday. The firm’s fifty day moving average price is $11.81 and its 200 day moving average price is $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 company 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 12-month low of $7.45 and a 12-month high of $13.05.

DiamondRock Hospitality Dividend Announcement

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

Insiders Place Their Bets

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

Institutional Investors Weigh In On DiamondRock Hospitality

A number of institutional investors have recently modified their holdings of DRH. First Horizon Corp boosted its holdings in shares of DiamondRock Hospitality by 54.9% in the fourth quarter. First Horizon Corp now owns 3,214 shares of the real estate investment trust’s stock worth $29,000 after buying an additional 1,139 shares during the period. ProShare Advisors LLC raised its holdings in shares of DiamondRock Hospitality by 3.1% during the fourth quarter. ProShare Advisors LLC now owns 40,041 shares of the real estate investment trust’s stock valued at $359,000 after acquiring an additional 1,203 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of DiamondRock Hospitality by 32.5% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,990 shares of the real estate investment trust’s stock valued at $54,000 after acquiring an additional 1,470 shares during the period. EverSource Wealth Advisors LLC boosted its stake in DiamondRock Hospitality by 77.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 3,436 shares of the real estate investment trust’s stock worth $31,000 after purchasing an additional 1,498 shares during the period. Finally, Gallacher Capital Management LLC boosted its stake in DiamondRock Hospitality by 5.8% in the 1st quarter. Gallacher Capital Management LLC now owns 27,509 shares of the real estate investment trust’s stock worth $258,000 after purchasing an additional 1,504 shares during the period.

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.