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

DiamondRock Hospitality (NYSE:DRH) had its price target boosted by Bank of America from $12.50 to $13.00 in a report issued on Monday,Benzinga reports. They currently have a buy rating on the real estate investment trust’s stock.

Several other research firms have also issued reports on DRH. Morgan Stanley increased their target price on DiamondRock Hospitality from $9.60 to $10.00 and gave the stock an “equal weight” rating in a report on Friday, July 17th. Truist Financial upped their price objective on shares of DiamondRock Hospitality from $11.00 to $12.00 and gave the stock a “buy” rating in a research report on Tuesday, May 26th. Stifel Nicolaus set a $12.25 price objective on shares of DiamondRock Hospitality in a research note on Thursday, June 4th. LADENBURG THALM/SH SH raised their target price on shares of DiamondRock Hospitality from $13.00 to $14.00 and gave the company a “buy” rating in a report on Thursday, June 18th. Finally, Barclays raised their target price on shares of DiamondRock Hospitality from $10.00 to $12.00 and gave the company an “equal weight” rating in a report on Monday, June 1st. Four investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $12.03.

DiamondRock Hospitality Trading Down 0.5%

Shares of NYSE:DRH opened at $12.90 on Monday. The business’s 50 day simple moving average is $11.72 and its 200 day simple moving average is $10.44. DiamondRock Hospitality has a 1 year low of $7.45 and a 1 year high of $13.05. 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 $2.64 billion, a P/E ratio of 51.60, a P/E/G ratio of 4.50 and a beta of 0.98.

DiamondRock Hospitality Announces Dividend

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

Insiders Place Their Bets

In other news, Director Michael A. Hartmeier sold 20,000 shares of the business’s 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 completion of the transaction, the director owned 95,354 shares of the company’s stock, valued at approximately $997,402.84. The trade was a 17.34% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kathleen Merrill sold 20,000 shares of the company’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $11.88, for a total value 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. This represents a 19.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of DRH. AQR Capital Management LLC lifted its holdings in shares of DiamondRock Hospitality by 223.2% in the first quarter. AQR Capital Management LLC now owns 65,376 shares of the real estate investment trust’s stock worth $505,000 after acquiring an additional 45,146 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of DiamondRock Hospitality by 5.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 123,672 shares of the real estate investment trust’s stock valued at $955,000 after purchasing an additional 5,971 shares during the last quarter. United Services Automobile Association bought a new stake in shares of DiamondRock Hospitality during the 1st quarter valued at approximately $91,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in DiamondRock Hospitality by 3.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,327,841 shares of the real estate investment trust’s stock worth $10,251,000 after purchasing an additional 48,558 shares in the last quarter. Finally, Creative Planning acquired a new position in DiamondRock Hospitality during the 2nd quarter worth approximately $99,000.

About DiamondRock Hospitality

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.