DiamondRock Hospitality (NYSE:DRH) to Issue $0.03 Quarterly Dividend

DiamondRock Hospitality (NYSE:DRH) declared a quarterly dividend on Monday, June 3rd, Zacks reports. Stockholders of record on Friday, June 28th will be paid a dividend of 0.03 per share by the real estate investment trust on Friday, July 12th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 1.43%. The ex-dividend date of this dividend is Friday, June 28th.

DiamondRock Hospitality has a payout ratio of 26.1% meaning its dividend is sufficiently covered by earnings. Equities analysts expect DiamondRock Hospitality to earn $1.02 per share next year, which means the company should continue to be able to cover its $0.12 annual dividend with an expected future payout ratio of 11.8%.

DiamondRock Hospitality Price Performance

NYSE:DRH traded down $0.08 during mid-day trading on Wednesday, reaching $8.37. 217,725 shares of the stock were exchanged, compared to its average volume of 1,865,802. The business has a fifty day moving average price of $8.89 and a 200 day moving average price of $9.08. The firm has a market capitalization of $1.76 billion, a PE ratio of 23.47, a PEG ratio of 6.30 and a beta of 1.59. DiamondRock Hospitality has a 1-year low of $7.33 and a 1-year high of $9.99. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 0.71.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Truist Financial increased their price target on DiamondRock Hospitality from $10.00 to $11.00 and gave the company a “hold” rating in a research report on Thursday, March 14th. Stifel Nicolaus increased their price target on DiamondRock Hospitality from $10.00 to $10.50 and gave the company a “buy” rating in a research report on Friday, February 23rd. Finally, StockNews.com upgraded DiamondRock Hospitality from a “sell” rating to a “hold” rating in a research report on Friday, May 3rd. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $10.30.

DiamondRock Hospitality Company Profile

DiamondRock Hospitality Company is a self-advised real estate investment trust (REIT) that is an owner of a leading portfolio of geographically diversified hotels concentrated in leisure destinations and top gateway markets. The Company currently owns 36 premium quality hotels with over 9,700 rooms. The Company has strategically positioned its portfolio to be operated both under leading global brand families as well as independent boutique hotels in the lifestyle segment.