Bank of America Issues Positive Forecast for DiamondRock Hospitality (NYSE:DRH) Stock Price

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

DRH has been the topic of a number of other research reports. Stifel Nicolaus set a $12.25 target price on shares of DiamondRock Hospitality in a report on Thursday, June 4th. Barclays lifted their price target on DiamondRock Hospitality from $10.00 to $12.00 and gave the company an “equal weight” rating in a research note on Monday, June 1st. Wells Fargo & Company boosted their price objective on DiamondRock Hospitality from $11.00 to $12.00 and gave the stock an “equal weight” rating in a report on Monday, June 1st. Morgan Stanley increased their price objective on DiamondRock Hospitality from $9.60 to $10.00 and gave the stock an “equal weight” rating in a research note on Friday. Finally, Truist Financial raised their target price on DiamondRock Hospitality from $11.00 to $12.00 and gave the company a “buy” rating in a report on Tuesday, May 26th. Four investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $11.82.

DiamondRock Hospitality Stock Up 1.6%

DiamondRock Hospitality stock opened at $12.75 on Monday. DiamondRock Hospitality has a 1-year low of $7.45 and a 1-year high of $12.77. The firm has a market capitalization of $2.61 billion, a price-to-earnings ratio of 51.00, a price-to-earnings-growth ratio of 4.50 and a beta of 0.98. The firm’s fifty day moving average price is $11.62 and its two-hundred day moving average price is $10.38. The company has a current ratio of 1.64, a quick ratio of 1.64 and a debt-to-equity ratio of 0.70.

DiamondRock Hospitality Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 14th. Stockholders 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 annualized dividend and a dividend yield of 2.8%. DiamondRock Hospitality’s dividend payout ratio is currently 76.60%.

Insider Activity

In related news, Director Michael A. Hartmeier sold 20,000 shares of the firm’s stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $10.46, for a total transaction of $209,200.00. Following the transaction, the director directly owned 95,354 shares of the company’s stock, valued at $997,402.84. This trade represents 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 dated Friday, June 12th. The stock was sold at an average price of $11.88, for a total transaction of $237,600.00. Following the transaction, the director owned 84,335 shares in the company, valued at approximately $1,001,899.80. This trade represents a 19.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.90% of the company’s stock.

Hedge Funds Weigh In On DiamondRock Hospitality

Several hedge funds have recently modified their holdings of the company. Allworth Financial LP grew its holdings in shares of DiamondRock Hospitality by 146.0% in the fourth quarter. Allworth Financial LP now owns 2,859 shares of the real estate investment trust’s stock valued at $26,000 after acquiring an additional 1,697 shares in the last quarter. First Horizon Corp increased its position in shares of DiamondRock Hospitality by 54.9% during the fourth quarter. First Horizon Corp now owns 3,214 shares of the real estate investment trust’s stock valued at $29,000 after acquiring an additional 1,139 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in DiamondRock Hospitality by 77.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 3,436 shares of the real estate investment trust’s stock worth $31,000 after acquiring an additional 1,498 shares during the period. Danske Bank A S bought a new stake in DiamondRock Hospitality during the third quarter worth $33,000. Finally, Global Retirement Partners LLC boosted its position in DiamondRock Hospitality by 12,114.7% in the fourth quarter. Global Retirement Partners LLC now owns 4,153 shares of the real estate investment trust’s stock worth $37,000 after purchasing an additional 4,119 shares during 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.