Citigroup Issues Positive Forecast for DiamondRock Hospitality (NYSE:DRH) Stock Price

DiamondRock Hospitality (NYSE:DRH) had its price objective hoisted by Citigroup from $11.00 to $13.00 in a research report report published on Wednesday morning,Benzinga reports. They currently have a neutral rating on the real estate investment trust’s stock.

A number of other analysts have also weighed in on DRH. Wells Fargo & Company upped their target price on shares of DiamondRock Hospitality from $11.00 to $12.00 and gave the stock an “equal weight” rating in a report on Monday, June 1st. LADENBURG THALM/SH SH raised their price target 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. Barclays boosted their price target on shares of DiamondRock Hospitality from $10.00 to $12.00 and gave the company an “equal weight” rating in a research report on Monday, June 1st. Morgan Stanley upped their price target on shares of DiamondRock Hospitality from $9.60 to $10.00 and gave the stock an “equal weight” rating in a report on Friday, July 17th. Finally, Truist Financial increased their price objective on DiamondRock Hospitality from $11.00 to $12.00 and gave the stock a “buy” rating in a research report on Tuesday, May 26th. Four equities research 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, the company currently has an average rating of “Hold” and a consensus target price of $12.03.

DiamondRock Hospitality Trading Down 0.5%

Shares of DiamondRock Hospitality stock opened at $12.90 on Wednesday. DiamondRock Hospitality has a 12-month low of $7.45 and a 12-month high of $13.05. The company has a market cap of $2.64 billion, a price-to-earnings ratio of 51.60, a PEG ratio of 4.50 and a beta of 0.98. The company has a current ratio of 1.64, a quick ratio of 1.64 and a debt-to-equity ratio of 0.70. The company’s 50-day moving average price is $11.72 and its 200-day moving average price is $10.44.

DiamondRock Hospitality Dividend Announcement

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

Insider Buying and Selling

In related news, Director Michael A. Hartmeier sold 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $10.46, for a total value of $209,200.00. Following the sale, 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 sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Kathleen Merrill sold 20,000 shares of DiamondRock Hospitality stock in a transaction that occurred 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 ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Allworth Financial LP raised its position in DiamondRock Hospitality by 146.0% during the fourth quarter. Allworth Financial LP now owns 2,859 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 1,697 shares in the last quarter. First Horizon Corp lifted its stake in 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 worth $29,000 after purchasing an additional 1,139 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of 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 in the last quarter. Danske Bank A S purchased a new position in shares of DiamondRock Hospitality in the 3rd quarter worth about $33,000. Finally, Global Retirement Partners LLC increased its position in shares of DiamondRock Hospitality by 12,114.7% during the 4th quarter. Global Retirement Partners LLC now owns 4,153 shares of the real estate investment trust’s stock valued at $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.