DiamondRock Hospitality (NYSE:DRH) Given New $13.00 Price Target at Wells Fargo & Company

DiamondRock Hospitality (NYSE:DRH) had its price objective boosted by Wells Fargo & Company from $12.00 to $13.00 in a research note released on Thursday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the real estate investment trust’s stock.

A number of other equities research analysts have also commented on the stock. Citigroup upped their price target on shares of DiamondRock Hospitality from $11.00 to $13.00 and gave the company a “neutral” rating in a report on Wednesday. Barclays upped their price target on DiamondRock Hospitality from $10.00 to $12.00 and gave the company an “equal weight” rating in a research report on Monday, June 1st. Stifel Nicolaus set a $12.25 price objective on DiamondRock Hospitality in a research report on Thursday, June 4th. Morgan Stanley lifted their price target on shares of DiamondRock Hospitality from $9.60 to $10.00 and gave the company an “equal weight” rating in a report on Friday, July 17th. Finally, Truist Financial lifted their target price on shares of DiamondRock Hospitality from $11.00 to $12.00 and gave the company a “buy” rating in a research note on Tuesday, May 26th. Four equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $12.12.

DiamondRock Hospitality Stock Performance

NYSE:DRH opened at $12.67 on Thursday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.64 and a current ratio of 1.64. DiamondRock Hospitality has a fifty-two week low of $7.45 and a fifty-two week high of $13.05. The firm has a market cap of $2.59 billion, a PE ratio of 50.68, a price-to-earnings-growth ratio of 4.50 and a beta of 0.98. The business has a 50 day moving average price of $11.76 and a 200-day moving average price of $10.46.

DiamondRock Hospitality Announces Dividend

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

Insiders Place Their Bets

In related news, Director Michael A. Hartmeier sold 20,000 shares of the company’s stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $10.46, for a total value of $209,200.00. Following the transaction, the director owned 95,354 shares in the company, valued at $997,402.84. The trade was a 17.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Kathleen Merrill sold 20,000 shares of the company’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 completion of the transaction, the director owned 84,335 shares in the company, 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. Corporate insiders own 0.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. State Street Corp increased its position in shares of DiamondRock Hospitality by 0.8% during the second quarter. State Street Corp now owns 12,587,578 shares of the real estate investment trust’s stock valued at $97,400,000 after acquiring an additional 93,929 shares in the last quarter. Bank of America Corp DE lifted its position in DiamondRock Hospitality by 17.5% in the 2nd quarter. Bank of America Corp DE now owns 9,231,991 shares of the real estate investment trust’s stock valued at $70,717,000 after acquiring an additional 1,377,897 shares in the last quarter. Alyeska Investment Group L.P. boosted its stake in DiamondRock Hospitality by 5.5% during the 3rd quarter. Alyeska Investment Group L.P. now owns 9,152,343 shares of the real estate investment trust’s stock valued at $72,853,000 after purchasing an additional 475,611 shares during the last quarter. Centersquare Investment Management LLC boosted its stake in DiamondRock Hospitality by 3.2% during the 4th quarter. Centersquare Investment Management LLC now owns 7,780,988 shares of the real estate investment trust’s stock valued at $69,718,000 after purchasing an additional 244,013 shares during the last quarter. Finally, Cohen & Steers Inc. bought a new stake in shares of DiamondRock Hospitality in the 4th quarter worth $59,231,000.

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.