DiamondRock Hospitality (NYSE:DRH) Sees Strong Trading Volume

DiamondRock Hospitality (NYSE:DRH) saw an uptick in trading volume on Monday . 2,597,899 shares were traded during trading, an increase of 64% from the previous session’s volume of 1,581,820 shares.The stock last traded at $9.45 and had previously closed at $9.28.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on DRH. StockNews.com downgraded shares of DiamondRock Hospitality from a “hold” rating to a “sell” rating in a report on Saturday, February 3rd. Truist Financial boosted their price target on shares of DiamondRock Hospitality from $10.00 to $11.00 and gave the stock a “hold” rating in a report on Thursday, March 14th. Wells Fargo & Company boosted their price target on shares of DiamondRock Hospitality from $9.00 to $10.00 and gave the stock an “equal weight” rating in a report on Friday, December 22nd. Stifel Nicolaus boosted their price target on shares of DiamondRock Hospitality from $10.00 to $10.50 and gave the stock a “buy” rating in a report on Friday, February 23rd. Finally, Wolfe Research assumed coverage on shares of DiamondRock Hospitality in a report on Wednesday, January 10th. They issued an “outperform” rating and a $11.00 price target on the stock. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $10.30.

DiamondRock Hospitality Stock Down 3.4 %

The stock has a 50 day moving average of $9.39 and a 200-day moving average of $8.93. The firm has a market capitalization of $1.89 billion, a P/E ratio of 24.97 and a beta of 1.60. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.00 and a current ratio of 2.00.

DiamondRock Hospitality (NYSE:DRH) last announced its quarterly earnings data on Friday, February 23rd. The real estate investment trust reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.14). DiamondRock Hospitality had a net margin of 8.03% and a return on equity of 5.29%. The firm had revenue of $263.50 million during the quarter, compared to the consensus estimate of $261.45 million. During the same quarter in the prior year, the firm posted $0.23 earnings per share. The company’s revenue was up 3.3% on a year-over-year basis. Research analysts predict that DiamondRock Hospitality will post 0.96 earnings per share for the current fiscal year.

DiamondRock Hospitality Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 29th were given a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a dividend yield of 1.33%. The ex-dividend date was Wednesday, March 27th. DiamondRock Hospitality’s dividend payout ratio is presently 33.33%.

Institutional Investors Weigh In On DiamondRock Hospitality

Several hedge funds and other institutional investors have recently modified their holdings of DRH. Vanguard Group Inc. increased its position in shares of DiamondRock Hospitality by 3.2% in the third quarter. Vanguard Group Inc. now owns 36,970,154 shares of the real estate investment trust’s stock worth $277,647,000 after purchasing an additional 1,162,193 shares during the last quarter. State Street Corp increased its position in shares of DiamondRock Hospitality by 0.5% in the second quarter. State Street Corp now owns 13,603,078 shares of the real estate investment trust’s stock worth $111,681,000 after purchasing an additional 64,600 shares during the last quarter. Pzena Investment Management LLC increased its position in shares of DiamondRock Hospitality by 9.1% in the third quarter. Pzena Investment Management LLC now owns 9,720,155 shares of the real estate investment trust’s stock worth $78,053,000 after purchasing an additional 810,972 shares during the last quarter. Macquarie Group Ltd. increased its position in shares of DiamondRock Hospitality by 2.1% in the first quarter. Macquarie Group Ltd. now owns 6,878,975 shares of the real estate investment trust’s stock worth $55,926,000 after purchasing an additional 140,057 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of DiamondRock Hospitality by 5.5% in the third quarter. JPMorgan Chase & Co. now owns 5,645,248 shares of the real estate investment trust’s stock worth $45,331,000 after purchasing an additional 294,365 shares during the last quarter.

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.