Zacks Investment Research cut shares of Diamondrock Hospitality Company (NYSE:DRH) from a buy rating to a hold rating in a research note issued to investors on Monday, October 16th.
According to Zacks, “DiamondRock Hospitality Company is a self-advised real estate company that owns, acquires and invests in upper upscale and upscale hotel properties located primarily in North America. To a lesser extent, it may invest, on a selective basis, in premium limited-service and extended-stay hotel properties in urban locations. The Company has a strategic acquisition sourcing relationship with Marriott International. “
DRH has been the subject of a number of other research reports. KeyCorp reissued a hold rating on shares of Diamondrock Hospitality in a report on Sunday, September 24th. Stifel Nicolaus reissued a buy rating and issued a $12.00 target price on shares of Diamondrock Hospitality in a report on Thursday, September 21st. Robert W. Baird set a $12.00 target price on shares of Diamondrock Hospitality and gave the stock a buy rating in a report on Sunday, September 10th. Canaccord Genuity reissued a buy rating and issued a $13.00 target price on shares of Diamondrock Hospitality in a report on Monday, August 7th. Finally, BidaskClub raised shares of Diamondrock Hospitality from a sell rating to a hold rating in a report on Thursday, August 3rd. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the stock. The company has a consensus rating of Hold and a consensus target price of $12.00.
Diamondrock Hospitality (DRH) opened at 10.88 on Monday. The firm has a 50-day moving average of $10.87 and a 200 day moving average of $11.14. The company has a market cap of $2.18 billion, a PE ratio of 22.02 and a beta of 1.39. Diamondrock Hospitality has a 52-week low of $8.73 and a 52-week high of $12.08.
Diamondrock Hospitality (NYSE:DRH) last announced its quarterly earnings data on Monday, August 7th. The real estate investment trust reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.01. The firm had revenue of $243.30 million for the quarter, compared to the consensus estimate of $240.73 million. Diamondrock Hospitality had a net margin of 11.47% and a return on equity of 5.41%. The business’s revenue for the quarter was up 1.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.31 earnings per share. Equities research analysts expect that Diamondrock Hospitality will post $0.43 earnings per share for the current fiscal year.
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The company also recently declared a quarterly dividend, which was paid on Thursday, October 12th. Shareholders of record on Friday, September 29th were issued a dividend of $0.125 per share. The ex-dividend date was Thursday, September 28th. This represents a $0.50 annualized dividend and a yield of 4.60%. Diamondrock Hospitality’s payout ratio is 102.04%.
In other Diamondrock Hospitality news, Director Maureen L. Mcavey sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $11.20, for a total transaction of $67,200.00. Following the completion of the transaction, the director now owns 81,030 shares in the company, valued at approximately $907,536. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.10% of the stock is currently owned by company insiders.
Hedge funds have recently made changes to their positions in the company. Meeder Asset Management Inc. acquired a new stake in shares of Diamondrock Hospitality during the 1st quarter worth approximately $116,000. Ronald Blue & Co. LLC grew its position in Diamondrock Hospitality by 1.0% in the 2nd quarter. Ronald Blue & Co. LLC now owns 11,203 shares of the real estate investment trust’s stock valued at $123,000 after purchasing an additional 116 shares during the period. Piedmont Investment Advisors LLC acquired a new stake in Diamondrock Hospitality in the 1st quarter valued at $134,000. HRT Financial LLC acquired a new stake in Diamondrock Hospitality in the 2nd quarter valued at $142,000. Finally, World Asset Management Inc grew its position in Diamondrock Hospitality by 2.2% in the 2nd quarter. World Asset Management Inc now owns 13,047 shares of the real estate investment trust’s stock valued at $143,000 after purchasing an additional 282 shares during the period.
About Diamondrock Hospitality
DiamondRock Hospitality Company is a real estate investment trust (REIT). As of December 31, 2016, the Company owned a portfolio of 26 hotels and resorts that contains 9,472 guest rooms located in 17 different markets in North America and the United States Virgin Islands. Its business is to acquire, own, asset manage and renovate hotel properties in the United States.
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