Zacks Investment Research upgraded shares of DiamondRock Hospitality (NYSE:DRH) from a hold rating to a buy rating in a report issued on Wednesday, Zacks.com reports. They currently have $12.00 price objective on the real estate investment trust’s stock.
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 several other research reports. Wells Fargo & Co raised Centurylink from a market perform rating to an outperform rating and raised their price objective for the company from $12.00 to $14.00 in a research report on Wednesday, June 26th. ValuEngine lowered Zumiez from a hold rating to a sell rating in a research report on Tuesday, July 2nd. Four analysts have rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the stock. DiamondRock Hospitality has an average rating of Hold and an average target price of $10.19.
NYSE:DRH traded down $0.24 during trading hours on Wednesday, hitting $10.08. The company had a trading volume of 1,264,500 shares, compared to its average volume of 2,362,240. The firm has a market cap of $2.09 billion, a P/E ratio of 9.88, a PEG ratio of 2.01 and a beta of 1.39. The company’s 50-day simple moving average is $10.20. DiamondRock Hospitality has a 52 week low of $8.69 and a 52 week high of $12.39. The company has a quick ratio of 1.54, a current ratio of 1.54 and a debt-to-equity ratio of 0.62.
DiamondRock Hospitality (NYSE:DRH) last released its quarterly earnings results on Wednesday, May 8th. The real estate investment trust reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.14). The company had revenue of $202.38 million during the quarter, compared to the consensus estimate of $194.62 million. DiamondRock Hospitality had a net margin of 10.44% and a return on equity of 4.90%. The business’s revenue was up 11.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.17 EPS. On average, sell-side analysts forecast that DiamondRock Hospitality will post 1.03 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will be given a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 4.96%. The ex-dividend date of this dividend is Thursday, June 27th. DiamondRock Hospitality’s dividend payout ratio is presently 49.02%.
In other DiamondRock Hospitality news, Director Maureen L. Mcavey sold 8,000 shares of the business’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $10.36, for a total value of $82,880.00. Following the completion of the transaction, the director now owns 91,688 shares of the company’s stock, valued at approximately $949,887.68. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.90% of the stock is owned by insiders.
Large investors have recently modified their holdings of the business. Bank of Montreal Can grew its stake in shares of DiamondRock Hospitality by 2.3% during the 1st quarter. Bank of Montreal Can now owns 47,249 shares of the real estate investment trust’s stock valued at $511,000 after purchasing an additional 1,072 shares during the period. Eqis Capital Management Inc. grew its stake in shares of DiamondRock Hospitality by 7.9% during the 1st quarter. Eqis Capital Management Inc. now owns 17,211 shares of the real estate investment trust’s stock valued at $186,000 after acquiring an additional 1,257 shares during the period. Eii Capital Management Inc. grew its stake in shares of DiamondRock Hospitality by 1.5% during the 2nd quarter. Eii Capital Management Inc. now owns 90,775 shares of the real estate investment trust’s stock valued at $939,000 after acquiring an additional 1,305 shares during the period. Piedmont Investment Advisors Inc. grew its stake in shares of DiamondRock Hospitality by 2.8% during the 1st quarter. Piedmont Investment Advisors Inc. now owns 50,873 shares of the real estate investment trust’s stock valued at $551,000 after acquiring an additional 1,405 shares during the period. Finally, Oregon Public Employees Retirement Fund grew its stake in shares of DiamondRock Hospitality by 1.8% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 80,527 shares of the real estate investment trust’s stock valued at $872,000 after acquiring an additional 1,455 shares during the period.
About DiamondRock Hospitality
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 top gateway markets and destination resort locations. The Company owns 31 premium quality hotels with over 10,000 rooms. The Company has strategically positioned its hotels to be operated both under leading global brand families such as Hilton and Marriott as well as unique boutique hotels in the lifestyle segment.
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