Stifel Nicolaus Cuts DiamondRock Hospitality (NYSE:DRH) Price Target to $8.00

DiamondRock Hospitality (NYSE:DRH) had its price target decreased by Stifel Nicolaus from $9.75 to $8.00 in a report released on Wednesday,Benzinga reports. Stifel Nicolaus currently has a hold rating on the real estate investment trust’s stock.

Separately, Wells Fargo & Company reduced their target price on DiamondRock Hospitality from $10.50 to $9.50 and set an “equal weight” rating for the company in a report on Tuesday, February 18th. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $9.60.

DiamondRock Hospitality Trading Up 2.1 %

NYSE:DRH opened at $6.97 on Wednesday. The company has a market cap of $1.45 billion, a P/E ratio of 24.88, a P/E/G ratio of 2.06 and a beta of 1.38. DiamondRock Hospitality has a 1 year low of $6.19 and a 1 year high of $10.00. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.73 and a quick ratio of 1.73. The stock’s fifty day moving average price is $7.80 and its two-hundred day moving average price is $8.61.

DiamondRock Hospitality Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Friday, March 28th were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, March 28th. This is a positive change from DiamondRock Hospitality’s previous quarterly dividend of $0.03. This represents a $0.32 annualized dividend and a yield of 4.59%. DiamondRock Hospitality’s payout ratio is presently 188.24%.

Institutional Trading of DiamondRock Hospitality

A number of hedge funds have recently made changes to their positions in the stock. Bank of America Corp DE raised its position in DiamondRock Hospitality by 78.8% during the fourth quarter. Bank of America Corp DE now owns 6,953,022 shares of the real estate investment trust’s stock valued at $62,786,000 after purchasing an additional 3,064,117 shares in the last quarter. Cbre Investment Management Listed Real Assets LLC purchased a new position in shares of DiamondRock Hospitality during the 4th quarter valued at about $14,889,000. Alyeska Investment Group L.P. lifted its position in DiamondRock Hospitality by 16.3% in the 4th quarter. Alyeska Investment Group L.P. now owns 8,576,077 shares of the real estate investment trust’s stock worth $77,442,000 after buying an additional 1,201,955 shares during the last quarter. Lasalle Investment Management Securities LLC purchased a new stake in DiamondRock Hospitality in the fourth quarter worth approximately $9,982,000. Finally, GRS Advisors LLC bought a new position in DiamondRock Hospitality during the fourth quarter valued at approximately $9,919,000.

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.