DiamondRock Hospitality (NYSE:DRH) Price Target Raised to $13.00

DiamondRock Hospitality (NYSE:DRH) had its target price raised by equities research analysts at Bank of America from $12.50 to $13.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the real estate investment trust’s stock. Bank of America‘s price target would indicate a potential upside of 2.24% from the stock’s previous close.

Several other research analysts also recently weighed in on the company. Wells Fargo & Company increased their price target on DiamondRock Hospitality from $11.00 to $12.00 and gave the stock an “equal weight” rating in a research note on Monday, June 1st. Morgan Stanley boosted their price objective on DiamondRock Hospitality from $9.60 to $10.00 and gave the company an “equal weight” rating in a research note on Friday. Barclays upped their price objective on shares of DiamondRock Hospitality from $10.00 to $12.00 and gave the company an “equal weight” rating in a report on Monday, June 1st. LADENBURG THALM/SH SH increased their target price on shares of DiamondRock Hospitality from $13.00 to $14.00 and gave the stock a “buy” rating in a research report on Thursday, June 18th. Finally, Citigroup lifted their target price on shares of DiamondRock Hospitality from $9.50 to $11.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 6th. Four research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to MarketBeat, DiamondRock Hospitality has a consensus rating of “Hold” and an average price target of $11.82.

DiamondRock Hospitality Stock Performance

NYSE:DRH traded up $0.17 during trading hours on Monday, reaching $12.71. The stock had a trading volume of 1,494,883 shares, compared to its average volume of 2,310,639. The stock has a market cap of $2.60 billion, a P/E ratio of 50.78, a price-to-earnings-growth ratio of 4.50 and a beta of 0.98. The stock has a 50 day simple moving average of $11.58 and a 200 day simple moving average of $10.36. 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 12-month low of $7.45 and a 12-month high of $12.77.

Insider Activity

In other DiamondRock Hospitality news, Director Kathleen Merrill sold 20,000 shares of DiamondRock Hospitality 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 of the company’s stock, valued at $1,001,899.80. The trade was a 19.17% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, 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 sale, the director owned 95,354 shares in the company, valued at approximately $997,402.84. This represents a 17.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On DiamondRock Hospitality

Hedge funds have recently bought and sold shares of the company. Bank of America Corp DE increased its holdings in DiamondRock Hospitality by 7.2% during the 1st quarter. Bank of America Corp DE now owns 8,987,338 shares of the real estate investment trust’s stock worth $84,211,000 after acquiring an additional 606,962 shares during the period. Janus Henderson Group PLC grew its position in shares of DiamondRock Hospitality by 10.1% during the 1st quarter. Janus Henderson Group PLC now owns 1,312,694 shares of the real estate investment trust’s stock valued at $12,299,000 after purchasing an additional 119,921 shares in the last quarter. Amundi increased its holdings in shares of DiamondRock Hospitality by 30.9% in the first quarter. Amundi now owns 191,306 shares of the real estate investment trust’s stock worth $1,793,000 after purchasing an additional 45,198 shares during the period. California State Teachers Retirement System increased its holdings in shares of DiamondRock Hospitality by 30.2% in the first quarter. California State Teachers Retirement System now owns 249,084 shares of the real estate investment trust’s stock worth $2,334,000 after purchasing an additional 57,774 shares during the period. Finally, Quantinno Capital Management LP raised its position in shares of DiamondRock Hospitality by 43.2% in the first quarter. Quantinno Capital Management LP now owns 82,542 shares of the real estate investment trust’s stock worth $773,000 after buying an additional 24,889 shares in the last quarter.

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.