DiamondRock Hospitality (NYSE:DRH) Hits New 52-Week High – What’s Next?

DiamondRock Hospitality Company (NYSE:DRH)’s stock price hit a new 52-week high on Tuesday. The stock traded as high as $14.72 and last traded at $14.70, with a volume of 2,213,933 shares changing hands. The stock had previously closed at $14.36.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on DRH shares. Morgan Stanley upped their price target on shares of DiamondRock Hospitality from $11.00 to $12.00 and gave the stock an “equal weight” rating in a research report on Monday, October 12th. Truist Financial raised their price objective on shares of DiamondRock Hospitality from $12.00 to $15.00 and gave the company a “buy” rating in a research report on Thursday, September 10th. Bank of America lifted their target price on shares of DiamondRock Hospitality from $12.50 to $13.00 and gave the company a “buy” rating in a research note on Monday, July 20th. Barclays upped their target price on shares of DiamondRock Hospitality from $12.00 to $14.00 and gave the stock an “equal weight” rating in a report on Thursday, August 27th. Finally, Wells Fargo & Company increased their price target on DiamondRock Hospitality from $13.00 to $14.00 and gave the stock an “equal weight” rating in a research note on Monday, October 26th. Four research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat, DiamondRock Hospitality presently has an average rating of “Hold” and a consensus target price of $13.03.

DiamondRock Hospitality Stock Down 1.8%

The company has a quick ratio of 1.64, a current ratio of 1.64 and a debt-to-equity ratio of 0.70. The company has a fifty day moving average price of $13.08 and a 200-day moving average price of $11.50. The stock has a market capitalization of $2.94 billion, a P/E ratio of 57.52, a PEG ratio of 4.50 and a beta of 1.04.

DiamondRock Hospitality (NYSE:DRH) last announced its quarterly earnings results on Tuesday, November 3rd. The real estate investment trust reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of $0.15 by $0.01. The company had revenue of $297.60 million during the quarter, compared to analyst estimates of $292.08 million. DiamondRock Hospitality had a return on equity of 4.04% and a net margin of 5.69%. The firm’s revenue was up 4.3% on a year-over-year basis. During the same period in the prior year, the company earned $0.29 earnings per share. As a group, research analysts forecast that DiamondRock Hospitality Company will post 0.96 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Resona Asset Management Co. Ltd. grew its stake in shares of DiamondRock Hospitality by 1.7% in the 3rd quarter. Resona Asset Management Co. Ltd. now owns 90,487 shares of the real estate investment trust’s stock worth $1,128,000 after buying an additional 1,496 shares in the last quarter. Focus Advisor Solutions LLC purchased a new stake in shares of DiamondRock Hospitality during the 3rd quarter valued at about $218,000. Landscape Capital Management L.L.C. raised its position in shares of DiamondRock Hospitality by 54.1% during the 3rd quarter. Landscape Capital Management L.L.C. now owns 73,130 shares of the real estate investment trust’s stock valued at $904,000 after buying an additional 25,688 shares in the last quarter. Global Retirement Partners LLC lifted its holdings in shares of DiamondRock Hospitality by 267.2% in the 3rd quarter. Global Retirement Partners LLC now owns 15,126 shares of the real estate investment trust’s stock valued at $187,000 after acquiring an additional 11,007 shares during the last quarter. Finally, Cibc World Market Inc. bought a new position in shares of DiamondRock Hospitality in the 3rd quarter valued at about $252,000.

About DiamondRock Hospitality

DiamondRock Hospitality Company is a self-advised real estate investment trust focused on owning upscale hotels and resorts in the United States. The company’s properties serve both business and leisure travelers and are managed by third-party hotel operators. Its portfolio includes hotels in major urban and gateway markets as well as leisure destinations. Properties operate under a range of well-known hotel brands, including Marriott, Hilton and Hyatt, alongside independent brands. DiamondRock was founded in 2004 and became a publicly traded company in 2005.