DiamondRock Hospitality (NYSE:DRH) Sets New 52-Week High After Analyst Upgrade

Shares of DiamondRock Hospitality Company (NYSE:DRH) reached a new 52-week high during trading on Friday after Morgan Stanley raised their price target on the stock from $9.60 to $10.00. Morgan Stanley currently has an equal weight rating on the stock. DiamondRock Hospitality traded as high as $12.56 and last traded at $12.55, with a volume of 3048503 shares traded. The stock had previously closed at $12.28.

Other equities research analysts have also recently issued research reports about the company. Citigroup raised their price objective on DiamondRock Hospitality from $9.50 to $11.00 and gave the stock a “neutral” rating in a report on Wednesday, May 6th. LADENBURG THALM/SH SH upped their target price on DiamondRock Hospitality from $13.00 to $14.00 and gave the company a “buy” rating in a research note on Thursday, June 18th. Truist Financial increased their target price on DiamondRock Hospitality from $11.00 to $12.00 and gave the stock a “buy” rating in a research report on Tuesday, May 26th. Wells Fargo & Company raised 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. Finally, Barclays lifted their price target on DiamondRock Hospitality from $10.00 to $12.00 and gave the company an “equal weight” rating in a report on Monday, June 1st. Three equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $11.69.

Insiders Place Their Bets

In related news, Director Michael A. Hartmeier sold 20,000 shares of the stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $10.46, for a total value of $209,200.00. Following the transaction, the director directly owned 95,354 shares of the company’s stock, valued at approximately $997,402.84. This trade represents a 17.34% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Kathleen Merrill sold 20,000 shares of DiamondRock Hospitality stock in a transaction on Friday, June 12th. The shares were sold at an average price of $11.88, for a total value of $237,600.00. Following the completion of the transaction, the director owned 84,335 shares in the company, valued at $1,001,899.80. The trade was a 19.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.90% of the company’s stock.

Hedge Funds Weigh In On DiamondRock Hospitality

Several hedge funds and other institutional investors have recently modified their holdings of the company. Allworth Financial LP increased its position in DiamondRock Hospitality by 146.0% during the 4th quarter. Allworth Financial LP now owns 2,859 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 1,697 shares in the last quarter. First Horizon Corp lifted its position in DiamondRock Hospitality by 54.9% during the fourth quarter. First Horizon Corp now owns 3,214 shares of the real estate investment trust’s stock valued at $29,000 after buying an additional 1,139 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in DiamondRock Hospitality by 77.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 3,436 shares of the real estate investment trust’s stock worth $31,000 after buying an additional 1,498 shares during the period. Danske Bank A S acquired a new stake in shares of DiamondRock Hospitality in the third quarter worth $33,000. Finally, Global Retirement Partners LLC increased its position in shares of DiamondRock Hospitality by 12,114.7% in the fourth quarter. Global Retirement Partners LLC now owns 4,153 shares of the real estate investment trust’s stock worth $37,000 after acquiring an additional 4,119 shares in the last quarter.

DiamondRock Hospitality Stock Performance

The stock’s 50 day moving average price is $11.58 and its 200 day moving average price is $10.35. The company has a current ratio of 1.64, a quick ratio of 1.64 and a debt-to-equity ratio of 0.70. The firm has a market cap of $2.57 billion, a PE ratio of 50.20, a P/E/G ratio of 4.50 and a beta of 0.98.

DiamondRock Hospitality Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 14th. Investors of record on Tuesday, June 30th were issued a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 2.9%. The ex-dividend date was Tuesday, June 30th. DiamondRock Hospitality’s dividend payout ratio is currently 76.60%.

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.