Bank of America Boosts DiamondRock Hospitality (NYSE:DRH) Price Target to $13.00

DiamondRock Hospitality (NYSE:DRH) had its target price hoisted by stock analysts at Bank of America from $12.50 to $13.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the real estate investment trust’s stock. Bank of America‘s price target would suggest a potential upside of 0.23% from the company’s current price.

Several other equities analysts also recently commented on DRH. Barclays upped their price target on shares of DiamondRock Hospitality from $10.00 to $12.00 and gave the company an “equal weight” rating in a research note on Monday, June 1st. Citigroup boosted their price objective on shares of DiamondRock Hospitality from $9.50 to $11.00 and gave the company a “neutral” rating in a report on Wednesday, May 6th. Truist Financial increased their target price on shares of DiamondRock Hospitality from $11.00 to $12.00 and gave the stock a “buy” rating in a research report on Tuesday, May 26th. 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, Morgan Stanley raised their target price on shares of DiamondRock Hospitality from $9.60 to $10.00 and gave the stock an “equal weight” rating in a report on Friday, July 17th. Four research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat, DiamondRock Hospitality currently has an average rating of “Hold” and a consensus target price of $11.82.

DiamondRock Hospitality Stock Up 1.7%

DRH stock opened at $12.97 on Monday. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.64 and a quick ratio of 1.64. The stock has a market capitalization of $2.65 billion, a price-to-earnings ratio of 51.88, a PEG ratio of 4.50 and a beta of 0.98. The business’s fifty day moving average price is $11.67 and its two-hundred day moving average price is $10.41. DiamondRock Hospitality has a fifty-two week low of $7.45 and a fifty-two week high of $13.00.

Insiders Place Their Bets

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

Hedge Funds Weigh In On DiamondRock Hospitality

Hedge funds and other institutional investors have recently made changes to their positions in the company. Cohen & Steers Inc. bought a new stake in shares of DiamondRock Hospitality during the 4th quarter worth approximately $59,231,000. SG Americas Securities LLC increased its stake in DiamondRock Hospitality by 106.1% in the first quarter. SG Americas Securities LLC now owns 4,172,671 shares of the real estate investment trust’s stock valued at $39,098,000 after acquiring an additional 2,147,881 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its position in DiamondRock Hospitality by 907.2% during the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,292,360 shares of the real estate investment trust’s stock valued at $20,540,000 after purchasing an additional 2,064,760 shares in the last quarter. Qube Research & Technologies Ltd raised its position in DiamondRock Hospitality by 469.0% during the third quarter. Qube Research & Technologies Ltd now owns 2,002,863 shares of the real estate investment trust’s stock valued at $15,943,000 after purchasing an additional 1,650,871 shares in the last quarter. Finally, Bank of America Corp DE raised its position in DiamondRock Hospitality by 17.5% during the second quarter. Bank of America Corp DE now owns 9,231,991 shares of the real estate investment trust’s stock valued at $70,717,000 after purchasing an additional 1,377,897 shares in the last quarter.

About DiamondRock Hospitality

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.