DiamondRock Hospitality (NYSE:DRH) Reaches New 1-Year High After Analyst Upgrade

DiamondRock Hospitality Company (NYSE:DRH)’s stock price reached a new 52-week high during mid-day trading on Thursday after Citigroup raised their price target on the stock from $11.00 to $13.00. Citigroup currently has a neutral rating on the stock. DiamondRock Hospitality traded as high as $13.05 and last traded at $12.90, with a volume of 2397795 shares changing hands. The stock had previously closed at $12.97.

DRH has been the subject of several other reports. Bank of America increased their price target on DiamondRock Hospitality from $12.50 to $13.00 and gave the company a “buy” rating in a research report on Monday. Barclays boosted their price target on DiamondRock Hospitality from $10.00 to $12.00 and gave the stock an “equal weight” rating in a research report on Monday, June 1st. Stifel Nicolaus set a $12.25 price objective on DiamondRock Hospitality in a research note on Thursday, June 4th. Morgan Stanley increased their price objective on DiamondRock Hospitality from $9.60 to $10.00 and gave the company an “equal weight” rating in a report on Friday, July 17th. Finally, Truist Financial raised their target price on shares of DiamondRock Hospitality from $11.00 to $12.00 and gave the company a “buy” rating in a research note on Tuesday, May 26th. Four investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $12.03.

Insider Activity

In other news, Director Kathleen Merrill sold 20,000 shares of the business’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 transaction, the director directly owned 84,335 shares in the company, valued at $1,001,899.80. The trade was a 19.17% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 transaction of $209,200.00. Following the completion of the sale, the director directly owned 95,354 shares in the company, valued at approximately $997,402.84. The trade was a 17.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.90% of the stock is owned by insiders.

Institutional Trading of DiamondRock Hospitality

Hedge funds have recently made changes to their positions in the business. UBS Group AG lifted its holdings in DiamondRock Hospitality by 49.9% during the 4th quarter. UBS Group AG now owns 2,627,787 shares of the real estate investment trust’s stock worth $23,545,000 after purchasing an additional 874,536 shares during the last quarter. Louisiana State Employees Retirement System bought a new stake in DiamondRock Hospitality in the 1st quarter valued at $846,000. SG Americas Securities LLC grew its holdings in DiamondRock Hospitality by 881.7% in the 4th quarter. SG Americas Securities LLC now owns 2,024,790 shares of the real estate investment trust’s stock valued at $18,142,000 after buying an additional 1,818,527 shares in the last quarter. Strs Ohio grew its holdings in DiamondRock Hospitality by 300.0% in the 1st quarter. Strs Ohio now owns 145,600 shares of the real estate investment trust’s stock valued at $1,361,000 after buying an additional 109,200 shares in the last quarter. Finally, Tudor Investment Corp ET AL acquired a new position in DiamondRock Hospitality in the 3rd quarter valued at $450,000.

DiamondRock Hospitality Stock Down 0.5%

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 stock has a market cap of $2.64 billion, a P/E ratio of 51.60, a PEG ratio of 4.50 and a beta of 0.98. The firm has a 50-day simple moving average of $11.72 and a two-hundred day simple moving average of $10.44.

DiamondRock Hospitality Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 14th. Investors of record on Tuesday, June 30th were paid a $0.09 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $0.36 annualized dividend and a dividend yield of 2.8%. DiamondRock Hospitality’s dividend payout ratio is 76.60%.

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.