DiamondRock Hospitality (NYSE:DRH) Hits New 52-Week High Following Analyst Upgrade

DiamondRock Hospitality Company (NYSE:DRH) hit a new 52-week high during mid-day 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 changing hands. The stock had previously closed at $12.28.

Several other research analysts also recently weighed in on DRH. Wells Fargo & Company increased 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, June 1st. 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 report on Tuesday, May 26th. Citigroup boosted their price target on shares of DiamondRock Hospitality from $9.50 to $11.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 6th. Stifel Nicolaus set a $12.25 target price on DiamondRock Hospitality in a research report on Thursday, June 4th. Finally, Barclays upped their target price on DiamondRock Hospitality from $10.00 to $12.00 and gave the stock an “equal weight” rating in a report on Monday, June 1st. Three research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $11.69.

Insider Buying and Selling

In other DiamondRock Hospitality news, Director Kathleen Merrill sold 20,000 shares of the firm’s stock in a transaction that occurred on 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 transaction, the director directly owned 84,335 shares of the company’s stock, valued at approximately $1,001,899.80. This trade represents a 19.17% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Michael A. Hartmeier sold 20,000 shares of DiamondRock Hospitality stock in a transaction that occurred on Wednesday, May 13th. The shares were 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 of the company’s stock, valued at approximately $997,402.84. The trade was a 17.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.90% of the company’s stock.

Institutional Investors Weigh In On DiamondRock Hospitality

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

DiamondRock Hospitality Price Performance

The company has a fifty day moving average of $11.54 and a 200-day moving average of $10.33. 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 $2.57 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 firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 14th. Shareholders of record on Tuesday, June 30th were given a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend was Tuesday, June 30th. DiamondRock Hospitality’s dividend payout ratio (DPR) is presently 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.