DiamondRock Hospitality (NYSE:DRH) Price Target Cut to $9.50

DiamondRock Hospitality (NYSE:DRH) had its price target cut by Wells Fargo & Company from $10.00 to $9.50 in a report published on Monday, Benzinga reports. They currently have an overweight rating on the real estate investment trust’s stock.

DRH has been the subject of several other research reports. StockNews.com assumed coverage on shares of DiamondRock Hospitality in a report on Thursday, October 5th. They issued a sell rating for the company. Morgan Stanley upped their target price on shares of DiamondRock Hospitality from $8.50 to $9.00 and gave the company an equal weight rating in a report on Tuesday, November 7th. Finally, Truist Financial lowered their target price on shares of DiamondRock Hospitality from $11.00 to $10.00 and set a hold rating for the company in a report on Friday, September 15th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of Hold and an average price target of $9.50.

DiamondRock Hospitality Trading Down 1.4 %

NYSE DRH opened at $8.32 on Monday. The company has a quick ratio of 1.82, a current ratio of 1.82 and a debt-to-equity ratio of 0.71. DiamondRock Hospitality has a 52 week low of $7.14 and a 52 week high of $10.02. The stock has a market capitalization of $1.74 billion, a PE ratio of 21.32 and a beta of 1.62. The firm has a 50 day moving average of $8.01 and a two-hundred day moving average of $8.04.

DiamondRock Hospitality Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 12th. Investors of record on Friday, September 29th were paid a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a yield of 1.44%. The ex-dividend date of this dividend was Thursday, September 28th. DiamondRock Hospitality’s dividend payout ratio is currently 30.77%.

Institutional Trading of DiamondRock Hospitality

A number of large investors have recently bought and sold shares of DRH. Duality Advisers LP raised its position in DiamondRock Hospitality by 60.5% during the 2nd quarter. Duality Advisers LP now owns 103,411 shares of the real estate investment trust’s stock worth $828,000 after buying an additional 38,966 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its holdings in shares of DiamondRock Hospitality by 10.9% in the 1st quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 121,733 shares of the real estate investment trust’s stock valued at $990,000 after purchasing an additional 11,936 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of DiamondRock Hospitality by 76.6% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 50,603 shares of the real estate investment trust’s stock valued at $405,000 after purchasing an additional 21,953 shares in the last quarter. Bank Pictet & Cie Europe AG purchased a new position in shares of DiamondRock Hospitality in the 2nd quarter valued at about $261,000. Finally, Harbor Investment Advisory LLC increased its holdings in shares of DiamondRock Hospitality by 33.5% in the 2nd quarter. Harbor Investment Advisory LLC now owns 6,449 shares of the real estate investment trust’s stock valued at $52,000 after purchasing an additional 1,620 shares in the last quarter.

About DiamondRock Hospitality

DiamondRock Hospitality Company is a self-advised real estate investment trust (REIT) that is an owner of a leading portfolio of geographically diversified hotels concentrated in leisure destinations and top gateway markets. The Company currently owns 36 premium quality hotels with over 9,700 rooms. The Company has strategically positioned its portfolio to be operated both under leading global brand families as well as independent boutique hotels in the lifestyle segment.