DiamondRock Hospitality (NYSE:DRH) Releases FY24 Earnings Guidance

DiamondRock Hospitality (NYSE:DRH) issued an update on its FY24 earnings guidance on Monday morning. The company provided earnings per share guidance of $0.88-1.02 for the period, compared to the consensus earnings per share estimate of $0.95. DiamondRock Hospitality also updated its FY 2024 guidance to 0.880-1.020 EPS.

DiamondRock Hospitality Trading Up 0.4 %

NYSE:DRH opened at $9.32 on Tuesday. DiamondRock Hospitality has a 1 year low of $7.33 and a 1 year high of $9.99. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.00 and a current ratio of 2.00. The stock has a fifty day moving average price of $9.40 and a two-hundred day moving average price of $8.92. The stock has a market capitalization of $1.96 billion, a price-to-earnings ratio of 25.88 and a beta of 1.60.

DiamondRock Hospitality (NYSE:DRH) last posted its earnings results on Friday, February 23rd. The real estate investment trust reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.14). The firm had revenue of $263.50 million during the quarter, compared to analyst estimates of $261.45 million. DiamondRock Hospitality had a net margin of 8.03% and a return on equity of 5.29%. The firm’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same period last year, the company posted $0.23 EPS. As a group, sell-side analysts anticipate that DiamondRock Hospitality will post 0.96 earnings per share for the current fiscal year.

DiamondRock Hospitality Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 29th were paid a $0.03 dividend. This represents a $0.12 annualized dividend and a yield of 1.29%. The ex-dividend date was Wednesday, March 27th. DiamondRock Hospitality’s payout ratio is 33.33%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on DRH shares. StockNews.com downgraded shares of DiamondRock Hospitality from a hold rating to a sell rating in a report on Saturday, February 3rd. Stifel Nicolaus raised their target price on shares of DiamondRock Hospitality from $10.00 to $10.50 and gave the company a buy rating in a research note on Friday, February 23rd. Wells Fargo & Company raised their price objective on DiamondRock Hospitality from $9.00 to $10.00 and gave the company an equal weight rating in a research report on Friday, December 22nd. Wolfe Research began coverage on DiamondRock Hospitality in a research note on Wednesday, January 10th. They set an outperform rating and a $11.00 price objective on the stock. Finally, Truist Financial increased their target price on DiamondRock Hospitality from $10.00 to $11.00 and gave the company a hold rating in a research note on Thursday, March 14th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Hold and an average target price of $10.30.

Hedge Funds Weigh In On DiamondRock Hospitality

Institutional investors and hedge funds have recently made changes to their positions in the business. Tower Research Capital LLC TRC raised its position in shares of DiamondRock Hospitality by 711.7% during the 1st quarter. Tower Research Capital LLC TRC now owns 7,119 shares of the real estate investment trust’s stock valued at $58,000 after acquiring an additional 6,242 shares in the last quarter. Advisor Partners II LLC acquired a new stake in shares of DiamondRock Hospitality during the first quarter worth $83,000. Creative Planning acquired a new stake in DiamondRock Hospitality during the fourth quarter worth about $101,000. Brevan Howard Capital Management LP bought a new position in shares of DiamondRock Hospitality during the fourth quarter valued at approximately $101,000. Finally, LPL Financial LLC raised its position in shares of DiamondRock Hospitality by 10.2% during the 2nd quarter. LPL Financial LLC now owns 13,698 shares of the real estate investment trust’s stock worth $110,000 after purchasing an additional 1,266 shares during the period.

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.