DiamondRock Hospitality (NYSE:DRH) Plans Quarterly Dividend of $0.08

DiamondRock Hospitality (NYSE:DRH) announced a quarterly dividend on Thursday, February 27th, Wall Street Journal reports. Shareholders of record on Friday, March 28th will be paid a dividend of 0.08 per share by the real estate investment trust on Friday, April 11th. This represents a $0.32 dividend on an annualized basis and a yield of 3.90%. The ex-dividend date of this dividend is Friday, March 28th. This is an increase from DiamondRock Hospitality’s previous quarterly dividend of $0.03.

DiamondRock Hospitality has a dividend payout ratio of 191.7% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect DiamondRock Hospitality to earn $1.02 per share next year, which means the company should continue to be able to cover its $0.92 annual dividend with an expected future payout ratio of 90.2%.

DiamondRock Hospitality Stock Performance

DRH stock opened at $8.21 on Friday. DiamondRock Hospitality has a 1-year low of $7.74 and a 1-year high of $10.00. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 0.66. The stock has a 50-day moving average price of $8.78 and a 200-day moving average price of $8.87. The firm has a market cap of $1.70 billion, a PE ratio of 29.33, a price-to-earnings-growth ratio of 2.06 and a beta of 1.57.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Wells Fargo & Company dropped their price target on DiamondRock Hospitality from $10.50 to $9.50 and set an “equal weight” rating on the stock in a research note on Tuesday, February 18th. StockNews.com upgraded shares of DiamondRock Hospitality from a “sell” rating to a “hold” rating in a research report on Tuesday, November 12th. Stifel Nicolaus cut shares of DiamondRock Hospitality from a “buy” rating to a “hold” rating and reduced their price target for the stock from $10.75 to $10.25 in a report on Friday, November 22nd. Finally, Evercore ISI lowered shares of DiamondRock Hospitality from an “outperform” rating to an “inline” rating and set a $10.50 price objective on the stock. in a report on Friday, November 15th. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $10.05.

DiamondRock Hospitality Company Profile

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.