DiamondRock Hospitality (NYSE:DRH) Given New $10.00 Price Target at Morgan Stanley

DiamondRock Hospitality (NYSE:DRH) had its target price raised by stock analysts at Morgan Stanley from $9.60 to $10.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has an “equal weight” rating on the real estate investment trust’s stock. Morgan Stanley’s price target suggests a potential downside of 18.93% from the stock’s previous close.

Other equities analysts also recently issued reports about the stock. Truist Financial increased their price objective 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. Citigroup boosted their price objective on shares of DiamondRock Hospitality from $9.50 to $11.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 6th. Stifel Nicolaus set a $12.25 target price on DiamondRock Hospitality in a research report on Thursday, June 4th. Wells Fargo & Company raised their price target on shares of DiamondRock Hospitality from $11.00 to $12.00 and gave the company an “equal weight” rating in a report on Monday, June 1st. Finally, LADENBURG THALM/SH SH increased their target price on shares of DiamondRock Hospitality from $13.00 to $14.00 and gave the company a “buy” rating in a research report on Thursday, June 18th. Three equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $11.69.

DiamondRock Hospitality Stock Up 0.4%

Shares of DRH stock traded up $0.06 on Friday, hitting $12.34. The stock had a trading volume of 782,265 shares, compared to its average volume of 2,299,747. DiamondRock Hospitality has a one year low of $7.45 and a one year high of $12.54. The business has a 50 day moving average price of $11.54 and a 200 day moving average price of $10.33. The company has a market cap of $2.52 billion, a PE ratio of 49.34, a P/E/G ratio of 4.50 and a beta of 0.98. The company has a quick ratio of 1.64, a current ratio of 1.64 and a debt-to-equity ratio of 0.70.

Insider Transactions at DiamondRock Hospitality

In other news, Director Kathleen Merrill sold 20,000 shares of the company’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 owned 84,335 shares in the company, valued at $1,001,899.80. This represents a 19.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Michael A. Hartmeier sold 20,000 shares of the 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 completion of the transaction, the director directly owned 95,354 shares of the company’s stock, valued at $997,402.84. The trade was a 17.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On DiamondRock Hospitality

A number of large investors have recently made changes to their positions in DRH. Hudson Bay Capital Management LP purchased a new stake in DiamondRock Hospitality during the 3rd quarter valued at about $9,098,000. UBS Group AG raised its stake in shares of DiamondRock Hospitality by 49.9% in the fourth 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. SG Americas Securities LLC lifted its holdings in shares of DiamondRock Hospitality by 881.7% during the fourth quarter. SG Americas Securities LLC now owns 2,024,790 shares of the real estate investment trust’s stock worth $18,142,000 after purchasing an additional 1,818,527 shares during the period. Louisiana State Employees Retirement System acquired a new stake in shares of DiamondRock Hospitality during the first quarter worth about $846,000. Finally, Strs Ohio boosted its position in DiamondRock Hospitality by 300.0% in the first 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 during the last quarter.

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.