Citigroup Forecasts Strong Price Appreciation for DiamondRock Hospitality (NYSE:DRH) Stock

DiamondRock Hospitality (NYSE:DRH) had its target price raised by equities research analysts at Citigroup from $11.00 to $13.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the real estate investment trust’s stock. Citigroup’s price target points to a potential upside of 0.50% from the company’s previous close.

DRH has been the topic of several other research reports. Wells Fargo & Company upped their price objective on DiamondRock Hospitality from $11.00 to $12.00 and gave the company an “equal weight” rating in a research note on Monday, June 1st. Truist Financial lifted their target price on DiamondRock Hospitality from $11.00 to $12.00 and gave the stock a “buy” rating in a research note on Tuesday, May 26th. Bank of America boosted their target price on DiamondRock Hospitality from $12.50 to $13.00 and gave the stock a “buy” rating in a report on Monday. Morgan Stanley increased their price target on DiamondRock Hospitality from $9.60 to $10.00 and gave the company an “equal weight” rating in a research note on Friday, July 17th. Finally, Stifel Nicolaus set a $12.25 price target on DiamondRock Hospitality in a report on Thursday, June 4th. Four research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $12.03.

DiamondRock Hospitality Stock Performance

NYSE:DRH traded down $0.04 during mid-day trading on Wednesday, hitting $12.94. The stock had a trading volume of 353,865 shares, compared to its average volume of 2,320,253. DiamondRock Hospitality has a twelve month low of $7.45 and a twelve month high of $13.03. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.64 and a current ratio of 1.64. The stock has a market cap of $2.65 billion, a price-to-earnings ratio of 51.74, a PEG ratio of 4.50 and a beta of 0.98. The company’s 50 day simple moving average is $11.67 and its 200 day simple moving average is $10.41.

Insider Buying and Selling at DiamondRock Hospitality

In other news, Director Kathleen Merrill sold 20,000 shares of the business’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $11.88, for a total value of $237,600.00. Following the completion of the sale, the director owned 84,335 shares of the company’s stock, valued at approximately $1,001,899.80. The trade was a 19.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Michael A. Hartmeier sold 20,000 shares of the business’s stock in a transaction dated 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 sale, the director directly owned 95,354 shares of the company’s stock, valued at approximately $997,402.84. The trade was a 17.34% decrease in their position. The SEC filing for this sale provides additional information. 0.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On DiamondRock Hospitality

A number of hedge funds have recently bought and sold shares of DRH. Allworth Financial LP boosted its holdings in DiamondRock Hospitality by 146.0% in the 4th quarter. Allworth Financial LP now owns 2,859 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 1,697 shares during the period. First Horizon Corp raised its position 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 valued at $29,000 after buying an additional 1,139 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in shares of DiamondRock Hospitality by 77.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 3,436 shares of the real estate investment trust’s stock valued at $31,000 after buying an additional 1,498 shares in the last quarter. Danske Bank A S bought a new stake in shares of DiamondRock Hospitality in the third quarter valued at approximately $33,000. Finally, Global Retirement Partners LLC grew its position in DiamondRock Hospitality by 12,114.7% during the fourth quarter. Global Retirement Partners LLC now owns 4,153 shares of the real estate investment trust’s stock worth $37,000 after buying an additional 4,119 shares in the last quarter.

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.