DiamondRock Hospitality (NYSE:DRH) Sets New 1-Year High – Here’s What Happened

DiamondRock Hospitality Company (NYSE:DRH) hit a new 52-week high during mid-day trading on Tuesday. The company traded as high as $14.72 and last traded at $14.70, with a volume of 2,213,933 shares traded. The stock had previously closed at $14.36.

Analyst Upgrades and Downgrades

DRH has been the topic of a number of recent analyst reports. Barclays upped their target price on shares of DiamondRock Hospitality from $12.00 to $14.00 and gave the company an “equal weight” rating in a research note on Thursday, August 27th. Truist Financial raised their target price on shares of DiamondRock Hospitality from $12.00 to $15.00 and gave the stock a “buy” rating in a report on Thursday, September 10th. Citigroup increased their price target on DiamondRock Hospitality from $11.00 to $13.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 22nd. Bank of America raised their price target on DiamondRock Hospitality from $12.50 to $13.00 and gave the stock a “buy” rating in a report on Monday, July 20th. Finally, Stifel Nicolaus boosted their price objective on DiamondRock Hospitality from $12.50 to $13.25 and gave the company a “hold” rating in a research report on Friday, July 31st. Four investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $13.03.

DiamondRock Hospitality Stock Up 2.4%

The company has a quick ratio of 1.64, a current ratio of 1.64 and a debt-to-equity ratio of 0.70. The stock’s 50 day moving average is $12.97 and its 200 day moving average is $11.45. The firm has a market cap of $3.01 billion, a price-to-earnings ratio of 58.80, a price-to-earnings-growth ratio of 4.50 and a beta of 1.04.

DiamondRock Hospitality (NYSE:DRH) last announced its quarterly earnings data on Tuesday, November 3rd. The real estate investment trust reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.01. DiamondRock Hospitality had a return on equity of 4.04% and a net margin of 5.69%. The business had revenue of $297.60 million during the quarter, compared to analyst estimates of $292.08 million. During the same quarter in the prior year, the firm posted $0.29 earnings per share. The company’s revenue was up 4.3% on a year-over-year basis. Analysts forecast that DiamondRock Hospitality Company will post 0.96 EPS for the current year.

Hedge Funds Weigh In On DiamondRock Hospitality

A number of hedge funds and other institutional investors have recently modified their holdings of DRH. BlackRock Inc. purchased a new position in shares of DiamondRock Hospitality in the second quarter worth approximately $475,282,000. Bank of America Corp DE acquired a new position in DiamondRock Hospitality in the second quarter worth approximately $129,710,000. Dimensional Fund Advisors LP increased its position in DiamondRock Hospitality by 1.3% during the first quarter. Dimensional Fund Advisors LP now owns 2,972,171 shares of the real estate investment trust’s stock worth $27,850,000 after buying an additional 37,482 shares during the last quarter. Pzena Investment Management LLC acquired a new stake in DiamondRock Hospitality in the 2nd quarter worth approximately $34,464,000. Finally, Arrowstreet Capital Limited Partnership boosted its holdings in shares of DiamondRock Hospitality by 4.0% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,412,052 shares of the real estate investment trust’s stock worth $22,601,000 after buying an additional 91,672 shares during the period.

About DiamondRock Hospitality

DiamondRock Hospitality Company is a self-advised real estate investment trust focused on owning upscale hotels and resorts in the United States. The company’s properties serve both business and leisure travelers and are managed by third-party hotel operators. Its portfolio includes hotels in major urban and gateway markets as well as leisure destinations. Properties operate under a range of well-known hotel brands, including Marriott, Hilton and Hyatt, alongside independent brands. DiamondRock was founded in 2004 and became a publicly traded company in 2005.