DiamondRock Hospitality (NYSE:DRH) Downgraded to “Inline” Rating by Evercore ISI

Evercore ISI lowered shares of DiamondRock Hospitality (NYSE:DRH) from an outperform rating to an inline rating in a research note published on Friday morning, Marketbeat.com reports. They currently have $10.50 price objective on the real estate investment trust’s stock.

Several other brokerages have also recently issued reports on DRH. Compass Point upgraded DiamondRock Hospitality from a “neutral” rating to a “buy” rating and set a $10.00 price objective for the company in a research note on Monday, August 5th. Truist Financial reduced their price target on shares of DiamondRock Hospitality from $11.00 to $10.00 and set a “hold” rating for the company in a research report on Wednesday, September 4th. StockNews.com raised shares of DiamondRock Hospitality from a “sell” rating to a “hold” rating in a report on Tuesday, November 12th. Finally, Wells Fargo & Company reduced their target price on shares of DiamondRock Hospitality from $9.50 to $9.00 and set an “equal weight” rating for the company in a report on Friday, September 13th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $10.17.

DiamondRock Hospitality Price Performance

NYSE DRH opened at $8.88 on Friday. The company has a market cap of $1.84 billion, a price-to-earnings ratio of 31.70, a PEG ratio of 5.16 and a beta of 1.60. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.73 and a quick ratio of 2.03. The stock’s fifty day moving average price is $8.85 and its 200 day moving average price is $8.54. DiamondRock Hospitality has a 1 year low of $7.74 and a 1 year high of $9.99.

DiamondRock Hospitality Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were issued a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a yield of 1.35%. The ex-dividend date was Monday, September 30th. DiamondRock Hospitality’s dividend payout ratio (DPR) is presently 42.86%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. State Street Corp grew its position in shares of DiamondRock Hospitality by 1.8% during the 3rd quarter. State Street Corp now owns 12,535,384 shares of the real estate investment trust’s stock valued at $109,806,000 after acquiring an additional 221,219 shares during the period. Pzena Investment Management LLC boosted its position in DiamondRock Hospitality by 3.6% during the third quarter. Pzena Investment Management LLC now owns 9,153,018 shares of the real estate investment trust’s stock worth $79,906,000 after purchasing an additional 317,901 shares in the last quarter. Rush Island Management LP purchased a new position in DiamondRock Hospitality during the third quarter worth approximately $51,726,000. Geode Capital Management LLC grew its holdings in DiamondRock Hospitality by 0.5% in the third quarter. Geode Capital Management LLC now owns 5,350,283 shares of the real estate investment trust’s stock valued at $46,716,000 after purchasing an additional 28,391 shares during the period. Finally, Wellington Management Group LLP increased its position in shares of DiamondRock Hospitality by 15.6% in the third quarter. Wellington Management Group LLP now owns 4,925,093 shares of the real estate investment trust’s stock valued at $42,996,000 after buying an additional 663,529 shares in the last quarter.

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.