DiamondRock Hospitality (NYSE:DRH) to Issue $0.13 Quarterly Dividend

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DiamondRock Hospitality (NYSE:DRH) declared a quarterly dividend on Monday, June 17th, Wall Street Journal reports. Stockholders of record on Friday, June 28th will be given a dividend of 0.125 per share by the real estate investment trust on Friday, July 12th. This represents a $0.50 annualized dividend and a dividend yield of 5.00%. The ex-dividend date is Thursday, June 27th.

DiamondRock Hospitality has increased its dividend payment by an average of 1.5% per year over the last three years. DiamondRock Hospitality has a payout ratio of 49.5% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect DiamondRock Hospitality to earn $1.04 per share next year, which means the company should continue to be able to cover its $0.50 annual dividend with an expected future payout ratio of 48.1%.

Shares of NYSE DRH traded down $0.04 during trading on Wednesday, hitting $10.00. 2,650,109 shares of the company were exchanged, compared to its average volume of 2,241,248. DiamondRock Hospitality has a 12-month low of $8.69 and a 12-month high of $12.56. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.54 and a quick ratio of 1.54. The company’s fifty day moving average is $10.33. The stock has a market cap of $2.02 billion, a price-to-earnings ratio of 9.80, a PEG ratio of 1.94 and a beta of 1.42.

DiamondRock Hospitality (NYSE:DRH) last posted its quarterly earnings results on Wednesday, May 8th. The real estate investment trust reported $0.04 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.14). DiamondRock Hospitality had a return on equity of 4.90% and a net margin of 10.44%. The company had revenue of $202.38 million for the quarter, compared to analysts’ expectations of $194.62 million. During the same quarter in the prior year, the firm earned $0.17 EPS. The firm’s revenue was up 11.5% on a year-over-year basis. On average, analysts anticipate that DiamondRock Hospitality will post 1.03 EPS for the current year.

Several research analysts have recently commented on DRH shares. Zacks Investment Research upgraded DiamondRock Hospitality from a “hold” rating to a “buy” rating and set a $12.00 price target on the stock in a report on Tuesday, April 2nd. Deutsche Bank reiterated a “hold” rating and set a $12.00 price target on shares of DiamondRock Hospitality in a report on Thursday, February 28th. Finally, Wells Fargo & Co reiterated a “sell” rating on shares of DiamondRock Hospitality in a report on Wednesday, March 6th. Four analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. The company currently has an average rating of “Hold” and an average target price of $10.25.

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 top gateway markets and destination resort locations. The Company owns 31 premium quality hotels with over 10,000 rooms. The Company has strategically positioned its hotels to be operated both under leading global brand families such as Hilton and Marriott as well as unique boutique hotels in the lifestyle segment.

Further Reading: Cost of Debt

Dividend History for DiamondRock Hospitality (NYSE:DRH)

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