Wells Fargo & Company Forecasts Strong Price Appreciation for DiamondRock Hospitality (NYSE:DRH) Stock

DiamondRock Hospitality (NYSE:DRH) had its price target hoisted by equities researchers at Wells Fargo & Company from $12.00 to $13.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has an “equal weight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 1.52% from the stock’s current price.

A number of other equities research analysts also recently commented on the company. Truist Financial lifted their target price on DiamondRock Hospitality from $11.00 to $12.00 and gave the company a “buy” rating in a research report on Tuesday, May 26th. Barclays increased their price objective on DiamondRock Hospitality from $10.00 to $12.00 and gave the company an “equal weight” rating in a research note on Monday, June 1st. Stifel Nicolaus set a $12.25 price objective on shares of DiamondRock Hospitality in a research note on Thursday, June 4th. LADENBURG THALM/SH SH upped their price objective on DiamondRock Hospitality from $13.00 to $14.00 and gave the company a “buy” rating in a research report on Thursday, June 18th. Finally, Morgan Stanley lifted their target price on shares of DiamondRock Hospitality from $9.60 to $10.00 and gave the stock an “equal weight” rating in a research note on Friday, July 17th. Four analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $12.12.

DiamondRock Hospitality Stock Down 0.7%

NYSE DRH opened at $12.80 on Thursday. The company has a quick ratio of 1.64, a current ratio of 1.64 and a debt-to-equity ratio of 0.70. DiamondRock Hospitality has a 52 week low of $7.45 and a 52 week high of $13.05. The business’s fifty day simple moving average is $11.72 and its 200-day simple moving average is $10.44. The firm has a market cap of $2.62 billion, a PE ratio of 51.20, a P/E/G ratio of 4.50 and a beta of 0.98.

Insider Transactions at DiamondRock Hospitality

In other DiamondRock Hospitality news, Director Michael A. Hartmeier sold 20,000 shares of DiamondRock Hospitality stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $10.46, for a total value of $209,200.00. Following the completion of the transaction, the director directly owned 95,354 shares in the company, valued at $997,402.84. The trade was a 17.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Kathleen Merrill sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $11.88, for a total value of $237,600.00. Following the transaction, the director directly owned 84,335 shares of the company’s stock, valued at $1,001,899.80. This trade represents a 19.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.90% of the company’s stock.

Institutional Investors Weigh In On DiamondRock Hospitality

Several large investors have recently added to or reduced their stakes in the stock. State Street Corp grew its position in shares of DiamondRock Hospitality by 0.8% during the second quarter. State Street Corp now owns 12,587,578 shares of the real estate investment trust’s stock worth $97,400,000 after acquiring an additional 93,929 shares during the last quarter. Bank of America Corp DE raised its holdings in shares of DiamondRock Hospitality by 17.5% during the second quarter. Bank of America Corp DE now owns 9,231,991 shares of the real estate investment trust’s stock valued at $70,717,000 after buying an additional 1,377,897 shares during the last quarter. Alyeska Investment Group L.P. boosted its position in shares of DiamondRock Hospitality by 5.5% during the third quarter. Alyeska Investment Group L.P. now owns 9,152,343 shares of the real estate investment trust’s stock worth $72,853,000 after buying an additional 475,611 shares during the period. Centersquare Investment Management LLC grew its holdings in DiamondRock Hospitality by 3.2% in the 4th quarter. Centersquare Investment Management LLC now owns 7,780,988 shares of the real estate investment trust’s stock worth $69,718,000 after buying an additional 244,013 shares in the last quarter. Finally, Cohen & Steers Inc. bought a new stake in DiamondRock Hospitality during the 4th quarter valued at $59,231,000.

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.