Wells Fargo & Company Cuts DiamondRock Hospitality (NYSE:DRH) Price Target to $9.50

DiamondRock Hospitality (NYSE:DRH) had its price target cut by Wells Fargo & Company from $10.50 to $9.50 in a research report report published on Tuesday morning,Benzinga reports. They currently have an equal weight rating on the real estate investment trust’s stock.

Several other equities analysts have also issued reports on the company. StockNews.com upgraded DiamondRock Hospitality from a “sell” rating to a “hold” rating in a research report on Tuesday, November 12th. Evercore ISI lowered DiamondRock Hospitality from an “outperform” rating to an “inline” rating and set a $10.50 target price for the company. in a research report on Friday, November 15th. Finally, Stifel Nicolaus cut DiamondRock Hospitality from a “buy” rating to a “hold” rating and cut their price objective for the company from $10.75 to $10.25 in a report on Friday, November 22nd. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, DiamondRock Hospitality has an average rating of “Hold” and an average price target of $10.05.

DiamondRock Hospitality Price Performance

DiamondRock Hospitality stock opened at $8.53 on Tuesday. The firm has a market capitalization of $1.77 billion, a P/E ratio of 30.45, a PEG ratio of 2.08 and a beta of 1.57. DiamondRock Hospitality has a 1 year low of $7.74 and a 1 year high of $10.00. The business has a 50-day moving average of $8.93 and a 200-day moving average of $8.86. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 0.66.

DiamondRock Hospitality Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, January 14th. Stockholders of record on Tuesday, December 31st were issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 15.01%. The ex-dividend date was Tuesday, December 31st. This is a boost from DiamondRock Hospitality’s previous quarterly dividend of $0.03. DiamondRock Hospitality’s payout ratio is 42.86%.

Institutional Investors Weigh In On DiamondRock Hospitality

Institutional investors have recently bought and sold shares of the company. Wellington Management Group LLP lifted its stake in DiamondRock Hospitality by 15.6% in the 3rd 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 acquiring an additional 663,529 shares in the last quarter. Jane Street Group LLC lifted its stake in DiamondRock Hospitality by 73.0% in the 3rd quarter. Jane Street Group LLC now owns 302,757 shares of the real estate investment trust’s stock valued at $2,643,000 after acquiring an additional 127,717 shares in the last quarter. Geode Capital Management LLC lifted its stake in DiamondRock Hospitality by 0.5% in the 3rd 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 acquiring an additional 28,391 shares in the last quarter. Barclays PLC lifted its stake in DiamondRock Hospitality by 37.6% in the 3rd quarter. Barclays PLC now owns 368,616 shares of the real estate investment trust’s stock valued at $3,219,000 after acquiring an additional 100,805 shares in the last quarter. Finally, Choreo LLC lifted its stake in DiamondRock Hospitality by 55.1% in the 4th quarter. Choreo LLC now owns 15,553 shares of the real estate investment trust’s stock valued at $142,000 after acquiring an additional 5,523 shares in the last quarter.

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 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.