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

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

Several other research firms also recently weighed in on DRH. Evercore ISI downgraded shares of DiamondRock Hospitality from an “outperform” rating to an “inline” rating and set a $10.50 target price for the company. in a report on Friday, November 15th. Stifel Nicolaus downgraded shares of DiamondRock Hospitality from a “buy” rating to a “hold” rating and dropped their price target for the stock from $10.75 to $10.25 in a research note on Friday, November 22nd. Finally, StockNews.com upgraded shares of DiamondRock Hospitality from a “sell” rating to a “hold” rating in a research note on Tuesday, November 12th. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $10.05.

DiamondRock Hospitality Stock Up 1.2 %

DiamondRock Hospitality stock opened at $8.71 on Tuesday. DiamondRock Hospitality has a fifty-two week low of $7.74 and a fifty-two week high of $10.00. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.73 and a current ratio of 1.73. The firm has a 50 day moving average price of $8.99 and a 200 day moving average price of $8.85. The company has a market capitalization of $1.81 billion, a PE ratio of 31.09, a price-to-earnings-growth ratio of 4.88 and a beta of 1.57.

DiamondRock Hospitality Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, January 14th. Investors of record on Tuesday, December 31st were paid a dividend of $0.32 per share. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $1.28 dividend on an annualized basis and a dividend yield of 14.70%. This is an increase from DiamondRock Hospitality’s previous quarterly dividend of $0.03. DiamondRock Hospitality’s payout ratio is presently 42.86%.

Hedge Funds Weigh In On DiamondRock Hospitality

A number of institutional investors and hedge funds have recently modified their holdings of DRH. Rush Island Management LP acquired a new position in shares of DiamondRock Hospitality during the third quarter worth $51,726,000. Bank of America Corp DE grew its stake in shares of DiamondRock Hospitality by 78.8% during the fourth quarter. Bank of America Corp DE now owns 6,953,022 shares of the real estate investment trust’s stock worth $62,786,000 after purchasing an additional 3,064,117 shares in the last quarter. Cbre Investment Management Listed Real Assets LLC acquired a new position in shares of DiamondRock Hospitality during the fourth quarter worth $14,889,000. Alyeska Investment Group L.P. grew its stake in shares of DiamondRock Hospitality by 16.3% during the fourth quarter. Alyeska Investment Group L.P. now owns 8,576,077 shares of the real estate investment trust’s stock worth $77,442,000 after purchasing an additional 1,201,955 shares in the last quarter. Finally, Lasalle Investment Management Securities LLC acquired a new position in shares of DiamondRock Hospitality during the fourth quarter worth $9,982,000.

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.