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

DiamondRock Hospitality (NYSE:DRH - Free Report) had its price target lowered by Wells Fargo & Company from $10.50 to $9.50 in a research note released on Tuesday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the real estate investment trust's stock.

A number of other brokerages also recently commented on DRH. Evercore ISI downgraded shares of DiamondRock Hospitality from an "outperform" rating to an "inline" rating and set a $10.50 target price on the stock. in a research note on Friday, November 15th. StockNews.com upgraded DiamondRock Hospitality from a "sell" rating to a "hold" rating in a report on Tuesday, November 12th. Finally, Stifel Nicolaus lowered DiamondRock Hospitality from a "buy" rating to a "hold" rating and reduced their price target for the stock from $10.75 to $10.25 in a research report on Friday, November 22nd. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $10.05.

DiamondRock Hospitality Trading Down 3.8 %

DRH stock traded down $0.33 during trading on Tuesday, reaching $8.22. 2,048,511 shares of the stock traded hands, compared to its average volume of 1,284,475. The firm has a market capitalization of $1.71 billion, a PE ratio of 29.34, a P/E/G ratio of 2.06 and a beta of 1.57. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.73 and a quick ratio of 1.73. The business's 50 day moving average price is $8.93 and its 200-day moving average price is $8.86. DiamondRock Hospitality has a 52-week low of $7.74 and a 52-week high of $10.00.

DiamondRock Hospitality Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, January 14th. Stockholders of record on Tuesday, December 31st were issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 15.58%. This is an increase from DiamondRock Hospitality's previous quarterly dividend of $0.03. The ex-dividend date was Tuesday, December 31st. DiamondRock Hospitality's payout ratio is 42.86%.

Hedge Funds Weigh In On DiamondRock Hospitality

A number of hedge funds have recently added to or reduced their stakes in the business. SG Americas Securities LLC acquired a new position in DiamondRock Hospitality in the third quarter valued at approximately $100,000. Mirae Asset Global Investments Co. Ltd. lifted its position in DiamondRock Hospitality by 35.1% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,153 shares of the real estate investment trust's stock valued at $73,000 after purchasing an additional 2,116 shares during the last quarter. abrdn plc grew its holdings in DiamondRock Hospitality by 10.1% in the 3rd quarter. abrdn plc now owns 45,001 shares of the real estate investment trust's stock worth $393,000 after buying an additional 4,131 shares in the last quarter. Harbor Capital Advisors Inc. acquired a new stake in DiamondRock Hospitality in the 3rd quarter valued at approximately $74,000. Finally, Van ECK Associates Corp raised its stake in DiamondRock Hospitality by 12.3% during the 3rd quarter. Van ECK Associates Corp now owns 36,160 shares of the real estate investment trust's stock valued at $315,000 after acquiring an additional 3,969 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.