Morgan Stanley Cuts DiamondRock Hospitality (NYSE:DRH) Price Target to $7.00

DiamondRock Hospitality (NYSE:DRH) had its price target cut by Morgan Stanley from $9.00 to $7.00 in a research report sent to investors on Tuesday,Benzinga reports. They currently have an equal weight rating on the real estate investment trust’s stock.

Other research analysts also recently issued reports about the stock. Wells Fargo & Company dropped their target price on shares of DiamondRock Hospitality from $10.50 to $9.50 and set an “equal weight” rating on the stock in a research report on Tuesday, February 18th. Stifel Nicolaus lowered their price objective on shares of DiamondRock Hospitality from $9.75 to $8.00 and set a “hold” rating on the stock in a research report on Wednesday, April 16th. Five investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $9.17.

DiamondRock Hospitality Trading Up 1.0 %

Shares of DRH opened at $7.11 on Tuesday. The business’s 50-day moving average price is $7.67 and its 200 day moving average price is $8.56. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 0.66. The stock has a market capitalization of $1.48 billion, a P/E ratio of 25.39, a P/E/G ratio of 2.06 and a beta of 1.38. DiamondRock Hospitality has a 1-year low of $6.19 and a 1-year high of $10.00.

DiamondRock Hospitality Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Friday, March 28th were issued a dividend of $0.08 per share. This is a boost from DiamondRock Hospitality’s previous quarterly dividend of $0.03. This represents a $0.32 annualized dividend and a dividend yield of 4.50%. The ex-dividend date was Friday, March 28th. DiamondRock Hospitality’s dividend payout ratio (DPR) is currently 188.24%.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in DRH. Bank of America Corp DE grew its holdings in shares of DiamondRock Hospitality by 78.8% during the 4th quarter. Bank of America Corp DE now owns 6,953,022 shares of the real estate investment trust’s stock valued at $62,786,000 after acquiring an additional 3,064,117 shares in the last quarter. Cbre Investment Management Listed Real Assets LLC acquired a new stake in DiamondRock Hospitality during the fourth quarter valued at $14,889,000. Alyeska Investment Group L.P. increased its position in DiamondRock Hospitality by 16.3% in the 4th 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 during the last quarter. Lasalle Investment Management Securities LLC purchased a new stake in shares of DiamondRock Hospitality during the 4th quarter worth about $9,982,000. Finally, GRS Advisors LLC purchased a new stake in shares of DiamondRock Hospitality during the 4th quarter worth about $9,919,000.

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.