DiamondRock Hospitality Company (NYSE:DRH – Get Free Report) shares hit a new 52-week high during trading on Tuesday . The company traded as high as $12.45 and last traded at $12.25, with a volume of 1832915 shares changing hands. The stock had previously closed at $12.31.
Analyst Upgrades and Downgrades
DRH has been the subject of a number of recent analyst reports. Citigroup increased their price target on DiamondRock Hospitality from $9.50 to $11.00 and gave the stock a “neutral” rating in a report on Wednesday, May 6th. Truist Financial upped 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. Morgan Stanley raised their target price on DiamondRock Hospitality from $9.50 to $9.60 and gave the stock an “equal weight” rating in a research note on Tuesday, May 12th. Stifel Nicolaus set a $12.25 target price on DiamondRock Hospitality in a report on Thursday, June 4th. Finally, Barclays boosted their price target 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. Three analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat.com, DiamondRock Hospitality has a consensus rating of “Hold” and an average target price of $11.65.
Get Our Latest Analysis on DRH
DiamondRock Hospitality Stock Down 0.9%
DiamondRock Hospitality Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 14th. Investors of record on Tuesday, June 30th will be issued a dividend of $0.09 per share. The ex-dividend date is Tuesday, June 30th. This represents a $0.36 annualized dividend and a yield of 3.0%. DiamondRock Hospitality’s payout ratio is 76.60%.
Insider Buying and Selling
In other DiamondRock Hospitality news, Director Michael A. Hartmeier sold 20,000 shares of the business’s stock in a transaction 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 transaction, the director owned 95,354 shares of the company’s stock, valued at approximately $997,402.84. The trade was a 17.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kathleen Merrill sold 20,000 shares of the business’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $11.88, for a total transaction of $237,600.00. Following the completion of the transaction, the director directly owned 84,335 shares in the company, 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. 0.90% of the stock is owned by insiders.
Institutional Investors Weigh In On DiamondRock Hospitality
Several large investors have recently modified their holdings of DRH. Hudson Bay Capital Management LP bought a new position in DiamondRock Hospitality during the third quarter valued at $9,098,000. Centersquare Investment Management LLC raised its stake in shares of DiamondRock Hospitality by 6.0% in the third quarter. Centersquare Investment Management LLC now owns 7,536,975 shares of the real estate investment trust’s stock valued at $59,994,000 after buying an additional 427,467 shares during the period. UBS Group AG lifted its position in shares of DiamondRock Hospitality by 49.9% during the 4th quarter. UBS Group AG now owns 2,627,787 shares of the real estate investment trust’s stock valued at $23,545,000 after buying an additional 874,536 shares during the last quarter. Lighthouse Investment Partners LLC lifted its position in shares of DiamondRock Hospitality by 35.2% during the 3rd quarter. Lighthouse Investment Partners LLC now owns 825,000 shares of the real estate investment trust’s stock valued at $6,567,000 after buying an additional 215,000 shares during the last quarter. Finally, SG Americas Securities LLC grew its stake in shares of DiamondRock Hospitality by 881.7% during the 4th quarter. SG Americas Securities LLC now owns 2,024,790 shares of the real estate investment trust’s stock worth $18,142,000 after acquiring an additional 1,818,527 shares during the period.
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.
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