Diamondrock Hospitality Company (DRH) Upgraded to “Buy” at Zacks Investment Research
Diamondrock Hospitality Company (NYSE:DRH) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday. The brokerage presently has a $12.00 price objective on the real estate investment trust’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 9.39% from the company’s previous close.
According to Zacks, “DiamondRock Hospitality Company is a self-advised real estate company that owns, acquires and invests in upper upscale and upscale hotel properties located primarily in North America. To a lesser extent, it may invest, on a selective basis, in premium limited-service and extended-stay hotel properties in urban locations. The Company has a strategic acquisition sourcing relationship with Marriott International. “
DRH has been the topic of several other research reports. Canaccord Genuity reiterated a “buy” rating and issued a $13.00 price target on shares of Diamondrock Hospitality in a research note on Monday, August 7th. Raymond James Financial, Inc. upgraded shares of Diamondrock Hospitality from a “market perform” rating to an “outperform” rating and set a $13.00 target price on the stock in a report on Friday, July 14th. BidaskClub upgraded shares of Diamondrock Hospitality from a “hold” rating to a “buy” rating in a report on Wednesday, June 14th. Robert W. Baird set a $12.00 target price on shares of Diamondrock Hospitality and gave the stock a “buy” rating in a report on Sunday, September 10th. Finally, Stifel Nicolaus restated a “buy” rating and issued a $12.00 target price on shares of Diamondrock Hospitality in a report on Thursday, September 21st. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the company’s stock. Diamondrock Hospitality currently has an average rating of “Hold” and a consensus price target of $12.00.
Shares of Diamondrock Hospitality (NYSE DRH) traded down 0.45% during midday trading on Wednesday, hitting $10.97. 2,132,539 shares of the stock were exchanged. Diamondrock Hospitality has a 1-year low of $8.73 and a 1-year high of $12.07. The company has a market capitalization of $2.20 billion, a P/E ratio of 22.21 and a beta of 1.39. The firm has a 50-day moving average of $10.83 and a 200-day moving average of $11.14.
Diamondrock Hospitality (NYSE:DRH) last announced its quarterly earnings results on Monday, August 7th. The real estate investment trust reported $0.32 EPS for the quarter, topping the consensus estimate of $0.31 by $0.01. The business had revenue of $243.30 million for the quarter, compared to analysts’ expectations of $240.73 million. Diamondrock Hospitality had a net margin of 11.47% and a return on equity of 5.41%. The business’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.31 EPS. On average, equities analysts expect that Diamondrock Hospitality will post $0.46 EPS for the current year.
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In related news, Director Maureen L. Mcavey sold 6,000 shares of the company’s stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $11.20, for a total transaction of $67,200.00. Following the transaction, the director now directly owns 81,030 shares in the company, valued at approximately $907,536. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.10% of the company’s stock.
A number of large investors have recently modified their holdings of DRH. Wells Fargo & Company MN grew its holdings in Diamondrock Hospitality by 47.4% during the 1st quarter. Wells Fargo & Company MN now owns 250,880 shares of the real estate investment trust’s stock valued at $2,798,000 after purchasing an additional 80,723 shares during the last quarter. UBS Asset Management Americas Inc. grew its holdings in Diamondrock Hospitality by 24.1% during the 1st quarter. UBS Asset Management Americas Inc. now owns 802,753 shares of the real estate investment trust’s stock valued at $8,951,000 after purchasing an additional 155,653 shares during the last quarter. Karp Capital Management Corp bought a new position in Diamondrock Hospitality during the 1st quarter valued at about $738,000. Oxford Asset Management bought a new position in Diamondrock Hospitality during the 1st quarter valued at about $383,000. Finally, Mason Street Advisors LLC grew its holdings in Diamondrock Hospitality by 6.9% during the 1st quarter. Mason Street Advisors LLC now owns 46,814 shares of the real estate investment trust’s stock valued at $522,000 after purchasing an additional 3,041 shares during the last quarter.
Diamondrock Hospitality Company Profile
DiamondRock Hospitality Company is a real estate investment trust (REIT). As of December 31, 2016, the Company owned a portfolio of 26 hotels and resorts that contains 9,472 guest rooms located in 17 different markets in North America and the United States Virgin Islands. Its business is to acquire, own, asset manage and renovate hotel properties in the United States.
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