DiamondRock Hospitality (NYSE:DRH) Releases FY 2024 Earnings Guidance

DiamondRock Hospitality (NYSE:DRH) updated its FY 2024 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of 0.880-1.020 for the period, compared to the consensus estimate of 0.960. The company issued revenue guidance of -. DiamondRock Hospitality also updated its FY24 guidance to $0.88-1.02 EPS.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Wells Fargo & Company increased their price target on DiamondRock Hospitality from $9.00 to $10.00 and gave the company an equal weight rating in a research report on Friday, December 22nd. Truist Financial raised their price objective on DiamondRock Hospitality from $10.00 to $11.00 and gave the stock a hold rating in a research note on Thursday, March 14th. StockNews.com lowered DiamondRock Hospitality from a hold rating to a sell rating in a research note on Saturday, February 3rd. Stifel Nicolaus raised their price objective on DiamondRock Hospitality from $10.00 to $10.50 and gave the stock a buy rating in a research note on Friday, February 23rd. Finally, Wolfe Research began coverage on DiamondRock Hospitality in a research note on Wednesday, January 10th. They set an outperform rating and a $11.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of Hold and an average price target of $10.30.

DiamondRock Hospitality Trading Down 3.4 %

Shares of DRH stock opened at $8.99 on Wednesday. The stock’s fifty day moving average price is $9.39 and its two-hundred day moving average price is $8.93. The company has a market cap of $1.89 billion, a PE ratio of 24.97 and a beta of 1.60. DiamondRock Hospitality has a fifty-two week low of $7.33 and a fifty-two week high of $9.99. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.00 and a current ratio of 2.00.

DiamondRock Hospitality (NYSE:DRH) last issued its earnings results on Friday, February 23rd. The real estate investment trust reported $0.04 earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.14). The business had revenue of $263.50 million during the quarter, compared to analyst estimates of $261.45 million. DiamondRock Hospitality had a net margin of 8.03% and a return on equity of 5.29%. The company’s revenue for the quarter was up 3.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.23 EPS. Equities analysts predict that DiamondRock Hospitality will post 0.96 EPS for the current fiscal year.

DiamondRock Hospitality Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 29th were issued a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a dividend yield of 1.33%. The ex-dividend date was Wednesday, March 27th. DiamondRock Hospitality’s dividend payout ratio (DPR) is 33.33%.

Institutional Investors Weigh In On DiamondRock Hospitality

Several hedge funds have recently modified their holdings of the company. Price T Rowe Associates Inc. MD boosted its holdings in shares of DiamondRock Hospitality by 9.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 276,941 shares of the real estate investment trust’s stock valued at $2,601,000 after acquiring an additional 23,048 shares in the last quarter. Mercer Global Advisors Inc. ADV acquired a new position in DiamondRock Hospitality during the 4th quarter worth about $499,000. Legal & General Group Plc lifted its holdings in DiamondRock Hospitality by 5.0% during the 4th quarter. Legal & General Group Plc now owns 1,779,926 shares of the real estate investment trust’s stock worth $16,714,000 after buying an additional 84,740 shares during the period. Barclays PLC lifted its holdings in DiamondRock Hospitality by 67.4% during the 4th quarter. Barclays PLC now owns 377,034 shares of the real estate investment trust’s stock worth $3,540,000 after buying an additional 151,850 shares during the period. Finally, Public Sector Pension Investment Board lifted its holdings in DiamondRock Hospitality by 67.9% during the 4th quarter. Public Sector Pension Investment Board now owns 435,005 shares of the real estate investment trust’s stock worth $4,085,000 after buying an additional 175,909 shares during the period.

About DiamondRock Hospitality

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.