DiamondRock Hospitality (NYSE:DRH) Sees Unusually-High Trading Volume – Here’s Why

Shares of DiamondRock Hospitality Company (NYSE:DRH) saw strong trading volume on Friday . 3,765,156 shares traded hands during trading, an increase of 32% from the previous session’s volume of 2,843,073 shares.The stock last traded at $9.8850 and had previously closed at $9.81.

Analysts Set New Price Targets

A number of research analysts recently weighed in on DRH shares. Barclays began coverage on shares of DiamondRock Hospitality in a research report on Tuesday, January 6th. They set an “equal weight” rating and a $10.00 price target on the stock. Truist Financial raised shares of DiamondRock Hospitality from a “hold” rating to a “buy” rating and lifted their target price for the stock from $10.00 to $11.00 in a research report on Friday, January 9th. Morgan Stanley reduced their target price on DiamondRock Hospitality from $9.00 to $8.50 and set an “equal weight” rating for the company in a report on Wednesday, October 22nd. Deutsche Bank Aktiengesellschaft upgraded DiamondRock Hospitality from a “hold” rating to a “buy” rating and lifted their price target for the stock from $10.00 to $12.00 in a report on Tuesday, January 13th. Finally, Wells Fargo & Company upped their price objective on DiamondRock Hospitality from $9.00 to $10.00 and gave the company an “equal weight” rating in a research note on Monday, December 1st. Three investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $9.91.

DiamondRock Hospitality Stock Performance

The business’s fifty day moving average price is $9.27 and its 200-day moving average price is $8.58. The stock has a market capitalization of $2.02 billion, a PE ratio of 39.70, a P/E/G ratio of 4.50 and a beta of 1.03. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.64 and a quick ratio of 1.64.

DiamondRock Hospitality Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 14th. Stockholders of record on Wednesday, December 31st were given a $0.08 dividend. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $0.32 annualized dividend and a dividend yield of 3.2%. DiamondRock Hospitality’s dividend payout ratio is currently 128.00%.

Hedge Funds Weigh In On DiamondRock Hospitality

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. First Horizon Corp increased its stake in shares of DiamondRock Hospitality by 54.9% in the 4th quarter. First Horizon Corp now owns 3,214 shares of the real estate investment trust’s stock worth $29,000 after acquiring an additional 1,139 shares in the last quarter. ProShare Advisors LLC increased its stake in shares of DiamondRock Hospitality by 3.1% during the fourth quarter. ProShare Advisors LLC now owns 40,041 shares of the real estate investment trust’s stock valued at $359,000 after purchasing an additional 1,203 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of DiamondRock Hospitality by 32.5% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,990 shares of the real estate investment trust’s stock valued at $54,000 after purchasing an additional 1,470 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of DiamondRock Hospitality by 77.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 3,436 shares of the real estate investment trust’s stock worth $31,000 after purchasing an additional 1,498 shares in the last quarter. Finally, Metis Global Partners LLC grew its stake in shares of DiamondRock Hospitality by 3.6% in the 4th quarter. Metis Global Partners LLC now owns 48,193 shares of the real estate investment trust’s stock worth $432,000 after buying an additional 1,667 shares during the last quarter.

About DiamondRock Hospitality

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.