DiamondRock Hospitality (NYSE:DRH) Given “Market Perform” Rating at Wells Fargo & Co

Wells Fargo & Co restated their market perform rating on shares of DiamondRock Hospitality (NYSE:DRH) in a research report sent to investors on Monday, The Fly reports. The firm currently has a $9.50 price target on the real estate investment trust’s stock.

Several other brokerages have also commented on DRH. Barclays restated a hold rating and issued a $10.00 price objective on shares of DiamondRock Hospitality in a report on Tuesday, August 13th. ValuEngine lowered shares of DiamondRock Hospitality from a hold rating to a sell rating in a report on Tuesday, July 2nd. Zacks Investment Research lowered shares of DiamondRock Hospitality from a strong-buy rating to a hold rating in a report on Thursday, July 18th. Finally, TheStreet lowered shares of DiamondRock Hospitality from a b- rating to a c+ rating in a report on Thursday, August 1st. Four investment analysts have rated the stock with a sell rating and five have given a hold rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus target price of $9.64.

DiamondRock Hospitality stock opened at $9.45 on Monday. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.65. The firm has a 50-day moving average of $9.86 and a 200-day moving average of $10.41. The firm has a market cap of $1.88 billion, a P/E ratio of 9.26, a P/E/G ratio of 1.82 and a beta of 1.38. DiamondRock Hospitality has a 1-year low of $8.69 and a 1-year high of $12.08.

DiamondRock Hospitality (NYSE:DRH) last posted its earnings results on Monday, August 5th. The real estate investment trust reported $0.32 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.31 by $0.01. DiamondRock Hospitality had a net margin of 10.32% and a return on equity of 5.00%. The company had revenue of $257.92 million during the quarter, compared to analyst estimates of $253.67 million. During the same period in the prior year, the business posted $0.32 earnings per share. DiamondRock Hospitality’s revenue for the quarter was up 8.4% on a year-over-year basis. Research analysts forecast that DiamondRock Hospitality will post 1.03 earnings per share for the current fiscal year.

In other DiamondRock Hospitality news, Director Maureen L. Mcavey sold 8,000 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $10.36, for a total transaction of $82,880.00. Following the completion of the transaction, the director now owns 91,688 shares of the company’s stock, valued at $949,887.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.90% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in DRH. Norges Bank bought a new position in shares of DiamondRock Hospitality during the fourth quarter valued at approximately $23,362,000. Geode Capital Management LLC increased its stake in shares of DiamondRock Hospitality by 8.2% during the fourth quarter. Geode Capital Management LLC now owns 3,046,592 shares of the real estate investment trust’s stock valued at $27,663,000 after purchasing an additional 230,166 shares in the last quarter. Deutsche Bank AG increased its stake in shares of DiamondRock Hospitality by 3.0% during the fourth quarter. Deutsche Bank AG now owns 574,769 shares of the real estate investment trust’s stock valued at $5,217,000 after purchasing an additional 16,561 shares in the last quarter. Virtu Financial LLC bought a new position in shares of DiamondRock Hospitality during the first quarter valued at approximately $193,000. Finally, Nisa Investment Advisors LLC increased its stake in shares of DiamondRock Hospitality by 9.8% during the first quarter. Nisa Investment Advisors LLC now owns 115,314 shares of the real estate investment trust’s stock valued at $1,249,000 after purchasing an additional 10,315 shares in the last quarter.

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 top gateway markets and destination resort locations. The Company owns 31 premium quality hotels with over 10,000 rooms. The Company has strategically positioned its hotels to be operated both under leading global brand families such as Hilton and Marriott as well as unique boutique hotels in the lifestyle segment.

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Analyst Recommendations for DiamondRock Hospitality (NYSE:DRH)

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