Diamondrock Hospitality Company (NYSE:DRH)‘s stock had its “buy” rating reiterated by equities researchers at Canaccord Genuity in a research note issued to investors on Monday, August 7th. They currently have a $13.00 price target on the real estate investment trust’s stock. Canaccord Genuity’s target price would indicate a potential upside of 21.04% from the company’s previous close.
The analysts wrote, “We believe the expiration of the three managed-only facility contracts was not only immaterial to earnings, but also fairly well understood. After CXW’s peer put up a 2Q miss and guidance cut this morning, we believe expectations heading into CXW’s print this evening were low.””
DRH has been the subject of a number of other reports. Zacks Investment Research upgraded shares of Diamondrock Hospitality from a “hold” rating to a “buy” rating and set a $13.00 target price for the company in a research report on Monday, July 10th. BidaskClub cut shares of Diamondrock Hospitality from a “buy” rating to a “hold” rating in a research report on Saturday, July 1st. Goldman Sachs Group, Inc. (The) initiated coverage on shares of Diamondrock Hospitality in a report on Monday, April 10th. They issued a “neutral” rating and a $11.00 price objective for the company. Finally, Boenning Scattergood reissued an “underperform” rating and issued a $10.00 price objective on shares of Diamondrock Hospitality in a report on Tuesday, April 18th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company. Diamondrock Hospitality currently has an average rating of “Hold” and an average price target of $11.56.
Diamondrock Hospitality (DRH) traded down 2.19% on Monday, reaching $10.74. 3,309,180 shares of the company were exchanged. The firm has a 50-day moving average of $11.41 and a 200 day moving average of $11.21. Diamondrock Hospitality has a 12-month low of $8.73 and a 12-month high of $12.08. The firm has a market capitalization of $2.15 billion, a P/E ratio of 21.74 and a beta of 1.38.
Diamondrock Hospitality (NYSE:DRH) last issued its earnings results on Monday, August 7th. The real estate investment trust reported $0.32 EPS for the quarter, beating the Zacks’ consensus estimate of $0.31 by $0.01. The business had revenue of $243.30 million during 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 company’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.31 earnings per share. On average, equities analysts predict that Diamondrock Hospitality will post $0.46 earnings per share for the current year.
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In other news, Director Maureen L. Mcavey sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $11.20, for a total value of $67,200.00. Following the completion of the transaction, the director now owns 81,030 shares of the company’s stock, valued at $907,536. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 1.10% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in shares of Diamondrock Hospitality by 5.1% in the second quarter. Vanguard Group Inc. now owns 34,866,908 shares of the real estate investment trust’s stock valued at $381,793,000 after buying an additional 1,694,293 shares during the period. BlackRock Inc. boosted its stake in shares of Diamondrock Hospitality by 4.6% in the second quarter. BlackRock Inc. now owns 32,509,608 shares of the real estate investment trust’s stock valued at $355,983,000 after buying an additional 1,421,711 shares during the period. FMR LLC boosted its stake in shares of Diamondrock Hospitality by 2.2% in the second quarter. FMR LLC now owns 21,377,145 shares of the real estate investment trust’s stock valued at $234,080,000 after buying an additional 453,851 shares during the period. State Street Corp boosted its stake in shares of Diamondrock Hospitality by 4.6% in the second quarter. State Street Corp now owns 8,067,041 shares of the real estate investment trust’s stock valued at $88,338,000 after buying an additional 356,960 shares during the period. Finally, Resolution Capital Ltd boosted its stake in shares of Diamondrock Hospitality by 2.3% in the second quarter. Resolution Capital Ltd now owns 6,696,908 shares of the real estate investment trust’s stock valued at $73,331,000 after buying an additional 149,100 shares during the period.
About Diamondrock Hospitality
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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