DiamondRock Hospitality (NYSE:DRH) Declares Dividend Increase – $0.32 Per Share

DiamondRock Hospitality (NYSE:DRH) declared a quarterly dividend on Monday, December 9th,RTT News reports. Shareholders of record on Tuesday, December 31st will be given a dividend of 0.32 per share by the real estate investment trust on Tuesday, January 14th. This represents a $1.28 annualized dividend and a dividend yield of 13.90%. The ex-dividend date is Tuesday, December 31st. This is an increase from DiamondRock Hospitality’s previous quarterly dividend of $0.03.

DiamondRock Hospitality has a payout ratio of 25.0% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect DiamondRock Hospitality to earn $1.03 per share next year, which means the company should continue to be able to cover its $0.12 annual dividend with an expected future payout ratio of 11.7%.

DiamondRock Hospitality Stock Down 1.8 %

Shares of NYSE DRH opened at $9.21 on Friday. The stock has a market cap of $1.91 billion, a P/E ratio of 32.89, a PEG ratio of 5.65 and a beta of 1.60. The business’s fifty day simple moving average is $9.20 and its 200-day simple moving average is $8.73. DiamondRock Hospitality has a 12-month low of $7.74 and a 12-month high of $10.00. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 0.66.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on DRH shares. Evercore ISI lowered DiamondRock Hospitality from an “outperform” rating to an “inline” rating and set a $10.50 price target on the stock. in a research report on Friday, November 15th. Truist Financial reduced their target price on shares of DiamondRock Hospitality from $11.00 to $10.00 and set a “hold” rating on the stock in a report on Wednesday, September 4th. Stifel Nicolaus cut shares of DiamondRock Hospitality from a “buy” rating to a “hold” rating and lowered their price target for the stock from $10.75 to $10.25 in a report on Friday, November 22nd. StockNews.com upgraded shares of DiamondRock Hospitality from a “sell” rating to a “hold” rating in a report on Tuesday, November 12th. Finally, Wells Fargo & Company boosted their target price on shares of DiamondRock Hospitality from $10.00 to $10.50 and gave the stock an “equal weight” rating in a research note on Monday, December 9th. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $10.38.

DiamondRock Hospitality Company Profile

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.