DiamondRock Hospitality (NYSE:DRH) Releases FY24 Earnings Guidance

DiamondRock Hospitality (NYSE:DRH) updated its FY24 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of $0.88-1.02 for the period, compared to the consensus estimate of $0.95. DiamondRock Hospitality also updated its FY 2024 guidance to 0.880-1.020 EPS.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Truist Financial upped their price target on DiamondRock Hospitality from $10.00 to $11.00 and gave the stock a hold rating in a research note on Thursday, March 14th. Wells Fargo & Company upped their price target on DiamondRock Hospitality from $9.00 to $10.00 and gave the stock an equal weight rating in a research note on Friday, December 22nd. Wolfe Research assumed coverage on DiamondRock Hospitality in a research note on Wednesday, January 10th. They set an outperform rating and a $11.00 price target on the stock. Stifel Nicolaus upped their price target 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, StockNews.com downgraded DiamondRock Hospitality from a hold rating to a sell rating in a research note on Saturday, February 3rd. 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. According to MarketBeat, the company has a consensus rating of Hold and an average target price of $10.30.

DiamondRock Hospitality Stock Performance

NYSE:DRH opened at $8.78 on Thursday. The company has a debt-to-equity ratio of 0.71, a current ratio of 2.00 and a quick ratio of 2.00. The business has a fifty day simple moving average of $9.39 and a two-hundred day simple moving average of $8.93. DiamondRock Hospitality has a 1 year low of $7.33 and a 1 year high of $9.99. The company has a market capitalization of $1.85 billion, a P/E ratio of 24.39 and a beta of 1.60.

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

DiamondRock Hospitality Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 29th were given a $0.03 dividend. This represents a $0.12 annualized dividend and a dividend yield of 1.37%. The ex-dividend date of this dividend was Wednesday, March 27th. DiamondRock Hospitality’s dividend payout ratio (DPR) is presently 33.33%.

Hedge Funds Weigh In On DiamondRock Hospitality

Hedge funds have recently made changes to their positions in the stock. Tower Research Capital LLC TRC grew its position in shares of DiamondRock Hospitality by 711.7% in the first quarter. Tower Research Capital LLC TRC now owns 7,119 shares of the real estate investment trust’s stock valued at $58,000 after purchasing an additional 6,242 shares in the last quarter. Advisor Partners II LLC purchased a new position in shares of DiamondRock Hospitality in the first quarter valued at $83,000. Brevan Howard Capital Management LP purchased a new position in shares of DiamondRock Hospitality in the fourth quarter valued at $101,000. Creative Planning purchased a new position in shares of DiamondRock Hospitality in the fourth quarter valued at $101,000. Finally, Mackenzie Financial Corp grew its position in shares of DiamondRock Hospitality by 10.8% in the first quarter. Mackenzie Financial Corp now owns 13,036 shares of the real estate investment trust’s stock valued at $132,000 after purchasing an additional 1,272 shares in the last quarter.

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.