DiamondRock Hospitality (NYSE:DRH) Updates FY24 Earnings Guidance

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

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. StockNews.com downgraded shares of DiamondRock Hospitality from a hold rating to a sell rating in a research report on Saturday, February 3rd. Truist Financial boosted their target price on shares of DiamondRock Hospitality from $10.00 to $11.00 and gave the company a hold rating in a research report on Thursday, March 14th. Stifel Nicolaus boosted their target price on shares of DiamondRock Hospitality from $10.00 to $10.50 and gave the company a buy rating in a research report on Friday, February 23rd. Wells Fargo & Company boosted their target price on shares of DiamondRock Hospitality from $9.00 to $10.00 and gave the company an equal weight rating in a research report on Friday, December 22nd. Finally, Wolfe Research started coverage on shares of DiamondRock Hospitality in a research report on Wednesday, January 10th. They issued an outperform rating and a $11.00 price objective for the company. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of Hold and a consensus price target of $10.30.

DiamondRock Hospitality Stock Down 3.4 %

DRH opened at $8.99 on Wednesday. DiamondRock Hospitality has a twelve month low of $7.33 and a twelve month high of $9.99. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 0.71. The company has a 50-day moving average price of $9.39 and a 200 day moving average price of $8.93. The company has a market cap of $1.89 billion, a PE ratio of 24.97 and a beta of 1.60.

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

DiamondRock Hospitality Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 29th were given a dividend of $0.03 per share. The ex-dividend date was Wednesday, March 27th. This represents a $0.12 annualized dividend and a dividend yield of 1.33%. DiamondRock Hospitality’s dividend payout ratio (DPR) is presently 33.33%.

Institutional Trading of DiamondRock Hospitality

Several large investors have recently bought and sold shares of the business. Captrust Financial Advisors purchased a new stake in shares of DiamondRock Hospitality in the 2nd quarter valued at approximately $140,000. Point72 Middle East FZE purchased a new stake in shares of DiamondRock Hospitality in the 4th quarter valued at approximately $134,000. PNC Financial Services Group Inc. grew its stake in shares of DiamondRock Hospitality by 9.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 13,193 shares of the real estate investment trust’s stock valued at $133,000 after buying an additional 1,130 shares during the period. Mackenzie Financial Corp lifted its holdings in shares of DiamondRock Hospitality by 10.8% in the 1st quarter. Mackenzie Financial Corp now owns 13,036 shares of the real estate investment trust’s stock worth $132,000 after acquiring an additional 1,272 shares during the last quarter. Finally, Point72 Hong Kong Ltd acquired a new position in shares of DiamondRock Hospitality in the 2nd quarter worth approximately $131,000.

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 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.