DiamondRock Hospitality (NYSE:DRH) Issues FY 2024 Earnings Guidance

DiamondRock Hospitality (NYSE:DRH) updated its FY 2024 earnings guidance on Monday. The company provided EPS guidance of 0.880-1.020 for the period, compared to the consensus EPS estimate of 0.960. The company issued revenue guidance of -. DiamondRock Hospitality also updated its FY24 guidance to $0.88-1.02 EPS.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on DRH. StockNews.com cut DiamondRock Hospitality from a hold rating to a sell rating in a report on Saturday, February 3rd. Stifel Nicolaus raised their price target on DiamondRock Hospitality from $10.00 to $10.50 and gave the stock a buy rating in a research report on Friday, February 23rd. Wolfe Research began coverage on DiamondRock Hospitality in a research report on Wednesday, January 10th. They set an outperform rating and a $11.00 price target for the company. Wells Fargo & Company raised their price target on DiamondRock Hospitality from $9.00 to $10.00 and gave the stock an equal weight rating in a research report on Friday, December 22nd. Finally, Truist Financial raised their price target on DiamondRock Hospitality from $10.00 to $11.00 and gave the stock a hold rating in a research report on Thursday, March 14th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of Hold and a consensus price target of $10.30.

DiamondRock Hospitality Price Performance

Shares of NYSE DRH opened at $8.78 on Thursday. DiamondRock Hospitality has a 1-year low of $7.33 and a 1-year high of $9.99. The business has a 50-day moving average of $9.39 and a 200-day moving average of $8.93. 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 company has a market capitalization of $1.85 billion, a price-to-earnings ratio of 24.39 and a beta of 1.60.

DiamondRock Hospitality (NYSE:DRH) last issued its 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). The company had revenue of $263.50 million during the quarter, compared to analysts’ expectations of $261.45 million. DiamondRock Hospitality had a return on equity of 5.29% and a net margin of 8.03%. DiamondRock Hospitality’s quarterly revenue was up 3.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.23 EPS. On average, equities analysts anticipate that DiamondRock Hospitality will post 0.96 EPS for the current fiscal year.

DiamondRock Hospitality Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 29th were issued a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a yield of 1.37%. The ex-dividend date of this dividend was Wednesday, March 27th. DiamondRock Hospitality’s dividend payout ratio is currently 33.33%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of DRH. Tower Research Capital LLC TRC lifted its holdings in DiamondRock Hospitality by 711.7% during the 1st quarter. Tower Research Capital LLC TRC now owns 7,119 shares of the real estate investment trust’s stock worth $58,000 after buying an additional 6,242 shares during the last quarter. Advisor Partners II LLC acquired a new stake in shares of DiamondRock Hospitality during the 1st quarter worth approximately $83,000. Creative Planning acquired a new stake in shares of DiamondRock Hospitality during the 4th quarter worth approximately $101,000. Brevan Howard Capital Management LP acquired a new stake in DiamondRock Hospitality in the 4th quarter valued at approximately $101,000. Finally, LPL Financial LLC increased its position in DiamondRock Hospitality by 10.2% in the 2nd quarter. LPL Financial LLC now owns 13,698 shares of the real estate investment trust’s stock valued at $110,000 after acquiring an additional 1,266 shares during the period.

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.