DiamondRock Hospitality (NYSE:DRH) Issues FY24 Earnings Guidance

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

Analysts Set New Price Targets

A number of brokerages have recently commented on DRH. Wolfe Research began coverage on DiamondRock Hospitality in a report on Wednesday, January 10th. They set an outperform rating and a $11.00 price target for the company. StockNews.com lowered DiamondRock Hospitality from a hold rating to a sell rating in a report on Saturday, February 3rd. 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 report on Friday, December 22nd. Stifel Nicolaus upped their price target on DiamondRock Hospitality from $10.00 to $10.50 and gave the stock a buy rating in a report on Friday, February 23rd. Finally, Truist Financial upped their price target on DiamondRock Hospitality from $10.00 to $11.00 and gave the stock a hold rating in a report on Thursday, March 14th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Hold and an average price target of $10.30.

DiamondRock Hospitality Stock Performance

Shares of NYSE DRH opened at $8.78 on Thursday. The business has a fifty day simple moving average of $9.39 and a 200 day simple moving average of $8.93. The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 0.71. The firm has a market capitalization of $1.85 billion, a price-to-earnings ratio of 24.39 and a beta of 1.60. DiamondRock Hospitality has a one year low of $7.33 and a one year high of $9.99.

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

DiamondRock Hospitality Dividend Announcement

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

Institutional Investors Weigh In On DiamondRock Hospitality

A number of hedge funds have recently modified their holdings of DRH. Captrust Financial Advisors bought a new position in shares of DiamondRock Hospitality during the second quarter worth about $140,000. Point72 Middle East FZE bought a new position in DiamondRock Hospitality in the fourth quarter valued at approximately $134,000. PNC Financial Services Group Inc. grew its stake in DiamondRock Hospitality by 9.4% in the first quarter. PNC Financial Services Group Inc. now owns 13,193 shares of the real estate investment trust’s stock valued at $133,000 after purchasing an additional 1,130 shares in the last quarter. Mackenzie Financial Corp grew its stake in 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. Finally, Point72 Hong Kong Ltd bought a new position in DiamondRock Hospitality in the second quarter valued at approximately $131,000.

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.