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

DiamondRock Hospitality (NYSE:DRH) announced a quarterly dividend on Monday, December 9th,RTT News reports. Investors 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 dividend on an annualized basis and a yield of 13.29%. This is a positive change from DiamondRock Hospitality’s previous quarterly dividend of $0.03.

DiamondRock Hospitality has a dividend payout ratio of 25.0% meaning its dividend is sufficiently covered by earnings. Equities 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 Performance

Shares of DRH opened at $9.63 on Tuesday. DiamondRock Hospitality has a 1 year low of $7.74 and a 1 year high of $10.00. The company’s 50 day simple moving average is $9.04 and its 200 day simple moving average is $8.62. The company has a market capitalization of $2.00 billion, a price-to-earnings ratio of 34.39, a PEG ratio of 5.58 and a beta of 1.60. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.73 and a current ratio of 1.73.

Analyst Upgrades and Downgrades

DRH has been the topic of several recent analyst reports. StockNews.com upgraded DiamondRock Hospitality from a “sell” rating to a “hold” rating in a research report on Tuesday, November 12th. Wells Fargo & Company raised 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 report on Monday. Evercore ISI lowered shares of DiamondRock Hospitality from an “outperform” rating to an “inline” rating and set a $10.50 price target for the company. in a research report on Friday, November 15th. Stifel Nicolaus lowered shares of DiamondRock Hospitality from a “buy” rating to a “hold” rating and decreased their price target for the company from $10.75 to $10.25 in a report on Friday, November 22nd. Finally, Truist Financial lowered their price target on DiamondRock Hospitality from $11.00 to $10.00 and set a “hold” rating for the company in a research report on Wednesday, September 4th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, DiamondRock Hospitality presently has an average rating of “Hold” and an average price target 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.