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

DiamondRock Hospitality (NYSE:DRH) issued an update on its FY 2024 earnings guidance on Monday morning. The company provided earnings per share guidance of 0.880-1.020 for the period, compared to the consensus earnings per share 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 Analyst Weigh In

DRH has been the subject of several recent research reports. Wolfe Research initiated coverage on DiamondRock Hospitality in a research note on Wednesday, January 10th. They issued an outperform rating and a $11.00 price objective for the company. Stifel Nicolaus lifted their price target on shares of DiamondRock Hospitality from $10.00 to $10.50 and gave the stock a buy rating in a research note on Friday, February 23rd. Truist Financial increased their price objective 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. Wells Fargo & Company boosted their target price on shares of DiamondRock Hospitality from $9.00 to $10.00 and gave the stock an equal weight rating in a research note on Friday, December 22nd. Finally, StockNews.com cut DiamondRock Hospitality from a hold rating to a sell rating in a research note on Saturday, February 3rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of Hold and a consensus target price of $10.30.

DiamondRock Hospitality Stock Up 0.4 %

Shares of NYSE DRH opened at $9.32 on Tuesday. The business has a 50-day moving average price of $9.40 and a 200 day moving average price of $8.92. The stock has a market cap of $1.96 billion, a PE ratio of 25.88 and a beta of 1.60. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 0.71. DiamondRock Hospitality has a 52-week low of $7.33 and a 52-week high of $9.99.

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 (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.14). The company had revenue of $263.50 million for 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%. The business’s quarterly revenue was up 3.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.23 EPS. Equities research analysts forecast that DiamondRock Hospitality will post 0.96 earnings per share for the current year.

DiamondRock Hospitality Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 29th were paid a $0.03 dividend. This represents a $0.12 annualized dividend and a dividend yield of 1.29%. The ex-dividend date of this dividend was Wednesday, March 27th. DiamondRock Hospitality’s dividend payout ratio (DPR) is presently 33.33%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp boosted its holdings in DiamondRock Hospitality by 0.7% in the 1st quarter. Bank of New York Mellon Corp now owns 2,259,645 shares of the real estate investment trust’s stock valued at $22,823,000 after purchasing an additional 16,663 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of 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 buying an additional 1,130 shares in the last quarter. Natixis Advisors L.P. acquired a new position in DiamondRock Hospitality during the first quarter worth $401,000. Bank of Montreal Can lifted its holdings in DiamondRock Hospitality by 3.4% in the first quarter. Bank of Montreal Can now owns 85,133 shares of the real estate investment trust’s stock valued at $884,000 after acquiring an additional 2,777 shares during the period. Finally, MetLife Investment Management LLC boosted its position in shares of DiamondRock Hospitality by 68.5% during the 1st quarter. MetLife Investment Management LLC now owns 107,107 shares of the real estate investment trust’s stock worth $1,082,000 after purchasing an additional 43,548 shares in the last quarter.

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.