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

DiamondRock Hospitality Trading Up 1.3 %

DiamondRock Hospitality stock traded up $0.12 during midday trading on Monday, hitting $9.40. 1,023,606 shares of the stock were exchanged, compared to its average volume of 1,558,594. The stock’s 50-day simple moving average is $9.39 and its 200 day simple moving average is $8.91. The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 0.71. DiamondRock Hospitality has a fifty-two week low of $7.33 and a fifty-two week high of $9.99. The stock has a market capitalization of $1.98 billion, a price-to-earnings ratio of 25.78 and a beta of 1.60.

DiamondRock Hospitality (NYSE:DRH) last posted 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). The company had revenue of $263.50 million for the quarter, compared to analyst estimates of $261.45 million. DiamondRock Hospitality had a return on equity of 5.29% and a net margin of 8.03%. The business’s revenue for the quarter was up 3.3% compared to the same quarter last year. During the same period last year, the company earned $0.23 earnings per share. On average, equities analysts anticipate that DiamondRock Hospitality will post 0.96 EPS for the current year.

DiamondRock Hospitality Announces Dividend

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 $0.03 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 1.28%. DiamondRock Hospitality’s dividend payout ratio (DPR) is 33.33%.

Wall Street Analyst Weigh In

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

Hedge Funds Weigh In On DiamondRock Hospitality

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

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.