DiamondRock Hospitality (NYSE:DRH) Issues FY24 Earnings Guidance

DiamondRock Hospitality (NYSE:DRH) updated its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $0.91-$1.00 for the period, compared to the consensus earnings per share estimate of $0.96.

DiamondRock Hospitality Trading Down 0.9 %

Shares of NYSE DRH traded down $0.08 during midday trading on Thursday, hitting $8.77. The stock had a trading volume of 4,813,545 shares, compared to its average volume of 1,794,636. The company has a debt-to-equity ratio of 0.71, a current ratio of 2.00 and a quick ratio of 2.00. DiamondRock Hospitality has a fifty-two week low of $7.33 and a fifty-two week high of $9.99. The firm has a market cap of $1.85 billion, a P/E ratio of 24.58 and a beta of 1.61. The company’s 50-day simple moving average is $9.34 and its 200 day simple moving average is $9.00.

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

DiamondRock Hospitality Announces Dividend

The business also recently announced 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. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $0.12 annualized dividend and a dividend yield of 1.37%. DiamondRock Hospitality’s payout ratio is currently 33.33%.

Analyst Ratings Changes

DRH has been the subject of a number of research analyst reports. Truist Financial boosted their target price on DiamondRock Hospitality from $10.00 to $11.00 and gave the company a hold rating in a research note 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. Wolfe Research assumed coverage on DiamondRock Hospitality in a report on Wednesday, January 10th. They issued an outperform rating and a $11.00 price objective for the company. Finally, Stifel Nicolaus boosted their target price on shares of DiamondRock Hospitality from $10.00 to $10.50 and gave the stock a buy rating in a report on Friday, February 23rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of Hold and a consensus price target of $10.30.

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.