DiamondRock Hospitality Company (DRH) was Downgraded by Morgan Stanley to ” Underweight”. Earlier the firm had a rating of “Equal-Weight ” on the company shares. Morgan Stanley advised their investors in a research report released on Sep 26, 2016.
On the company’s financial health, DiamondRock Hospitality Company reported $0.31 EPS for the quarter, missing the analyst consensus estimate by $ -0.01 based on the information available during the earnings call on Aug 5, 2016. Analyst had a consensus of $0.32. The company had revenue of $256.70 million for the quarter, compared to analysts expectations of $257.73 million. The company’s revenue was up 2.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.31 EPS.
DiamondRock Hospitality Company opened for trading at $9.45 and hit $9.57 on the upside on Thursday, eventually ending the session at $9.44, with a gain of 0.96% or 0.09 points. The heightened volatility saw the trading volume jump to 24,54,749 shares. Company has a market cap of $1,896 M.
Investors should note that on Sep 13, 2016, DiamondRock Hospitality Company announced a cash dividend of $0.1250. The company’s management has announced Sep 28, 2016 as the ex-dividend date and fixed the record date on Sep 30, 2016. The payable date has been fixed on Oct 12, 2016.
In a different news, on Mar 26, 2015, William J Tennis (EVP & General Counsel) sold 100 shares at $14.95 per share price.
DiamondRock Hospitality Company is a lodging focused Maryland corporation operating as a real estate investment trust (REIT). As of December 31 2014 the Company owned a portfolio of 27 hotels and resorts throughout North America and the United States Virgin Islands that consists of 10552 guest rooms. The Company conducts its business through a traditional umbrella partnership REIT or umbrella partnership real estate investment trust (UPREIT) in which the Company’s hotels are owned by subsidiaries of its operating partnership DiamondRock Hospitality Limited Partnership. The Company is the sole general partner of its operating partnership and owns either directly or indirectly all of the limited partnership units of its operating partnership. The Company leases all of its domestic hotels to REIT subsidiary or TRS lessees. In turn the Company’s TRS lessees must engage a third-party management company to manage the hotels.