State Board of Administration of Florida Retirement System Cuts Stake in DiamondRock Hospitality (NYSE:DRH)

State Board of Administration of Florida Retirement System reduced its position in DiamondRock Hospitality (NYSE:DRH – Get Rating) by 38.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 65,640 shares of the real estate investment trust’s stock after selling 40,210 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in DiamondRock Hospitality were worth $538,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Prudential Financial Inc. increased its position in shares of DiamondRock Hospitality by 273.4% in the 3rd quarter. Prudential Financial Inc. now owns 3,008,457 shares of the real estate investment trust’s stock valued at $22,593,000 after acquiring an additional 2,202,775 shares during the period. Fisher Asset Management LLC acquired a new position in shares of DiamondRock Hospitality in the 4th quarter valued at $13,428,000. State Street Corp increased its position in shares of DiamondRock Hospitality by 12.9% in the 1st quarter. State Street Corp now owns 13,538,478 shares of the real estate investment trust’s stock valued at $136,739,000 after acquiring an additional 1,548,369 shares during the period. Mesirow Institutional Investment Management Inc. acquired a new position in shares of DiamondRock Hospitality in the 3rd quarter valued at $9,282,000. Finally, Vanguard Group Inc. increased its position in shares of DiamondRock Hospitality by 3.2% in the 3rd quarter. Vanguard Group Inc. now owns 36,970,154 shares of the real estate investment trust’s stock valued at $277,647,000 after acquiring an additional 1,162,193 shares during the period.

DiamondRock Hospitality Price Performance

NYSE:DRH opened at $8.10 on Friday. DiamondRock Hospitality has a 52 week low of $7.14 and a 52 week high of $11.02. The company has a quick ratio of 1.80, a current ratio of 1.80 and a debt-to-equity ratio of 0.74. The stock has a market capitalization of $1.70 billion, a PE ratio of 18.00, a price-to-earnings-growth ratio of 5.01 and a beta of 1.66. The stock’s 50-day moving average price is $8.05 and its 200-day moving average price is $8.58.

DiamondRock Hospitality Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 12th. Stockholders of record on Friday, March 31st were given a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 1.48%. The ex-dividend date was Thursday, March 30th. DiamondRock Hospitality’s dividend payout ratio (DPR) is presently 26.67%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on DRH shares. Deutsche Bank Aktiengesellschaft cut their target price on DiamondRock Hospitality from $12.00 to $11.00 in a research report on Wednesday, February 22nd. Wells Fargo & Company raised shares of DiamondRock Hospitality from an “equal weight” rating to an “overweight” rating and lowered their price target for the company from $10.50 to $9.00 in a report on Thursday, March 30th. Citigroup lowered their price target on shares of DiamondRock Hospitality from $10.00 to $8.00 and set a “neutral” rating on the stock in a report on Monday, March 27th. StockNews.com initiated coverage on shares of DiamondRock Hospitality in a report on Thursday. They issued a “sell” rating on the stock. Finally, Morgan Stanley upped their price target on shares of DiamondRock Hospitality from $9.00 to $9.50 and gave the company an “equal weight” rating in a report on Tuesday, February 7th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, DiamondRock Hospitality currently has an average rating of “Hold” and an average price target of $10.06.

DiamondRock Hospitality Company Profile

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DiamondRock Hospitality Co is a real estate investment trust which focuses on lodging properties. It engages in the acquisition, ownership, asset management, and renovation of hotels and resorts. Its brands include Autograph Collection Hotels, Courtyard Marriott, Hilton Garden Inn, Hilton Hotels & Resorts, JW Marriott, and Kimpton Hotels & Restaurants.