Arizona State Retirement System reduced its position in shares of DiamondRock Hospitality (NYSE:DRH – Free Report) by 2.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 59,259 shares of the real estate investment trust’s stock after selling 1,408 shares during the period. Arizona State Retirement System’s holdings in DiamondRock Hospitality were worth $475,000 at the end of the most recent quarter.
Several other hedge funds also recently modified their holdings of DRH. Bank of New York Mellon Corp boosted its stake in shares of DiamondRock Hospitality by 0.7% during the 1st quarter. Bank of New York Mellon Corp now owns 2,259,645 shares of the real estate investment trust’s stock worth $22,823,000 after purchasing an additional 16,663 shares during the last quarter. PNC Financial Services Group Inc. boosted its position 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 worth $133,000 after acquiring an additional 1,130 shares during the last quarter. Natixis Advisors L.P. acquired a new stake in shares of DiamondRock Hospitality in the first quarter worth approximately $401,000. Bank of Montreal Can boosted its position in shares of 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 worth $884,000 after acquiring an additional 2,777 shares during the last quarter. Finally, MetLife Investment Management LLC boosted its position in shares of DiamondRock Hospitality by 68.5% in the first quarter. MetLife Investment Management LLC now owns 107,107 shares of the real estate investment trust’s stock worth $1,082,000 after acquiring an additional 43,548 shares during the last quarter.
Analyst Upgrades and Downgrades
Several equities research analysts recently issued reports on the stock. Truist Financial decreased their target price on shares of DiamondRock Hospitality from $11.00 to $10.00 and set a “hold” rating on the stock in a research report on Friday, September 15th. StockNews.com initiated coverage on shares of DiamondRock Hospitality in a report on Thursday, October 5th. They issued a “sell” rating on the stock. Wells Fargo & Company raised their price target on shares of DiamondRock Hospitality from $9.00 to $10.00 in a report on Wednesday, July 12th. Finally, Morgan Stanley cut their price target on shares of DiamondRock Hospitality from $9.00 to $8.50 and set an “equal weight” rating on the stock in a report on Friday, August 25th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, DiamondRock Hospitality has an average rating of “Hold” and an average price target of $9.75.
DiamondRock Hospitality Trading Up 2.5 %
DRH opened at $8.45 on Monday. The firm has a market capitalization of $1.77 billion, a P/E ratio of 21.67 and a beta of 1.62. The firm’s 50 day moving average is $7.97 and its 200-day moving average is $8.03. DiamondRock Hospitality has a 52-week low of $7.14 and a 52-week high of $10.02. The company has a quick ratio of 1.88, a current ratio of 1.82 and a debt-to-equity ratio of 0.71.
DiamondRock Hospitality Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 12th. Stockholders of record on Friday, September 29th were paid a dividend of $0.03 per share. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 1.42%. DiamondRock Hospitality’s dividend payout ratio is currently 30.77%.
DiamondRock Hospitality 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.
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