Allspring Global Investments Holdings LLC Boosts Position in DiamondRock Hospitality (NYSE:DRH)

Allspring Global Investments Holdings LLC grew its position in shares of DiamondRock Hospitality (NYSE:DRH) by 76.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 50,603 shares of the real estate investment trust’s stock after purchasing an additional 21,953 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in DiamondRock Hospitality were worth $405,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its stake in DiamondRock Hospitality by 10.9% in the 1st quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 121,733 shares of the real estate investment trust’s stock valued at $990,000 after acquiring an additional 11,936 shares during the period. Harbor Investment Advisory LLC grew its stake in DiamondRock Hospitality by 33.5% in the 2nd quarter. Harbor Investment Advisory LLC now owns 6,449 shares of the real estate investment trust’s stock valued at $52,000 after acquiring an additional 1,620 shares during the period. Credit Suisse AG grew its stake in DiamondRock Hospitality by 1.2% in the 1st quarter. Credit Suisse AG now owns 284,723 shares of the real estate investment trust’s stock valued at $2,315,000 after acquiring an additional 3,349 shares during the period. Victory Capital Management Inc. grew its stake in DiamondRock Hospitality by 29.1% in the 1st quarter. Victory Capital Management Inc. now owns 2,676,202 shares of the real estate investment trust’s stock valued at $21,758,000 after acquiring an additional 603,541 shares during the period. Finally, New York Life Investment Management LLC grew its stake in DiamondRock Hospitality by 8.8% in the 1st quarter. New York Life Investment Management LLC now owns 61,115 shares of the real estate investment trust’s stock valued at $497,000 after acquiring an additional 4,951 shares during the period.

DiamondRock Hospitality Trading Up 1.5 %

Shares of DRH stock opened at $8.19 on Friday. The company’s 50-day moving average price is $7.99 and its 200-day moving average price is $8.03. The company has a current ratio of 1.82, a quick ratio of 1.88 and a debt-to-equity ratio of 0.71. The stock has a market cap of $1.72 billion, a price-to-earnings ratio of 21.00 and a beta of 1.62. DiamondRock Hospitality has a twelve month low of $7.14 and a twelve month high of $10.02.

DiamondRock Hospitality Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 12th. Stockholders of record on Friday, September 29th were given a dividend of $0.03 per share. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $0.12 annualized dividend and a dividend yield of 1.47%. DiamondRock Hospitality’s payout ratio is 30.77%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on DRH shares. StockNews.com started coverage on shares of DiamondRock Hospitality in a research note on Thursday, October 5th. They issued a “sell” rating on the stock. Truist Financial lowered 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 note on Friday, September 15th. Finally, Morgan Stanley lifted their target price on shares of DiamondRock Hospitality from $8.50 to $9.00 and gave the stock an “equal weight” rating in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $9.83.

About DiamondRock Hospitality

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.