DiamondRock Hospitality (NYSE:DRH) Stake Cut by New York State Teachers Retirement System

New York State Teachers Retirement System cut its position in shares of DiamondRock Hospitality (NYSE:DRH) by 1.8% in the fourth quarter, Holdings Channel reports. The firm owned 451,765 shares of the real estate investment trust’s stock after selling 8,380 shares during the period. New York State Teachers Retirement System’s holdings in DiamondRock Hospitality were worth $4,242,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. State Board of Administration of Florida Retirement System raised its stake in shares of DiamondRock Hospitality by 101.1% during the 3rd quarter. State Board of Administration of Florida Retirement System now owns 132,028 shares of the real estate investment trust’s stock worth $1,060,000 after purchasing an additional 66,388 shares in the last quarter. Public Employees Retirement System of Ohio raised its stake in shares of DiamondRock Hospitality by 7.9% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 306,213 shares of the real estate investment trust’s stock worth $2,459,000 after purchasing an additional 22,438 shares in the last quarter. Invesco Ltd. raised its stake in shares of DiamondRock Hospitality by 3.1% during the 3rd quarter. Invesco Ltd. now owns 5,455,648 shares of the real estate investment trust’s stock worth $43,809,000 after purchasing an additional 165,142 shares in the last quarter. Diversified Trust Co raised its stake in shares of DiamondRock Hospitality by 4.2% during the 3rd quarter. Diversified Trust Co now owns 52,385 shares of the real estate investment trust’s stock worth $421,000 after purchasing an additional 2,108 shares in the last quarter. Finally, Bamco Inc. NY purchased a new stake in shares of DiamondRock Hospitality during the 3rd quarter worth about $3,866,000.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on DRH shares. Stifel Nicolaus raised their price target on DiamondRock Hospitality from $10.00 to $10.50 and gave the stock a “buy” rating in a research note on Friday, February 23rd. Truist Financial raised their price objective 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 note on Saturday, February 3rd. Wells Fargo & Company raised their price objective on DiamondRock Hospitality from $9.00 to $10.00 and gave the company an “equal weight” rating in a research note on Friday, December 22nd. Finally, Wolfe Research started coverage on DiamondRock Hospitality in a research note on Wednesday, January 10th. They issued an “outperform” rating and a $11.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $10.30.

DiamondRock Hospitality Stock Performance

DRH opened at $9.28 on Monday. The firm has a market capitalization of $1.96 billion, a P/E ratio of 25.78 and a beta of 1.60. The stock’s 50 day moving average price is $9.39 and its two-hundred day moving average price is $8.91. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 0.71. DiamondRock Hospitality has a 12-month low of $7.33 and a 12-month high of $9.99.

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

DiamondRock Hospitality Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 29th were issued a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a dividend yield of 1.29%. The ex-dividend date was Wednesday, March 27th. DiamondRock Hospitality’s payout ratio is presently 33.33%.

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.