Sumitomo Mitsui Trust Holdings Inc. Sells 6,786 Shares of DiamondRock Hospitality (NYSE:DRH)

Sumitomo Mitsui Trust Holdings Inc. cut its stake in DiamondRock Hospitality (NYSE:DRH) by 2.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 246,480 shares of the real estate investment trust’s stock after selling 6,786 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc.’s holdings in DiamondRock Hospitality were worth $2,314,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of DRH. Pzena Investment Management LLC lifted its position in DiamondRock Hospitality by 9.1% in the third quarter. Pzena Investment Management LLC now owns 9,720,155 shares of the real estate investment trust’s stock worth $78,053,000 after buying an additional 810,972 shares during the last quarter. Bamco Inc. NY bought a new stake in shares of DiamondRock Hospitality during the third quarter worth $3,866,000. Charles Schwab Investment Management Inc. lifted its position in shares of DiamondRock Hospitality by 4.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,326,316 shares of the real estate investment trust’s stock worth $34,740,000 after purchasing an additional 188,010 shares during the last quarter. Invesco Ltd. lifted its position in shares of DiamondRock Hospitality by 3.1% during the third 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 during the last quarter. Finally, Illinois Municipal Retirement Fund bought a new stake in shares of DiamondRock Hospitality during the third quarter worth $985,000.

DiamondRock Hospitality Stock Performance

DRH stock opened at $9.23 on Thursday. The company has a debt-to-equity ratio of 0.71, a current ratio of 2.00 and a quick ratio of 2.00. The business has a 50-day moving average price of $9.37 and a 200 day moving average price of $8.96. The company has a market capitalization of $1.94 billion, a P/E ratio of 25.63 and a beta of 1.60. DiamondRock Hospitality has a 1-year low of $7.33 and a 1-year high of $9.99.

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

DiamondRock Hospitality Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 29th were paid a $0.03 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $0.12 annualized dividend and a yield of 1.30%. DiamondRock Hospitality’s dividend payout ratio (DPR) is presently 33.33%.

Analysts Set New Price Targets

Several research firms have recently weighed in on DRH. Truist Financial lifted their target price on DiamondRock Hospitality from $10.00 to $11.00 and gave the stock a “hold” rating in a research report on Thursday, March 14th. StockNews.com downgraded DiamondRock Hospitality from a “hold” rating to a “sell” rating in a research report on Saturday, February 3rd. Stifel Nicolaus lifted their target price on DiamondRock Hospitality from $10.00 to $10.50 and gave the stock a “buy” rating in a research report on Friday, February 23rd. Finally, Wolfe Research began coverage on DiamondRock Hospitality in a research report on Wednesday, January 10th. They set an “outperform” rating and a $11.00 target price for the company. One analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $10.30.

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.