Wells Fargo & Company MN Lowers Stock Holdings in DiamondRock Hospitality (NYSE:DRH)

Wells Fargo & Company MN cut its stake in shares of DiamondRock Hospitality (NYSE:DRH) by 32.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 124,320 shares of the real estate investment trust’s stock after selling 60,345 shares during the quarter. Wells Fargo & Company MN owned approximately 0.06% of DiamondRock Hospitality worth $1,123,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Resona Asset Management Co. Ltd. bought a new position in DiamondRock Hospitality during the 4th quarter worth about $756,000. Landscape Capital Management L.L.C. bought a new position in shares of DiamondRock Hospitality during the fourth quarter valued at approximately $147,000. Centersquare Investment Management LLC increased its holdings in DiamondRock Hospitality by 18.8% during the fourth quarter. Centersquare Investment Management LLC now owns 5,283,922 shares of the real estate investment trust’s stock valued at $47,714,000 after buying an additional 834,506 shares during the period. ExodusPoint Capital Management LP increased its holdings in DiamondRock Hospitality by 2.9% during the fourth quarter. ExodusPoint Capital Management LP now owns 1,462,512 shares of the real estate investment trust’s stock valued at $13,206,000 after buying an additional 41,701 shares during the period. Finally, Arrowstreet Capital Limited Partnership raised its stake in DiamondRock Hospitality by 21.6% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 879,852 shares of the real estate investment trust’s stock worth $7,945,000 after buying an additional 156,043 shares in the last quarter.

DiamondRock Hospitality Price Performance

Shares of DRH stock opened at $7.21 on Wednesday. The firm has a market capitalization of $1.50 billion, a price-to-earnings ratio of 25.73, a PEG ratio of 2.06 and a beta of 1.38. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.73 and a current ratio of 1.73. The stock’s 50-day simple moving average is $7.59 and its 200-day simple moving average is $8.53. DiamondRock Hospitality has a fifty-two week low of $6.19 and a fifty-two week high of $10.00.

DiamondRock Hospitality Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Friday, March 28th were paid a dividend of $0.08 per share. This is an increase from DiamondRock Hospitality’s previous quarterly dividend of $0.03. This represents a $0.32 annualized dividend and a dividend yield of 4.44%. The ex-dividend date of this dividend was Friday, March 28th. DiamondRock Hospitality’s payout ratio is presently 188.24%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on DRH shares. Wells Fargo & Company cut their price target on DiamondRock Hospitality from $10.50 to $9.50 and set an “equal weight” rating on the stock in a report on Tuesday, February 18th. Stifel Nicolaus cut their target price on DiamondRock Hospitality from $9.75 to $8.00 and set a “hold” rating on the stock in a research note on Wednesday, April 16th. Evercore ISI decreased their price target on shares of DiamondRock Hospitality from $10.00 to $9.00 and set an “in-line” rating for the company in a research report on Monday. Finally, Morgan Stanley cut their price objective on shares of DiamondRock Hospitality from $9.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 22nd. Six research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat, DiamondRock Hospitality currently has a consensus rating of “Hold” and an average target price of $8.92.

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.