Ameriprise Financial Inc. Reduces Holdings in DiamondRock Hospitality (NYSE:DRH)

Ameriprise Financial Inc. trimmed its stake in DiamondRock Hospitality (NYSE:DRH) by 17.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 771,918 shares of the real estate investment trust’s stock after selling 166,575 shares during the period. Ameriprise Financial Inc. owned 0.37% of DiamondRock Hospitality worth $6,974,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. FIL Ltd bought a new position in DiamondRock Hospitality in the fourth quarter worth $60,000. Smartleaf Asset Management LLC raised its holdings in DiamondRock Hospitality by 278.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 9,769 shares of the real estate investment trust’s stock worth $89,000 after purchasing an additional 7,189 shares in the last quarter. KBC Group NV raised its holdings in DiamondRock Hospitality by 55.9% in the fourth quarter. KBC Group NV now owns 10,436 shares of the real estate investment trust’s stock worth $94,000 after purchasing an additional 3,744 shares in the last quarter. Dark Forest Capital Management LP bought a new position in DiamondRock Hospitality in the fourth quarter worth $117,000. Finally, Xponance Inc. raised its holdings in DiamondRock Hospitality by 9.9% in the fourth quarter. Xponance Inc. now owns 15,098 shares of the real estate investment trust’s stock worth $136,000 after purchasing an additional 1,360 shares in the last quarter.

DiamondRock Hospitality Trading Up 0.5%

NYSE DRH opened at $7.49 on Friday. DiamondRock Hospitality has a 12 month low of $6.19 and a 12 month high of $10.00. The stock has a market cap of $1.54 billion, a P/E ratio of 26.73, a P/E/G ratio of 2.06 and a beta of 1.33. The stock’s fifty day moving average price is $7.42 and its 200-day moving average price is $8.38. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 0.66.

DiamondRock Hospitality (NYSE:DRH) last released its earnings results on Thursday, May 1st. The real estate investment trust reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.02. DiamondRock Hospitality had a return on equity of 4.25% and a net margin of 6.30%. The firm had revenue of $254.85 million for the quarter, compared to analysts’ expectations of $256.47 million. During the same period in the prior year, the firm posted $0.17 earnings per share. The company’s quarterly revenue was up .5% on a year-over-year basis. As a group, equities analysts forecast that DiamondRock Hospitality will post 0.96 EPS for the current fiscal year.

DiamondRock Hospitality Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Friday, March 28th were given a dividend of $0.08 per share. The ex-dividend date was Friday, March 28th. This is a boost from DiamondRock Hospitality’s previous quarterly dividend of $0.03. This represents a $0.32 annualized dividend and a dividend yield of 4.28%. DiamondRock Hospitality’s dividend payout ratio (DPR) is 177.78%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Morgan Stanley decreased their price objective on DiamondRock Hospitality from $9.00 to $7.00 and set an “equal weight” rating for the company in a report on Tuesday, April 22nd. Bank of America upgraded DiamondRock Hospitality from an “underperform” rating to a “buy” rating and set a $9.50 price objective for the company in a report on Wednesday, April 30th. Evercore ISI decreased their price objective on DiamondRock Hospitality from $10.00 to $9.00 and set an “in-line” rating for the company in a report on Monday, April 28th. Stifel Nicolaus increased their price objective on DiamondRock Hospitality from $8.00 to $8.25 and gave the stock a “hold” rating in a report on Friday, May 2nd. Finally, Wells Fargo & Company cut their target price on DiamondRock Hospitality from $10.50 to $9.50 and set an “equal weight” rating on the stock in a research note on Tuesday, February 18th. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, DiamondRock Hospitality currently has an average rating of “Hold” and a consensus target price of $9.04.

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.