Zurcher Kantonalbank Zurich Cantonalbank Raises Stock Holdings in DiamondRock Hospitality Company (NYSE:DRH)

Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of DiamondRock Hospitality Company (NYSE:DRH) by 15.3% in the first quarter, according to its most recent filing with the SEC. The fund owned 159,557 shares of the real estate investment trust’s stock after acquiring an additional 21,230 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.08% of DiamondRock Hospitality worth $1,232,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Invesco Ltd. lifted its position in shares of DiamondRock Hospitality by 3.9% during the fourth quarter. Invesco Ltd. now owns 8,651,539 shares of the real estate investment trust’s stock worth $78,123,000 after purchasing an additional 323,745 shares during the last quarter. Alyeska Investment Group L.P. increased its stake in DiamondRock Hospitality by 16.3% in the 4th quarter. Alyeska Investment Group L.P. now owns 8,576,077 shares of the real estate investment trust’s stock worth $77,442,000 after buying an additional 1,201,955 shares during the period. Bank of America Corp DE lifted its holdings in DiamondRock Hospitality by 78.8% during the 4th quarter. Bank of America Corp DE now owns 6,953,022 shares of the real estate investment trust’s stock valued at $62,786,000 after buying an additional 3,064,117 shares in the last quarter. JPMorgan Chase & Co. boosted its position in DiamondRock Hospitality by 18.7% in the 4th quarter. JPMorgan Chase & Co. now owns 5,716,469 shares of the real estate investment trust’s stock valued at $51,620,000 after buying an additional 901,600 shares during the period. Finally, H 2 Credit Manager LP grew its stake in DiamondRock Hospitality by 36.5% in the 4th quarter. H 2 Credit Manager LP now owns 3,741,445 shares of the real estate investment trust’s stock worth $33,785,000 after acquiring an additional 1,000,000 shares in the last quarter.

DiamondRock Hospitality Stock Down 1.9%

DiamondRock Hospitality stock opened at $7.57 on Monday. The company has a quick ratio of 1.62, a current ratio of 1.62 and a debt-to-equity ratio of 0.69. The firm has a market cap of $1.56 billion, a P/E ratio of 42.06, a P/E/G ratio of 4.35 and a beta of 1.41. The business has a fifty day moving average of $7.80 and a two-hundred day moving average of $7.87. DiamondRock Hospitality Company has a twelve month low of $6.18 and a twelve month high of $10.00.

DiamondRock Hospitality (NYSE:DRH) last issued its quarterly earnings data on Thursday, May 1st. The real estate investment trust reported $0.19 earnings per share for the quarter, topping analysts’ consensus estimates of $0.17 by $0.02. DiamondRock Hospitality had a return on equity of 3.18% and a net margin of 4.57%. The firm had revenue of $254.85 million during the quarter, compared to analysts’ expectations of $256.47 million. During the same period in the prior year, the business posted $0.17 EPS. The firm’s quarterly revenue was up .5% on a year-over-year basis. On average, analysts forecast that DiamondRock Hospitality Company will post 0.96 earnings per share for the current fiscal year.

DiamondRock Hospitality Cuts Dividend

The company also recently declared a dividend, which was paid on Friday, July 11th. Stockholders of record on Tuesday, July 1st were issued a $0.08 dividend. This represents a dividend yield of 420.0%. The ex-dividend date was Monday, June 30th. DiamondRock Hospitality’s dividend payout ratio (DPR) is currently 177.78%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Bank of America raised shares of DiamondRock Hospitality from an “underperform” rating to a “buy” rating and set a $9.50 price target for the company in a research note on Wednesday, April 30th. Wells Fargo & Company raised DiamondRock Hospitality from a “strong sell” rating to a “hold” rating and lifted their target price for the company from $7.75 to $8.25 in a research report on Tuesday, July 1st. Evercore ISI dropped their price target on DiamondRock Hospitality from $10.00 to $9.00 and set an “in-line” rating on the stock in a research report on Monday, April 28th. Stifel Nicolaus raised their price target on DiamondRock Hospitality from $8.00 to $8.25 and gave the company a “hold” rating in a research note on Friday, May 2nd. Finally, Truist Financial decreased their price objective on DiamondRock Hospitality from $10.00 to $9.00 and set a “hold” rating for the company in a report on Friday, May 30th. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $8.71.

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.