Envestnet Asset Management Inc. Invests $395,000 in DiamondRock Hospitality Company (NYSE:DRH)

Envestnet Asset Management Inc. bought a new position in shares of DiamondRock Hospitality Company (NYSE:DRH) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 51,140 shares of the real estate investment trust’s stock, valued at approximately $395,000.

Several other hedge funds have also modified their holdings of DRH. Allspring Global Investments Holdings LLC increased its position in shares of DiamondRock Hospitality by 54.6% in the first quarter. Allspring Global Investments Holdings LLC now owns 91,486 shares of the real estate investment trust’s stock worth $705,000 after acquiring an additional 32,298 shares in the last quarter. Oppenheimer Asset Management Inc. acquired a new position in DiamondRock Hospitality in the 1st quarter worth approximately $103,000. Norges Bank purchased a new position in DiamondRock Hospitality during the 4th quarter worth approximately $5,839,000. Principal Financial Group Inc. raised its stake in DiamondRock Hospitality by 2.3% during the 1st quarter. Principal Financial Group Inc. now owns 1,034,246 shares of the real estate investment trust’s stock valued at $7,984,000 after purchasing an additional 23,653 shares during the period. Finally, Deutsche Bank AG lifted its holdings in shares of DiamondRock Hospitality by 24.8% in the fourth quarter. Deutsche Bank AG now owns 275,483 shares of the real estate investment trust’s stock valued at $2,488,000 after purchasing an additional 54,794 shares in the last quarter.

Analysts Set New Price Targets

Several research analysts recently weighed in on DRH shares. Morgan Stanley dropped their price target on 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. Wells Fargo & Company upgraded shares of DiamondRock Hospitality from a “strong sell” rating to a “hold” rating and raised their price target for the stock from $7.75 to $8.25 in a report on Tuesday, July 1st. Bank of America upgraded shares of DiamondRock Hospitality from an “underperform” rating to a “buy” rating and set a $9.50 price objective on the stock in a research note on Wednesday, April 30th. Stifel Nicolaus lifted their target price on shares of 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 cut 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 investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, DiamondRock Hospitality currently has a consensus rating of “Hold” and an average target price of $8.50.

DiamondRock Hospitality Stock Performance

NYSE DRH opened at $7.59 on Thursday. The company’s fifty day moving average is $7.81 and its two-hundred day moving average is $7.86. DiamondRock Hospitality Company has a 52-week low of $6.18 and a 52-week high of $10.00. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.62 and a quick ratio of 1.62. The firm has a market capitalization of $1.56 billion, a price-to-earnings ratio of 42.14, a P/E/G ratio of 4.42 and a beta of 1.41.

DiamondRock Hospitality Cuts Dividend

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

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.