Charles Schwab Investment Management Inc. Trims Stake in DiamondRock Hospitality Company $DRH

Charles Schwab Investment Management Inc. lowered its holdings in DiamondRock Hospitality Company (NYSE:DRH) by 3.2% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,412,456 shares of the real estate investment trust’s stock after selling 145,124 shares during the quarter. Charles Schwab Investment Management Inc. owned 2.11% of DiamondRock Hospitality worth $34,064,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Centersquare Investment Management LLC raised its position in DiamondRock Hospitality by 12.9% in the first quarter. Centersquare Investment Management LLC now owns 5,967,761 shares of the real estate investment trust’s stock valued at $46,071,000 after purchasing an additional 683,839 shares during the period. Jefferies Financial Group Inc. purchased a new stake in DiamondRock Hospitality in the first quarter valued at $456,000. Mackenzie Financial Corp raised its position in DiamondRock Hospitality by 142.6% in the first quarter. Mackenzie Financial Corp now owns 33,334 shares of the real estate investment trust’s stock valued at $257,000 after purchasing an additional 19,595 shares during the period. Carrera Capital Advisors raised its position in DiamondRock Hospitality by 15.4% in the first quarter. Carrera Capital Advisors now owns 233,671 shares of the real estate investment trust’s stock valued at $1,823,000 after purchasing an additional 31,178 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in DiamondRock Hospitality by 15.3% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 159,557 shares of the real estate investment trust’s stock valued at $1,232,000 after purchasing an additional 21,230 shares during the period.

Analysts Set New Price Targets

A number of equities research analysts have commented on DRH shares. Evercore ISI reduced their target price 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. Bank of America upgraded DiamondRock Hospitality from an “underperform” rating to a “buy” rating and set a $9.50 price objective on the stock in a report on Wednesday, April 30th. Wells Fargo & Company upgraded DiamondRock Hospitality from a “strong sell” rating to a “hold” rating and boosted their price objective for the company from $7.75 to $8.25 in a report on Tuesday, July 1st. Truist Financial cut their price objective on DiamondRock Hospitality from $10.00 to $9.00 and set a “hold” rating on the stock in a report on Friday, May 30th. Finally, Morgan Stanley cut their price objective on DiamondRock Hospitality from $9.00 to $7.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 22nd. Six analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $8.50.

DiamondRock Hospitality Price Performance

DRH stock opened at $7.96 on Tuesday. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 0.64. The company has a market capitalization of $1.63 billion, a PE ratio of 30.60 and a beta of 1.41. DiamondRock Hospitality Company has a 12-month low of $6.18 and a 12-month high of $10.00. The business’s fifty day moving average price is $7.84 and its 200 day moving average price is $7.78.

DiamondRock Hospitality (NYSE:DRH) last released its earnings results on Thursday, August 7th. The real estate investment trust reported $0.35 EPS for the quarter, topping the consensus estimate of $0.33 by $0.02. DiamondRock Hospitality had a return on equity of 4.23% and a net margin of 6.04%. The firm had revenue of $305.70 million during the quarter, compared to analysts’ expectations of $303.70 million. During the same period in the previous year, the firm posted $0.34 EPS. DiamondRock Hospitality’s revenue for the quarter was down 1.2% on a year-over-year basis. On average, sell-side analysts anticipate that DiamondRock Hospitality Company will post 0.96 EPS for the current year.

DiamondRock Hospitality Cuts Dividend

The business also recently announced a dividend, which was paid on Friday, July 11th. Investors of record on Tuesday, July 1st were paid a dividend of $0.08 per share. This represents a yield of 420.0%. The ex-dividend date of this dividend was Monday, June 30th. DiamondRock Hospitality’s payout ratio is presently 123.08%.

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.