DiamondRock Hospitality (NYSE:DRH) Reaches New 52-Week Low - Here's What Happened

DiamondRock Hospitality (NYSE:DRH - Get Free Report)'s share price reached a new 52-week low during trading on Friday . The company traded as low as $7.65 and last traded at $7.77, with a volume of 648354 shares. The stock had previously closed at $7.98.

Analysts Set New Price Targets

Separately, Wells Fargo & Company cut their target price on shares of 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. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $10.05.

DiamondRock Hospitality Price Performance

The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 0.66. The stock has a market capitalization of $1.64 billion, a PE ratio of 28.18, a P/E/G ratio of 2.06 and a beta of 1.63. The stock's 50-day moving average is $8.45 and its 200 day moving average is $8.83.

DiamondRock Hospitality Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 28th will be paid a $0.08 dividend. The ex-dividend date is Friday, March 28th. This represents a $0.32 dividend on an annualized basis and a yield of 4.06%. This is an increase from DiamondRock Hospitality's previous quarterly dividend of $0.03. DiamondRock Hospitality's payout ratio is 188.24%.

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Institutional Investors Weigh In On DiamondRock Hospitality

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Nissay Asset Management Corp Japan ADV grew its stake in shares of DiamondRock Hospitality by 4.0% in the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 31,738 shares of the real estate investment trust's stock valued at $292,000 after buying an additional 1,216 shares in the last quarter. Xponance Inc. grew its position 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 acquiring an additional 1,360 shares in the last quarter. Ancora Advisors LLC increased its stake in shares of DiamondRock Hospitality by 0.9% during the 4th quarter. Ancora Advisors LLC now owns 164,150 shares of the real estate investment trust's stock worth $1,482,000 after purchasing an additional 1,490 shares during the last quarter. Orion Portfolio Solutions LLC raised its holdings in shares of DiamondRock Hospitality by 1.6% during the 3rd quarter. Orion Portfolio Solutions LLC now owns 104,965 shares of the real estate investment trust's stock valued at $916,000 after purchasing an additional 1,652 shares in the last quarter. Finally, Vert Asset Management LLC lifted its stake in shares of DiamondRock Hospitality by 2.1% in the 4th quarter. Vert Asset Management LLC now owns 82,570 shares of the real estate investment trust's stock valued at $746,000 after purchasing an additional 1,729 shares during the last quarter.

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.