DiamondRock Hospitality (NYSE:DRH) Sets New 1-Year Low - Here's What Happened

DiamondRock Hospitality (NYSE:DRH - Get Free Report) reached a new 52-week low during trading on Wednesday . The company traded as low as $6.32 and last traded at $6.39, with a volume of 3815138 shares. The stock had previously closed at $6.72.

Wall Street Analysts Forecast Growth

Separately, Wells Fargo & Company cut their price target on DiamondRock Hospitality from $10.50 to $9.50 and set an "equal weight" rating for the company in a research note on Tuesday, February 18th. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $10.05.

DiamondRock Hospitality Stock Down 1.0 %

The company has a fifty day moving average of $7.97 and a 200 day moving average of $8.67. 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 company has a market cap of $1.46 billion, a P/E ratio of 25.11, a price-to-earnings-growth ratio of 2.06 and a beta of 1.38.

DiamondRock Hospitality Increases Dividend

The business also recently announced 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 of this dividend was Friday, March 28th. This is an increase from DiamondRock Hospitality's previous quarterly dividend of $0.03. This represents a $0.32 annualized dividend and a yield of 4.55%. DiamondRock Hospitality's payout ratio is 188.24%.

Institutional Trading of DiamondRock Hospitality

Hedge funds and other institutional investors have recently modified their holdings of the company. Jane Street Group LLC grew its position in DiamondRock Hospitality by 73.0% in the third quarter. Jane Street Group LLC now owns 302,757 shares of the real estate investment trust's stock worth $2,643,000 after acquiring an additional 127,717 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in DiamondRock Hospitality by 18.7% during 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. Geode Capital Management LLC lifted its position in DiamondRock Hospitality by 0.5% in the third quarter. Geode Capital Management LLC now owns 5,350,283 shares of the real estate investment trust's stock worth $46,716,000 after buying an additional 28,391 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in DiamondRock Hospitality by 45.2% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 138,327 shares of the real estate investment trust's stock worth $1,249,000 after buying an additional 43,088 shares during the period. Finally, Cbre Investment Management Listed Real Assets LLC bought a new position in DiamondRock Hospitality during the fourth quarter valued at $14,889,000.

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.