Bank of New York Mellon Corp grew its holdings in DiamondRock Hospitality (NYSE:DRH - Free Report) by 7.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,924,700 shares of the real estate investment trust's stock after purchasing an additional 137,200 shares during the quarter. Bank of New York Mellon Corp owned about 0.93% of DiamondRock Hospitality worth $17,380,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also made changes to their positions in the company. Van ECK Associates Corp boosted its stake in DiamondRock Hospitality by 12.3% during the third quarter. Van ECK Associates Corp now owns 36,160 shares of the real estate investment trust's stock worth $315,000 after buying an additional 3,969 shares during the last quarter. State of New Jersey Common Pension Fund D boosted its position in shares of DiamondRock Hospitality by 3.7% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 229,847 shares of the real estate investment trust's stock valued at $2,007,000 after acquiring an additional 8,173 shares during the last quarter. GSA Capital Partners LLP acquired a new position in shares of DiamondRock Hospitality during the 3rd quarter valued at about $126,000. Victory Capital Management Inc. grew its holdings in shares of DiamondRock Hospitality by 0.9% in the third quarter. Victory Capital Management Inc. now owns 2,642,787 shares of the real estate investment trust's stock valued at $23,072,000 after purchasing an additional 24,249 shares during the period. Finally, Metis Global Partners LLC increased its position in DiamondRock Hospitality by 29.6% during the third quarter. Metis Global Partners LLC now owns 21,346 shares of the real estate investment trust's stock worth $186,000 after purchasing an additional 4,878 shares during the last quarter.
Analyst Upgrades and Downgrades
DRH has been the subject of several analyst reports. StockNews.com raised shares of DiamondRock Hospitality from a "sell" rating to a "hold" rating in a research note on Tuesday, November 12th. Stifel Nicolaus lowered DiamondRock Hospitality from a "buy" rating to a "hold" rating and lowered their price objective for the stock from $10.75 to $10.25 in a research report on Friday, November 22nd. Evercore ISI downgraded DiamondRock Hospitality from an "outperform" rating to an "inline" rating and set a $10.50 target price on the stock. in a research report on Friday, November 15th. Finally, Wells Fargo & Company decreased their price target on 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 analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $10.05.
Read Our Latest Stock Analysis on DRH
DiamondRock Hospitality Stock Down 5.1 %
Shares of DRH opened at $7.91 on Wednesday. The stock has a market capitalization of $1.64 billion, a PE ratio of 28.23, a P/E/G ratio of 2.06 and a beta of 1.63. DiamondRock Hospitality has a 1 year low of $7.74 and a 1 year high of $10.00. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.73 and a current ratio of 1.73. The company's 50-day simple moving average is $8.64 and its 200-day simple moving average is $8.87.
DiamondRock Hospitality Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 4.05%. The ex-dividend date is Friday, March 28th. This is a boost from DiamondRock Hospitality's previous quarterly dividend of $0.03. DiamondRock Hospitality's dividend payout ratio is currently 188.24%.
DiamondRock Hospitality Profile
(
Free Report)
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.
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