Principal Financial Group Inc. Sells 892,346 Shares of DiamondRock Hospitality (NYSE:DRH)

Principal Financial Group Inc. trimmed its position in shares of DiamondRock Hospitality (NYSE:DRH - Free Report) by 10.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,931,517 shares of the real estate investment trust's stock after selling 892,346 shares during the period. Principal Financial Group Inc. owned about 3.78% of DiamondRock Hospitality worth $69,242,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. QRG Capital Management Inc. raised its position in DiamondRock Hospitality by 5.1% during the third quarter. QRG Capital Management Inc. now owns 96,917 shares of the real estate investment trust's stock valued at $846,000 after acquiring an additional 4,678 shares in the last quarter. Van ECK Associates Corp increased its stake in shares of DiamondRock Hospitality by 12.3% during the 3rd quarter. Van ECK Associates Corp now owns 36,160 shares of the real estate investment trust's stock worth $315,000 after purchasing an additional 3,969 shares during the last quarter. Harbor Capital Advisors Inc. bought a new position in shares of DiamondRock Hospitality during the 3rd quarter valued at $74,000. abrdn plc lifted its stake in shares of DiamondRock Hospitality by 10.1% in the 3rd quarter. abrdn plc now owns 45,001 shares of the real estate investment trust's stock valued at $393,000 after purchasing an additional 4,131 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in DiamondRock Hospitality by 35.1% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,153 shares of the real estate investment trust's stock worth $73,000 after purchasing an additional 2,116 shares in the last quarter.

DiamondRock Hospitality Stock Performance

DRH traded up $0.01 during midday trading on Friday, reaching $9.26. The company's stock had a trading volume of 3,246,939 shares, compared to its average volume of 1,327,547. DiamondRock Hospitality has a twelve month low of $7.74 and a twelve month high of $9.99. The stock has a market cap of $1.92 billion, a P/E ratio of 31.93, a PEG ratio of 5.45 and a beta of 1.60. The company has a fifty day simple moving average of $8.79 and a 200 day simple moving average of $8.54. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 0.71.

DiamondRock Hospitality Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were paid a $0.03 dividend. This represents a $0.12 annualized dividend and a dividend yield of 1.30%. The ex-dividend date of this dividend was Monday, September 30th. DiamondRock Hospitality's payout ratio is presently 41.38%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Wells Fargo & Company cut their target price on DiamondRock Hospitality from $9.50 to $9.00 and set an "equal weight" rating on the stock in a report on Friday, September 13th. StockNews.com lowered DiamondRock Hospitality from a "hold" rating to a "sell" rating in a report on Monday, November 4th. Compass Point raised DiamondRock Hospitality from a "neutral" rating to a "buy" rating and set a $10.00 target price for the company in a research report on Monday, August 5th. Finally, Truist Financial dropped their price target on shares of DiamondRock Hospitality from $11.00 to $10.00 and set a "hold" rating on the stock in a research report on Wednesday, September 4th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat, DiamondRock Hospitality currently has an average rating of "Hold" and an average target price of $10.10.

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.