JPMorgan Chase & Co. Reduces Stock Position in DiamondRock Hospitality (NYSE:DRH)

JPMorgan Chase & Co. reduced its stake in DiamondRock Hospitality (NYSE:DRH - Free Report) by 3.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,814,869 shares of the real estate investment trust's stock after selling 195,445 shares during the period. JPMorgan Chase & Co. owned approximately 2.32% of DiamondRock Hospitality worth $42,034,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. State Street Corp raised its position in shares of DiamondRock Hospitality by 1.8% in the 3rd quarter. State Street Corp now owns 12,535,384 shares of the real estate investment trust's stock valued at $109,806,000 after buying an additional 221,219 shares in the last quarter. Pzena Investment Management LLC lifted its position in shares of DiamondRock Hospitality by 3.6% during the 3rd quarter. Pzena Investment Management LLC now owns 9,153,018 shares of the real estate investment trust's stock worth $79,906,000 after buying an additional 317,901 shares during the last quarter. Rush Island Management LP acquired a new stake in DiamondRock Hospitality in the third quarter valued at about $51,726,000. Geode Capital Management LLC grew 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 valued at $46,716,000 after acquiring an additional 28,391 shares during the last quarter. Finally, Wellington Management Group LLP raised its stake in DiamondRock Hospitality by 15.6% during the third quarter. Wellington Management Group LLP now owns 4,925,093 shares of the real estate investment trust's stock worth $42,996,000 after acquiring an additional 663,529 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on DRH shares. Stifel Nicolaus downgraded shares of DiamondRock Hospitality from a "buy" rating to a "hold" rating and reduced their price target for the company from $10.75 to $10.25 in a research note on Friday, November 22nd. StockNews.com upgraded shares of DiamondRock Hospitality from a "sell" rating to a "hold" rating in a research report on Tuesday, November 12th. Wells Fargo & Company upped their price target on shares of DiamondRock Hospitality from $10.00 to $10.50 and gave the stock an "equal weight" rating in a report on Monday, December 9th. Finally, Evercore ISI downgraded DiamondRock Hospitality from an "outperform" rating to an "inline" rating and set a $10.50 price objective on the stock. in a report on Friday, November 15th. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $10.38.

DiamondRock Hospitality Trading Down 0.1 %

DRH stock traded down $0.01 during mid-day trading on Monday, reaching $8.93. The company's stock had a trading volume of 1,813,310 shares, compared to its average volume of 2,005,903. The company has a market cap of $1.85 billion, a price-to-earnings ratio of 31.89, a price-to-earnings-growth ratio of 5.65 and a beta of 1.59. DiamondRock Hospitality has a 12 month low of $7.74 and a 12 month high of $10.00. The business's 50 day moving average price is $9.22 and its 200 day moving average price is $8.76. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 0.66.

DiamondRock Hospitality Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 14th. Investors of record on Tuesday, December 31st will be given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 14.33%. The ex-dividend date is Tuesday, December 31st. This is an increase from DiamondRock Hospitality's previous quarterly dividend of $0.03. DiamondRock Hospitality's payout ratio is presently 42.86%.

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.