State Street Corp grew its stake in shares of DiamondRock Hospitality (NYSE:DRH - Free Report) by 1.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 12,535,384 shares of the real estate investment trust's stock after buying an additional 221,219 shares during the period. State Street Corp owned approximately 6.04% of DiamondRock Hospitality worth $109,806,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors also recently modified their holdings of the company. Quarry LP lifted its stake in DiamondRock Hospitality by 2,093.9% in the second quarter. Quarry LP now owns 3,949 shares of the real estate investment trust's stock valued at $33,000 after buying an additional 3,769 shares in the last quarter. Headlands Technologies LLC bought a new stake in DiamondRock Hospitality in the 2nd quarter valued at $42,000. Mirae Asset Global Investments Co. Ltd. lifted its position in DiamondRock Hospitality by 35.1% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,153 shares of the real estate investment trust's stock valued at $73,000 after acquiring an additional 2,116 shares in the last quarter. Harbor Capital Advisors Inc. acquired a new position in DiamondRock Hospitality in the 3rd quarter worth $74,000. Finally, Choreo LLC bought a new position in DiamondRock Hospitality during the 2nd quarter worth about $89,000.
DiamondRock Hospitality Price Performance
Shares of DiamondRock Hospitality stock traded up $0.08 on Monday, reaching $9.74. 1,486,211 shares of the stock were exchanged, compared to its average volume of 1,967,467. 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 firm has a market cap of $2.02 billion, a PE ratio of 35.00, a P/E/G ratio of 5.65 and a beta of 1.60. The firm's 50 day moving average is $9.11 and its 200-day moving average is $8.66. DiamondRock Hospitality has a one year low of $7.74 and a one year high of $10.00.
DiamondRock Hospitality Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 14th. Shareholders of record on Tuesday, December 31st will be paid a dividend of $0.32 per share. The ex-dividend date is Tuesday, December 31st. This is a boost from DiamondRock Hospitality's previous quarterly dividend of $0.03. This represents a $1.28 annualized dividend and a yield of 13.15%. DiamondRock Hospitality's dividend payout ratio is presently 42.86%.
Wall Street Analyst Weigh In
Several research analysts have recently weighed in on the stock. Truist Financial lowered their price objective on shares of DiamondRock Hospitality from $11.00 to $10.00 and set a "hold" rating on the stock in a research note on Wednesday, September 4th. Evercore ISI downgraded DiamondRock Hospitality from an "outperform" rating to an "inline" rating and set a $10.50 price target for the company. in a research note on Friday, November 15th. Wells Fargo & Company increased their price objective on DiamondRock Hospitality from $10.00 to $10.50 and gave the stock an "equal weight" rating in a research report on Monday, December 9th. Stifel Nicolaus cut shares of DiamondRock Hospitality from a "buy" rating to a "hold" rating and reduced their target price for the company from $10.75 to $10.25 in a research report on Friday, November 22nd. Finally, StockNews.com raised shares of DiamondRock Hospitality from a "sell" rating to a "hold" rating in a research report on Tuesday, November 12th. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, DiamondRock Hospitality currently has an average rating of "Hold" and a consensus price target of $10.38.
Read Our Latest Report on DRH
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.
Further Reading
Before you consider DiamondRock Hospitality, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and DiamondRock Hospitality wasn't on the list.
While DiamondRock Hospitality currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
MarketBeat just released its list of 10 cheap stocks that have been overlooked by the market and may be seriously undervalued. Click the link below to see which companies made the list.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
