Wellington Management Group LLP grew its stake in shares of DiamondRock Hospitality (NYSE:DRH - Free Report) by 15.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,925,093 shares of the real estate investment trust's stock after purchasing an additional 663,529 shares during the quarter. Wellington Management Group LLP owned approximately 2.37% of DiamondRock Hospitality worth $42,996,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also made changes to their positions in DRH. Rush Island Management LP bought a new stake in DiamondRock Hospitality in the 3rd quarter valued at about $51,726,000. Millennium Management LLC acquired a new stake in shares of DiamondRock Hospitality in the second quarter valued at approximately $15,118,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of DiamondRock Hospitality by 326.6% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,235,728 shares of the real estate investment trust's stock valued at $10,788,000 after purchasing an additional 946,073 shares during the period. Hotchkis & Wiley Capital Management LLC bought a new stake in shares of DiamondRock Hospitality during the third quarter valued at approximately $6,442,000. Finally, Pzena Investment Management LLC boosted its position in shares of DiamondRock Hospitality by 3.6% during the third 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 period.
Wall Street Analysts Forecast Growth
Several research firms recently commented on DRH. StockNews.com upgraded DiamondRock Hospitality from a "sell" rating to a "hold" rating in a research report on Tuesday, November 12th. Wells Fargo & Company lifted their price objective on shares of DiamondRock Hospitality from $10.00 to $10.50 and gave the company an "equal weight" rating in a research note on Monday. Stifel Nicolaus downgraded shares of DiamondRock Hospitality from a "buy" rating to a "hold" rating and reduced their price objective for the stock from $10.75 to $10.25 in a report on Friday, November 22nd. Truist Financial lowered their target price 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. Finally, Evercore ISI lowered shares of 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. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $10.38.
View Our Latest Research Report on DiamondRock Hospitality
DiamondRock Hospitality Price Performance
NYSE DRH traded up $0.04 on Thursday, reaching $9.71. The company's stock had a trading volume of 2,885,515 shares, compared to its average volume of 1,962,545. DiamondRock Hospitality has a twelve month low of $7.74 and a twelve month 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 firm's 50 day moving average is $9.08 and its two-hundred day moving average is $8.64. The stock has a market cap of $2.02 billion, a PE ratio of 34.54, a PEG ratio of 5.58 and a beta of 1.60.
DiamondRock Hospitality Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 14th. Investors of record on Tuesday, December 31st will be issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 13.18%. This is a boost from DiamondRock Hospitality's previous quarterly dividend of $0.03. The ex-dividend date of this dividend is Tuesday, December 31st. DiamondRock Hospitality's dividend payout ratio (DPR) is presently 42.86%.
DiamondRock Hospitality Company Profile
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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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