Vanguard Group Inc. Cuts Stake in DiamondRock Hospitality (NYSE:DRH)

Vanguard Group Inc. decreased its position in DiamondRock Hospitality (NYSE:DRH) by 3.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 35,228,170 shares of the real estate investment trust’s stock after selling 1,229,853 shares during the period. Vanguard Group Inc. owned about 16.80% of DiamondRock Hospitality worth $330,793,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in DRH. Charles Schwab Investment Management Inc. boosted its holdings in DiamondRock Hospitality by 4.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,516,452 shares of the real estate investment trust’s stock valued at $42,409,000 after purchasing an additional 190,136 shares in the last quarter. Centersquare Investment Management LLC boosted its stake in shares of DiamondRock Hospitality by 17.0% in the fourth quarter. Centersquare Investment Management LLC now owns 4,492,910 shares of the real estate investment trust’s stock valued at $42,188,000 after buying an additional 652,095 shares in the last quarter. Northern Trust Corp grew its holdings in DiamondRock Hospitality by 2.3% during the third quarter. Northern Trust Corp now owns 3,291,311 shares of the real estate investment trust’s stock worth $26,429,000 after acquiring an additional 73,745 shares during the period. Norges Bank purchased a new position in DiamondRock Hospitality in the fourth quarter worth $13,301,000. Finally, Panagora Asset Management Inc. lifted its holdings in DiamondRock Hospitality by 3.0% in the fourth quarter. Panagora Asset Management Inc. now owns 1,164,692 shares of the real estate investment trust’s stock valued at $10,936,000 after acquiring an additional 33,645 shares during the period.

DiamondRock Hospitality Price Performance

DiamondRock Hospitality stock opened at $8.45 on Friday. The firm has a market capitalization of $1.78 billion, a PE ratio of 23.47, a P/E/G ratio of 6.06 and a beta of 1.59. DiamondRock Hospitality has a 52 week low of $7.33 and a 52 week high of $9.99. The firm’s 50-day simple moving average is $8.52 and its 200 day simple moving average is $9.06. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 0.71.

DiamondRock Hospitality Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be issued a $0.03 dividend. This represents a $0.12 annualized dividend and a dividend yield of 1.42%. The ex-dividend date is Friday, June 28th. DiamondRock Hospitality’s dividend payout ratio (DPR) is presently 33.33%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the stock. Truist Financial upped their price target on shares of DiamondRock Hospitality from $10.00 to $11.00 and gave the stock a “hold” rating in a research note on Thursday, March 14th. StockNews.com raised shares of DiamondRock Hospitality from a “sell” rating to a “hold” rating in a report on Friday, May 3rd. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $10.30.

DiamondRock Hospitality Company Profile

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.