State Street Corp Grows Stake in DiamondRock Hospitality (NYSE:DRH)

State Street Corp increased its holdings in DiamondRock Hospitality (NYSE:DRH) by 1.8% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,535,384 shares of the real estate investment trust’s stock after purchasing an additional 221,219 shares during the period. State Street Corp owned 6.04% of DiamondRock Hospitality worth $109,806,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Quarry LP boosted its holdings in shares of DiamondRock Hospitality by 2,093.9% during the 2nd quarter. Quarry LP now owns 3,949 shares of the real estate investment trust’s stock valued at $33,000 after purchasing an additional 3,769 shares during the last quarter. Headlands Technologies LLC purchased a new stake in shares of DiamondRock Hospitality in the second quarter worth about $42,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in DiamondRock Hospitality by 35.1% during the third 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 buying an additional 2,116 shares during the last quarter. Harbor Capital Advisors Inc. bought a new position in DiamondRock Hospitality during the third quarter valued at approximately $74,000. Finally, Choreo LLC purchased a new position in DiamondRock Hospitality during the 2nd quarter valued at approximately $89,000.

DiamondRock Hospitality Trading Down 0.4 %

Shares of DRH opened at $9.65 on Monday. The company’s fifty day simple moving average is $9.11 and its 200-day simple moving average is $8.66. The company has a market cap of $2.00 billion, a P/E ratio of 34.46, a P/E/G ratio of 5.65 and a beta of 1.60. 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 has a twelve month low of $7.74 and a twelve month high of $10.00.

DiamondRock Hospitality Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 14th. Investors of record on Tuesday, December 31st will be given a $0.32 dividend. This is a positive change from DiamondRock Hospitality’s previous quarterly dividend of $0.03. This represents a $1.28 dividend on an annualized basis and a yield of 13.26%. The ex-dividend date is Tuesday, December 31st. DiamondRock Hospitality’s dividend payout ratio is 42.86%.

Wall Street Analyst Weigh In

DRH has been the topic of several recent research reports. Stifel Nicolaus cut DiamondRock Hospitality from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $10.75 to $10.25 in a report on Friday, November 22nd. Truist Financial decreased 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 note on Wednesday, September 4th. StockNews.com raised shares of DiamondRock Hospitality from a “sell” rating to a “hold” rating in a research note on Tuesday, November 12th. Evercore ISI cut shares of DiamondRock Hospitality from an “outperform” rating to an “inline” rating and set a $10.50 target price on the stock. in a research report on Friday, November 15th. Finally, Wells Fargo & Company increased their price target on shares of DiamondRock Hospitality from $10.00 to $10.50 and gave the company an “equal weight” rating in a report on Monday, December 9th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $10.38.

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.