Evergreen Capital Management LLC Raises Stake in DiamondRock Hospitality (NYSE:DRH)

Evergreen Capital Management LLC boosted its holdings in DiamondRock Hospitality (NYSE:DRH) by 14.4% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 14,372 shares of the real estate investment trust’s stock after purchasing an additional 1,810 shares during the quarter. Evergreen Capital Management LLC’s holdings in DiamondRock Hospitality were worth $122,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Centersquare Investment Management LLC raised its stake in shares of DiamondRock Hospitality by 40.3% in the 1st quarter. Centersquare Investment Management LLC now owns 6,303,698 shares of the real estate investment trust’s stock valued at $56,103,000 after acquiring an additional 1,810,788 shares during the period. Dimensional Fund Advisors LP raised its position in DiamondRock Hospitality by 4.0% in the second quarter. Dimensional Fund Advisors LP now owns 3,102,363 shares of the real estate investment trust’s stock valued at $26,214,000 after purchasing an additional 120,228 shares during the period. Victory Capital Management Inc. lifted its stake in shares of DiamondRock Hospitality by 1.7% during the second quarter. Victory Capital Management Inc. now owns 2,618,538 shares of the real estate investment trust’s stock worth $22,127,000 after purchasing an additional 43,050 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of DiamondRock Hospitality by 1.2% in the second quarter. Bank of New York Mellon Corp now owns 2,081,031 shares of the real estate investment trust’s stock worth $17,585,000 after buying an additional 25,154 shares during the period. Finally, Norges Bank acquired a new stake in shares of DiamondRock Hospitality in the fourth quarter valued at about $13,301,000.

DiamondRock Hospitality Stock Performance

DiamondRock Hospitality stock opened at $8.95 on Friday. DiamondRock Hospitality has a 52 week low of $7.33 and a 52 week high of $9.99. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 0.71. The stock has a market cap of $1.88 billion, a P/E ratio of 24.86, a price-to-earnings-growth ratio of 4.43 and a beta of 1.60. The stock has a 50 day moving average of $8.43 and a 200-day moving average of $8.65.

DiamondRock Hospitality (NYSE:DRH) last posted its quarterly earnings data on Thursday, August 1st. The real estate investment trust reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.22). The company had revenue of $309.28 million for the quarter, compared to the consensus estimate of $301.77 million. DiamondRock Hospitality had a net margin of 6.43% and a return on equity of 4.31%. The company’s revenue was up 6.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.32 earnings per share. On average, analysts expect that DiamondRock Hospitality will post 0.98 EPS for the current fiscal year.

DiamondRock Hospitality Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be issued a $0.03 dividend. This represents a $0.12 annualized dividend and a yield of 1.34%. The ex-dividend date is Monday, September 30th. DiamondRock Hospitality’s dividend payout ratio is currently 33.33%.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Compass Point raised DiamondRock Hospitality from a “neutral” rating to a “buy” rating and set a $10.00 price target on the stock in a research report on Monday, August 5th. Truist Financial reduced 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 report on Wednesday, September 4th. Wells Fargo & Company lowered their price target on shares of DiamondRock Hospitality from $9.50 to $9.00 and set an “equal weight” rating for the company in a report on Friday, September 13th. Finally, StockNews.com raised shares of DiamondRock Hospitality from a “sell” rating to a “hold” rating in a research note on Saturday, August 10th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $9.92.

DiamondRock Hospitality 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.