Resolution Capital Ltd lowered its position in DiamondRock Hospitality (NYSE:DRH) by 15.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,109,276 shares of the real estate investment trust’s stock after selling 1,288,102 shares during the quarter. DiamondRock Hospitality makes up approximately 3.4% of Resolution Capital Ltd’s portfolio, making the stock its 15th biggest position. Resolution Capital Ltd’s holdings in DiamondRock Hospitality were worth $74,221,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently modified their holdings of the business. BlackRock Inc. lifted its position in DiamondRock Hospitality by 2.0% in the first quarter. BlackRock Inc. now owns 35,260,332 shares of the real estate investment trust’s stock valued at $368,117,000 after purchasing an additional 706,208 shares during the last quarter. Prudential Financial Inc. lifted its position in DiamondRock Hospitality by 38.0% in the first quarter. Prudential Financial Inc. now owns 7,952,866 shares of the real estate investment trust’s stock valued at $83,028,000 after purchasing an additional 2,189,890 shares during the last quarter. Northern Trust Corp lifted its position in DiamondRock Hospitality by 2.4% in the first quarter. Northern Trust Corp now owns 6,912,515 shares of the real estate investment trust’s stock valued at $72,168,000 after purchasing an additional 164,417 shares during the last quarter. Millennium Management LLC lifted its position in DiamondRock Hospitality by 281.3% in the fourth quarter. Millennium Management LLC now owns 6,601,651 shares of the real estate investment trust’s stock valued at $74,533,000 after purchasing an additional 4,870,152 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its position in DiamondRock Hospitality by 2.3% in the first quarter. Victory Capital Management Inc. now owns 3,382,061 shares of the real estate investment trust’s stock valued at $35,308,000 after purchasing an additional 75,490 shares during the last quarter.
Shares of DiamondRock Hospitality stock opened at $12.61 on Thursday. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.52. The company has a market cap of $2.54 billion, a P/E ratio of 12.61, a price-to-earnings-growth ratio of 2.46 and a beta of 1.40. DiamondRock Hospitality has a 52 week low of $9.87 and a 52 week high of $12.99.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 12th. Shareholders of record on Friday, June 29th will be issued a $0.125 dividend. The ex-dividend date is Thursday, June 28th. This represents a $0.50 dividend on an annualized basis and a yield of 3.97%. DiamondRock Hospitality’s dividend payout ratio (DPR) is 50.00%.
Several analysts have weighed in on DRH shares. Boenning Scattergood reiterated a “hold” rating on shares of DiamondRock Hospitality in a research report on Wednesday, February 28th. Morgan Stanley lowered their price objective on DiamondRock Hospitality from $11.00 to $10.00 and set an “underweight” rating for the company in a research report on Wednesday, February 28th. ValuEngine upgraded DiamondRock Hospitality from a “hold” rating to a “buy” rating in a research report on Wednesday, March 28th. TheStreet downgraded DiamondRock Hospitality from a “b-” rating to a “c+” rating in a research report on Thursday, May 3rd. Finally, Stifel Nicolaus boosted their price objective on DiamondRock Hospitality from $12.00 to $13.25 and gave the company a “buy” rating in a research report on Friday, May 25th. Three analysts have rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company. DiamondRock Hospitality presently has an average rating of “Hold” and a consensus price target of $12.36.
In other DiamondRock Hospitality news, insider Briony R. Quinn sold 10,000 shares of the stock in a transaction on Thursday, May 24th. The stock was sold at an average price of $12.58, for a total value of $125,800.00. Following the completion of the transaction, the insider now owns 83,172 shares in the company, valued at $1,046,303.76. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP William J. Tennis sold 30,000 shares of the stock in a transaction on Wednesday, May 30th. The stock was sold at an average price of $12.79, for a total value of $383,700.00. Following the completion of the transaction, the executive vice president now owns 252,363 shares of the company’s stock, valued at approximately $3,227,722.77. The disclosure for this sale can be found here. In the last quarter, insiders sold 51,268 shares of company stock valued at $641,786. 1.10% of the stock is owned by corporate insiders.
About DiamondRock Hospitality
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 top gateway markets and destination resort locations. As of February 26, 2018, the Company owns 28 premium quality hotels with over 9,600 rooms.
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