Asset Management One Co. Ltd. increased its stake in DiamondRock Hospitality (NYSE:DRH) by 33.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 627,438 shares of the real estate investment trust’s stock after buying an additional 158,458 shares during the quarter. Asset Management One Co. Ltd. owned about 0.31% of DiamondRock Hospitality worth $6,489,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. FMR LLC boosted its holdings in DiamondRock Hospitality by 5.0% in the first quarter. FMR LLC now owns 11,729,394 shares of the real estate investment trust’s stock worth $127,030,000 after acquiring an additional 560,676 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of DiamondRock Hospitality by 5.5% during the second quarter. Northern Trust Corp now owns 7,320,133 shares of the real estate investment trust’s stock worth $75,689,000 after purchasing an additional 379,089 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of DiamondRock Hospitality by 1.0% during the second quarter. JPMorgan Chase & Co. now owns 3,668,436 shares of the real estate investment trust’s stock worth $38,005,000 after purchasing an additional 36,085 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of DiamondRock Hospitality by 1.9% during the second quarter. Charles Schwab Investment Management Inc. now owns 3,511,004 shares of the real estate investment trust’s stock worth $36,304,000 after purchasing an additional 65,200 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in shares of DiamondRock Hospitality by 10.6% during the second quarter. Bank of New York Mellon Corp now owns 3,465,767 shares of the real estate investment trust’s stock worth $35,836,000 after purchasing an additional 331,888 shares during the period.
Shares of NYSE DRH opened at $10.28 on Friday. The stock’s 50-day moving average is $9.70 and its two-hundred day moving average is $10.26. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.49 and a quick ratio of 1.49. DiamondRock Hospitality has a 1-year low of $8.69 and a 1-year high of $11.72. The company has a market cap of $2.09 billion, a price-to-earnings ratio of 10.08, a price-to-earnings-growth ratio of 2.02 and a beta of 1.37.
DiamondRock Hospitality (NYSE:DRH) last released its quarterly earnings data on Monday, August 5th. The real estate investment trust reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.31 by $0.01. DiamondRock Hospitality had a return on equity of 5.00% and a net margin of 10.32%. The business had revenue of $257.92 million for the quarter, compared to the consensus estimate of $253.67 million. During the same quarter in the prior year, the business posted $0.32 EPS. The business’s revenue for the quarter was up 8.4% on a year-over-year basis. Equities research analysts anticipate that DiamondRock Hospitality will post 1.03 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be issued a $0.125 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $0.50 annualized dividend and a dividend yield of 4.86%. DiamondRock Hospitality’s dividend payout ratio is currently 49.02%.
A number of research analysts have issued reports on the company. TheStreet downgraded DiamondRock Hospitality from a “b-” rating to a “c+” rating in a report on Thursday, August 1st. Barclays reiterated a “hold” rating and set a $10.00 price target on shares of DiamondRock Hospitality in a research report on Tuesday, August 13th. ValuEngine cut DiamondRock Hospitality from a “hold” rating to a “sell” rating in a research report on Tuesday, July 2nd. Wells Fargo & Co reiterated a “market perform” rating and set a $9.50 price target on shares of DiamondRock Hospitality in a research report on Monday, August 19th. Finally, Zacks Investment Research cut DiamondRock Hospitality from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 18th. Four analysts have rated the stock with a sell rating and five have given a hold rating to the company. DiamondRock Hospitality presently has an average rating of “Hold” and a consensus target price of $9.64.
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 top gateway markets and destination resort locations. The Company owns 31 premium quality hotels with over 10,000 rooms. The Company has strategically positioned its hotels to be operated both under leading global brand families such as Hilton and Marriott as well as unique boutique hotels in the lifestyle segment.
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