DiamondRock Hospitality (NYSE:DRH) Shares Sold by abrdn plc

abrdn plc lowered its stake in shares of DiamondRock Hospitality (NYSE:DRH) by 20.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,209,958 shares of the real estate investment trust’s stock after selling 308,945 shares during the quarter. abrdn plc’s holdings in DiamondRock Hospitality were worth $11,362,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Pzena Investment Management LLC increased its stake in shares of DiamondRock Hospitality by 9.1% during the 3rd quarter. Pzena Investment Management LLC now owns 9,720,155 shares of the real estate investment trust’s stock valued at $78,053,000 after acquiring an additional 810,972 shares during the last quarter. Invesco Ltd. increased its position in DiamondRock Hospitality by 3.1% during the 3rd quarter. Invesco Ltd. now owns 5,455,648 shares of the real estate investment trust’s stock worth $43,809,000 after purchasing an additional 165,142 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in DiamondRock Hospitality by 4.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,326,316 shares of the real estate investment trust’s stock worth $34,740,000 after purchasing an additional 188,010 shares in the last quarter. Northern Trust Corp increased its position in DiamondRock Hospitality by 2.3% during the 3rd quarter. Northern Trust Corp now owns 3,291,311 shares of the real estate investment trust’s stock worth $26,429,000 after purchasing an additional 73,745 shares in the last quarter. Finally, Great Lakes Advisors LLC increased its position in DiamondRock Hospitality by 9.7% during the 3rd quarter. Great Lakes Advisors LLC now owns 734,391 shares of the real estate investment trust’s stock worth $5,897,000 after purchasing an additional 64,852 shares in the last quarter.

Analysts Set New Price Targets

DRH has been the subject of a number of research analyst reports. StockNews.com downgraded shares of DiamondRock Hospitality from a “hold” rating to a “sell” rating in a research report on Saturday, February 3rd. Truist Financial increased their target price on shares of DiamondRock Hospitality from $10.00 to $11.00 and gave the stock a “hold” rating in a research report on Thursday, March 14th. Wolfe Research began coverage on DiamondRock Hospitality in a report on Wednesday, January 10th. They issued an “outperform” rating and a $11.00 price target for the company. Finally, Stifel Nicolaus upped their price target on DiamondRock Hospitality from $10.00 to $10.50 and gave the stock a “buy” rating in a report on Friday, February 23rd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, DiamondRock Hospitality currently has a consensus rating of “Hold” and a consensus price target of $10.30.

DiamondRock Hospitality Stock Down 1.6 %

NYSE DRH opened at $9.08 on Friday. The stock has a market cap of $1.91 billion, a PE ratio of 25.21 and a beta of 1.60. DiamondRock Hospitality has a fifty-two week low of $7.33 and a fifty-two week high of $9.99. The business has a 50 day moving average price of $9.36 and a two-hundred day moving average price of $8.96. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 0.71.

DiamondRock Hospitality (NYSE:DRH) last released its earnings results on Friday, February 23rd. The real estate investment trust reported $0.04 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.14). The business had revenue of $263.50 million for the quarter, compared to analysts’ expectations of $261.45 million. DiamondRock Hospitality had a net margin of 8.03% and a return on equity of 5.29%. The business’s quarterly revenue was up 3.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.23 earnings per share. As a group, sell-side analysts predict that DiamondRock Hospitality will post 0.96 EPS for the current fiscal year.

DiamondRock Hospitality Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 29th were paid a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a dividend yield of 1.32%. The ex-dividend date was Wednesday, March 27th. DiamondRock Hospitality’s dividend payout ratio (DPR) is currently 33.33%.

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.