DiamondRock Hospitality (NYSE:DRH) Short Interest Up 5.2% in November

DiamondRock Hospitality (NYSE:DRH) was the target of a significant growth in short interest in the month of November. As of November 30th, there was short interest totalling 19,060,000 shares, a growth of 5.2% from the November 15th total of 18,120,000 shares. Approximately 9.4% of the shares of the company are sold short. Based on an average trading volume of 2,120,000 shares, the days-to-cover ratio is presently 9.0 days.

Analyst Ratings Changes

Several equities analysts recently issued reports on DRH shares. Stifel Nicolaus cut DiamondRock Hospitality from a “buy” rating to a “hold” rating and dropped their price target for the company from $10.75 to $10.25 in a research report on Friday, November 22nd. Evercore ISI lowered DiamondRock Hospitality from an “outperform” rating to an “inline” rating and set a $10.50 target price on the stock. in a report on Friday, November 15th. StockNews.com raised DiamondRock Hospitality from a “sell” rating to a “hold” rating in a report on Tuesday, November 12th. Truist Financial dropped their price objective 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. Finally, Wells Fargo & Company lifted their target price 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 equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, DiamondRock Hospitality currently has an average rating of “Hold” and a consensus price target of $10.38.

Hedge Funds Weigh In On DiamondRock Hospitality

Several hedge funds have recently added to or reduced their stakes in DRH. State Street Corp lifted its holdings in shares of DiamondRock Hospitality by 1.8% in the third quarter. State Street Corp now owns 12,535,384 shares of the real estate investment trust’s stock valued at $109,806,000 after purchasing an additional 221,219 shares in the last quarter. Pzena Investment Management LLC increased its position in DiamondRock Hospitality by 3.6% during the 3rd quarter. Pzena Investment Management LLC now owns 9,153,018 shares of the real estate investment trust’s stock worth $79,906,000 after purchasing an additional 317,901 shares in the last quarter. Rush Island Management LP acquired a new position in DiamondRock Hospitality in the 3rd quarter valued at about $51,726,000. Geode Capital Management LLC lifted its holdings in DiamondRock Hospitality by 0.5% in the 3rd quarter. Geode Capital Management LLC now owns 5,350,283 shares of the real estate investment trust’s stock valued at $46,716,000 after purchasing an additional 28,391 shares in the last quarter. Finally, Wellington Management Group LLP lifted its holdings in DiamondRock Hospitality by 15.6% in the 3rd quarter. Wellington Management Group LLP now owns 4,925,093 shares of the real estate investment trust’s stock valued at $42,996,000 after purchasing an additional 663,529 shares in the last quarter.

DiamondRock Hospitality Price Performance

DiamondRock Hospitality stock traded down $0.04 during mid-day trading on Tuesday, reaching $9.70. The company had a trading volume of 1,935,927 shares, compared to its average volume of 1,967,338. The stock’s 50-day simple moving average is $9.13 and its 200-day simple moving average is $8.67. DiamondRock Hospitality has a 1 year low of $7.74 and a 1 year high of $10.00. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.73 and a quick ratio of 1.73. The company has a market capitalization of $2.01 billion, a P/E ratio of 34.77, a P/E/G ratio of 5.65 and a beta of 1.60.

DiamondRock Hospitality Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 14th. Investors of record on Tuesday, December 31st will be paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 13.20%. This is a boost from DiamondRock Hospitality’s previous quarterly dividend of $0.03. The ex-dividend date is Tuesday, December 31st. DiamondRock Hospitality’s dividend payout ratio is presently 42.86%.

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.