Point72 Asset Management L.P. Purchases New Shares in DiamondRock Hospitality (NYSE:DRH)

Point72 Asset Management L.P. purchased a new position in DiamondRock Hospitality (NYSE:DRH) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 275,600 shares of the real estate investment trust’s stock, valued at approximately $2,489,000. Point72 Asset Management L.P. owned approximately 0.13% of DiamondRock Hospitality at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Barclays PLC raised its stake in DiamondRock Hospitality by 37.6% during the 3rd quarter. Barclays PLC now owns 368,616 shares of the real estate investment trust’s stock valued at $3,219,000 after purchasing an additional 100,805 shares during the period. KBC Group NV raised its position in DiamondRock Hospitality by 55.9% during the fourth quarter. KBC Group NV now owns 10,436 shares of the real estate investment trust’s stock valued at $94,000 after buying an additional 3,744 shares during the period. Vert Asset Management LLC lifted its stake in DiamondRock Hospitality by 2.1% in the 4th quarter. Vert Asset Management LLC now owns 82,570 shares of the real estate investment trust’s stock worth $746,000 after acquiring an additional 1,729 shares in the last quarter. abrdn plc lifted its stake in DiamondRock Hospitality by 53.5% in the 4th quarter. abrdn plc now owns 69,071 shares of the real estate investment trust’s stock worth $633,000 after acquiring an additional 24,070 shares in the last quarter. Finally, Choreo LLC boosted its position in DiamondRock Hospitality by 55.1% during the 4th quarter. Choreo LLC now owns 15,553 shares of the real estate investment trust’s stock worth $142,000 after acquiring an additional 5,523 shares during the period.

Analyst Ratings Changes

DRH has been the topic of a number of research reports. Evercore ISI dropped their target price on DiamondRock Hospitality from $10.00 to $9.00 and set an “in-line” rating on the stock in a report on Monday, April 28th. Morgan Stanley dropped their price target on shares of DiamondRock Hospitality from $9.00 to $7.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 22nd. Stifel Nicolaus increased their price objective on DiamondRock Hospitality from $8.00 to $8.25 and gave the stock a “hold” rating in a report on Friday, May 2nd. Bank of America raised shares of DiamondRock Hospitality from an “underperform” rating to a “buy” rating and set a $9.50 target price for the company in a research report on Wednesday, April 30th. Finally, Wells Fargo & Company cut their target price on DiamondRock Hospitality from $10.50 to $9.50 and set an “equal weight” rating on the stock in a report on Tuesday, February 18th. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, DiamondRock Hospitality presently has a consensus rating of “Hold” and an average price target of $9.04.

DiamondRock Hospitality Stock Performance

DRH opened at $7.60 on Wednesday. The stock has a market cap of $1.57 billion, a PE ratio of 27.14, a P/E/G ratio of 2.06 and a beta of 1.33. DiamondRock Hospitality has a 1 year low of $6.19 and a 1 year high of $10.00. The stock’s 50 day simple moving average is $7.44 and its 200-day simple moving average is $8.40. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 0.66.

DiamondRock Hospitality (NYSE:DRH) last posted its earnings results on Thursday, May 1st. The real estate investment trust reported $0.19 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.02. DiamondRock Hospitality had a net margin of 6.30% and a return on equity of 4.25%. The business had revenue of $254.85 million for the quarter, compared to analyst estimates of $256.47 million. During the same quarter in the prior year, the firm earned $0.17 EPS. The firm’s quarterly revenue was up .5% compared to the same quarter last year. Sell-side analysts forecast that DiamondRock Hospitality will post 0.96 EPS for the current year.

DiamondRock Hospitality Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Friday, March 28th were paid a $0.08 dividend. The ex-dividend date of this dividend was Friday, March 28th. This is a positive change from DiamondRock Hospitality’s previous quarterly dividend of $0.03. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.21%. DiamondRock Hospitality’s dividend payout ratio (DPR) is 177.78%.

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.