Pzena Investment Management LLC Sells 2,481,976 Shares of DiamondRock Hospitality Company $DRH

Pzena Investment Management LLC decreased its stake in DiamondRock Hospitality Company (NYSE:DRH) by 46.7% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 2,834,579 shares of the real estate investment trust’s stock after selling 2,481,976 shares during the period. Pzena Investment Management LLC’s holdings in DiamondRock Hospitality were worth $26,560,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in DRH. Cohen & Steers Inc. acquired a new position in shares of DiamondRock Hospitality in the fourth quarter worth approximately $59,231,000. SG Americas Securities LLC increased its position in DiamondRock Hospitality by 106.1% during the 1st quarter. SG Americas Securities LLC now owns 4,172,671 shares of the real estate investment trust’s stock valued at $39,098,000 after purchasing an additional 2,147,881 shares during the period. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in DiamondRock Hospitality by 907.2% during the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,292,360 shares of the real estate investment trust’s stock worth $20,540,000 after purchasing an additional 2,064,760 shares during the last quarter. Qube Research & Technologies Ltd raised its holdings in DiamondRock Hospitality by 469.0% during the 3rd quarter. Qube Research & Technologies Ltd now owns 2,002,863 shares of the real estate investment trust’s stock worth $15,943,000 after purchasing an additional 1,650,871 shares during the last quarter. Finally, Bank of America Corp DE lifted its position in shares of DiamondRock Hospitality by 17.5% in the 2nd quarter. Bank of America Corp DE now owns 9,231,991 shares of the real estate investment trust’s stock worth $70,717,000 after purchasing an additional 1,377,897 shares during the period.

DiamondRock Hospitality Stock Up 1.3%

Shares of NYSE:DRH opened at $12.08 on Friday. The business’s 50 day simple moving average is $11.22 and its two-hundred day simple moving average is $10.14. The firm has a market cap of $2.47 billion, a P/E ratio of 48.32, a PEG ratio of 4.50 and a beta of 1.00. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.64 and a current ratio of 1.64. DiamondRock Hospitality Company has a 52-week low of $7.45 and a 52-week high of $12.54.

DiamondRock Hospitality Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 14th. Stockholders of record on Tuesday, June 30th will be given a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Tuesday, June 30th. DiamondRock Hospitality’s dividend payout ratio is presently 76.60%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on DRH shares. Citigroup upped their price objective on shares of DiamondRock Hospitality from $9.50 to $11.00 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. Barclays lifted their target price on shares of DiamondRock Hospitality from $10.00 to $12.00 and gave the stock an “equal weight” rating in a research note on Monday, June 1st. Stifel Nicolaus set a $12.25 price target on shares of DiamondRock Hospitality in a research report on Thursday, June 4th. LADENBURG THALM/SH SH increased their price target on DiamondRock Hospitality from $13.00 to $14.00 and gave the stock a “buy” rating in a report on Thursday, June 18th. Finally, Truist Financial lifted their price objective on DiamondRock Hospitality from $11.00 to $12.00 and gave the stock a “buy” rating in a research report on Tuesday, May 26th. Three analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $11.65.

Insiders Place Their Bets

In related news, Director Kathleen Merrill sold 20,000 shares of DiamondRock Hospitality stock in a transaction on Friday, June 12th. The shares were sold at an average price of $11.88, for a total value of $237,600.00. Following the completion of the sale, the director owned 84,335 shares of the company’s stock, valued at approximately $1,001,899.80. This trade represents a 19.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Michael A. Hartmeier sold 20,000 shares of the business’s stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $10.46, for a total transaction of $209,200.00. Following the sale, the director owned 95,354 shares of the company’s stock, valued at $997,402.84. This trade represents a 17.34% decrease in their position. The SEC filing for this sale provides additional information. 0.90% of the stock is owned by company insiders.

About DiamondRock Hospitality

DiamondRock Hospitality Company is a real estate investment trust (REIT) that acquires, owns and manages a diversified portfolio of upscale, full-service hotels in urban gateway markets across the United States. Established in 2004 and headquartered in Bethesda, Maryland, the company focuses on investing in high-quality lodging properties that cater to both business and leisure travelers. Its assets are positioned in key metropolitan areas, enabling DiamondRock to benefit from strong demand drivers such as corporate travel, group conventions and resort leisure stays.

The company’s portfolio includes full-service hotels offering a broad range of amenities, including guest rooms, on-site food and beverage outlets, meeting and event space, fitness centers and spa services.