Norges Bank Invests $5.84 Million in DiamondRock Hospitality (NYSE:DRH)

Norges Bank bought a new stake in DiamondRock Hospitality (NYSE:DRH - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 646,618 shares of the real estate investment trust's stock, valued at approximately $5,839,000. Norges Bank owned about 0.31% of DiamondRock Hospitality at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. JPMorgan Chase & Co. raised its position in shares of DiamondRock Hospitality by 18.7% in the 4th quarter. JPMorgan Chase & Co. now owns 5,716,469 shares of the real estate investment trust's stock valued at $51,620,000 after acquiring an additional 901,600 shares during the period. Mitsubishi UFJ Trust & Banking Corp bought a new stake in DiamondRock Hospitality in the fourth quarter valued at approximately $371,000. EntryPoint Capital LLC acquired a new stake in DiamondRock Hospitality in the fourth quarter worth $211,000. Prudential Financial Inc. boosted its position in shares of DiamondRock Hospitality by 5.8% during the fourth quarter. Prudential Financial Inc. now owns 273,067 shares of the real estate investment trust's stock worth $2,419,000 after purchasing an additional 15,048 shares in the last quarter. Finally, LPL Financial LLC grew its holdings in shares of DiamondRock Hospitality by 10.6% in the 4th quarter. LPL Financial LLC now owns 63,205 shares of the real estate investment trust's stock valued at $571,000 after buying an additional 6,071 shares during the period.

DiamondRock Hospitality Trading Down 0.8 %

Shares of DiamondRock Hospitality stock traded down $0.06 during trading on Tuesday, hitting $6.95. The company's stock had a trading volume of 438,858 shares, compared to its average volume of 2,325,145. The stock has a market cap of $1.45 billion, a price-to-earnings ratio of 24.80, a price-to-earnings-growth ratio of 2.06 and a beta of 1.38. DiamondRock Hospitality has a 52 week low of $6.18 and a 52 week high of $10.00. The stock has a 50-day moving average price of $7.94 and a two-hundred day moving average price of $8.66. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.73 and a quick ratio of 1.73.

DiamondRock Hospitality Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Friday, March 28th were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.61%. The ex-dividend date of this dividend was Friday, March 28th. This is an increase from DiamondRock Hospitality's previous quarterly dividend of $0.03. DiamondRock Hospitality's payout ratio is presently 188.24%.

Analyst Ratings Changes

Separately, Wells Fargo & Company cut their price objective on shares of DiamondRock Hospitality from $10.50 to $9.50 and set an "equal weight" rating on the stock in a research report on Tuesday, February 18th. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $10.05.

About DiamondRock Hospitality

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.