DiamondRock Hospitality (NYSE:DRH) Shares Purchased by Bank of America Corp DE

Bank of America Corp DE lifted its holdings in DiamondRock Hospitality (NYSE:DRH - Free Report) by 78.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,953,022 shares of the real estate investment trust's stock after acquiring an additional 3,064,117 shares during the period. Bank of America Corp DE owned 3.35% of DiamondRock Hospitality worth $62,786,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Barclays PLC raised its position in DiamondRock Hospitality by 37.6% during the third 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 holdings in DiamondRock Hospitality by 55.9% during the 4th 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 position in DiamondRock Hospitality by 2.1% in the fourth quarter. Vert Asset Management LLC now owns 82,570 shares of the real estate investment trust's stock worth $746,000 after buying an additional 1,729 shares during the last quarter. abrdn plc boosted its stake in DiamondRock Hospitality by 53.5% during the fourth quarter. abrdn plc now owns 69,071 shares of the real estate investment trust's stock worth $633,000 after buying an additional 24,070 shares during the period. Finally, Choreo LLC increased its position in DiamondRock Hospitality by 55.1% during the fourth quarter. Choreo LLC now owns 15,553 shares of the real estate investment trust's stock valued at $142,000 after acquiring an additional 5,523 shares during the last quarter.

Analysts Set New Price Targets

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

DiamondRock Hospitality Stock Up 0.1%

Shares of DRH stock traded up $0.01 during trading hours on Friday, reaching $7.82. 2,077,953 shares of the company's stock were exchanged, compared to its average volume of 2,222,038. DiamondRock Hospitality has a 1 year low of $6.19 and a 1 year high of $10.00. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 0.66. The stock has a market cap of $1.61 billion, a PE ratio of 27.93, a PEG ratio of 2.06 and a beta of 1.33. The stock's fifty day moving average price is $7.44 and its two-hundred day moving average price is $8.42.

DiamondRock Hospitality (NYSE:DRH - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The real estate investment trust reported $0.19 earnings per share for the quarter, beating analysts' consensus estimates of $0.17 by $0.02. DiamondRock Hospitality had a net margin of 6.30% and a return on equity of 4.25%. The firm had revenue of $254.85 million for the quarter, compared to analyst estimates of $256.47 million. The business's quarterly revenue was up .5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.17 earnings per share. Research analysts predict 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. Investors of record on Friday, March 28th were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 4.09%. The ex-dividend date of this dividend was Friday, March 28th. This is a boost from DiamondRock Hospitality's previous quarterly dividend of $0.03. DiamondRock Hospitality's dividend payout ratio (DPR) is 177.78%.

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.