Arrowstreet Capital Limited Partnership Raises Holdings in DiamondRock Hospitality Company $DRH

Key Points

• Arrowstreet Capital increased its DiamondRock Hospitality stake by 4% in the first quarter, adding 91,672 shares to reach 2.41 million shares, or approximately 1.18% of the REIT valued at $22.6 million.
• Several other institutional investors also raised their positions, including Bank of America, which boosted its stake by 17.5%. However, two directors sold 20,000 shares each, and insiders own 0.90% of the company.
• Analysts have lifted their price targets, but the overall consensus remains “Hold”, with four Buy ratings and seven Holds and an average target of $12.12. DRH opened at $13.14, near its 12-month high of $13.24.

Arrowstreet Capital Limited Partnership lifted its stake in shares of DiamondRock Hospitality Company (NYSE:DRH - Free Report) by 4.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,412,052 shares of the real estate investment trust's stock after purchasing an additional 91,672 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 1.18% of DiamondRock Hospitality worth $22,601,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. State Street Corp increased its stake in shares of DiamondRock Hospitality by 0.8% during the 2nd quarter. State Street Corp now owns 12,587,578 shares of the real estate investment trust's stock worth $97,400,000 after purchasing an additional 93,929 shares in the last quarter. Bank of America Corp DE boosted its stake in shares of DiamondRock Hospitality by 17.5% during the second quarter. Bank of America Corp DE now owns 9,231,991 shares of the real estate investment trust's stock valued at $70,717,000 after acquiring an additional 1,377,897 shares during the last quarter. Alyeska Investment Group L.P. increased its position in DiamondRock Hospitality by 5.5% during the 3rd quarter. Alyeska Investment Group L.P. now owns 9,152,343 shares of the real estate investment trust's stock worth $72,853,000 after purchasing an additional 475,611 shares in the last quarter. Centersquare Investment Management LLC increased its position in DiamondRock Hospitality by 3.2% during the 4th quarter. Centersquare Investment Management LLC now owns 7,780,988 shares of the real estate investment trust's stock worth $69,718,000 after purchasing an additional 244,013 shares in the last quarter. Finally, Cohen & Steers Inc. acquired a new position in DiamondRock Hospitality in the 4th quarter valued at about $59,231,000.

Insider Transactions at DiamondRock Hospitality

In related news, Director Michael A. Hartmeier sold 20,000 shares of the stock in a transaction that occurred 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 completion of the sale, the director owned 95,354 shares of the company's stock, valued at approximately $997,402.84. This represents a 17.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kathleen Merrill sold 20,000 shares of the 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 represents a 19.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.90% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have recently commented on DRH shares. Truist Financial lifted their price target on shares of DiamondRock Hospitality from $11.00 to $12.00 and gave the stock a "buy" rating in a report on Tuesday, May 26th. LADENBURG THALM/SH SH lifted their target price on shares of DiamondRock Hospitality from $13.00 to $14.00 and gave the stock a "buy" rating in a research note on Thursday, June 18th. Wells Fargo & Company boosted their price target on DiamondRock Hospitality from $12.00 to $13.00 and gave the company an "equal weight" rating in a report on Thursday, July 23rd. Barclays raised their price objective on DiamondRock Hospitality from $10.00 to $12.00 and gave the stock an "equal weight" rating in a report on Monday, June 1st. Finally, Citigroup increased their target price on DiamondRock Hospitality from $11.00 to $13.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 22nd. Four equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $12.12.

DiamondRock Hospitality Price Performance

Shares of DiamondRock Hospitality stock opened at $13.14 on Thursday. The business's fifty day moving average price is $11.96 and its 200 day moving average price is $10.57. DiamondRock Hospitality Company has a twelve month low of $7.45 and a twelve month high of $13.24. The company has a current ratio of 1.64, a quick ratio of 1.64 and a debt-to-equity ratio of 0.70. The stock has a market capitalization of $2.69 billion, a P/E ratio of 52.56, a PEG ratio of 4.50 and a beta of 0.98.

DiamondRock Hospitality Profile

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.

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