DiamondRock Hospitality Company (NYSE:DRH) Stock Position Cut by Allianz Asset Management GmbH

Key Points

• Allianz Asset Management GmbH has significantly reduced its stake in DiamondRock Hospitality by 57.8%, now owning approximately 910,875 shares worth about $7 million.
• DiamondRock Hospitality Company recently announced earnings of $0.19 EPS, beating estimates, but reported a dividend payout ratio of 177.78% amidst a dividend yield of 4.2%.
• Equity analysts have mixed views on DRH, with several lowering price targets and maintaining a general rating of "Hold," while others have upgraded their rating to "Buy."

Allianz Asset Management GmbH reduced its holdings in shares of DiamondRock Hospitality Company (NYSE:DRH - Free Report) by 57.8% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 910,875 shares of the real estate investment trust's stock after selling 1,247,150 shares during the period. Allianz Asset Management GmbH owned approximately 0.44% of DiamondRock Hospitality worth $7,032,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Bank of America Corp DE raised its position in DiamondRock Hospitality by 78.8% during the fourth quarter. Bank of America Corp DE now owns 6,953,022 shares of the real estate investment trust's stock worth $62,786,000 after acquiring an additional 3,064,117 shares during the last quarter. Alyeska Investment Group L.P. raised its position in shares of DiamondRock Hospitality by 16.3% in the fourth quarter. Alyeska Investment Group L.P. now owns 8,576,077 shares of the real estate investment trust's stock valued at $77,442,000 after buying an additional 1,201,955 shares during the last quarter. Lasalle Investment Management Securities LLC acquired a new position in shares of DiamondRock Hospitality in the fourth quarter valued at approximately $9,982,000. GRS Advisors LLC acquired a new position in shares of DiamondRock Hospitality in the fourth quarter valued at approximately $9,919,000. Finally, Sophron Capital Management L.P. acquired a new position in shares of DiamondRock Hospitality in the fourth quarter valued at approximately $9,811,000.

Wall Street Analyst Weigh In

DRH has been the subject of a number of recent analyst reports. Truist Financial lowered their target price on shares of DiamondRock Hospitality from $10.00 to $9.00 and set a "hold" rating for the company in a report on Friday, May 30th. Wells Fargo & Company upgraded shares of DiamondRock Hospitality from a "strong sell" rating to a "hold" rating and boosted their price objective for the stock from $7.75 to $8.25 in a research note on Tuesday, July 1st. Stifel Nicolaus boosted their price objective on shares of DiamondRock Hospitality from $8.00 to $8.25 and gave the stock a "hold" rating in a research note on Friday, May 2nd. Evercore ISI decreased their price objective on shares of DiamondRock Hospitality from $10.00 to $9.00 and set an "in-line" rating for the company in a research note on Monday, April 28th. Finally, Bank of America upgraded shares of DiamondRock Hospitality from an "underperform" rating to a "buy" rating and set a $9.50 price objective for the company in a research note on Wednesday, April 30th. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, DiamondRock Hospitality presently has an average rating of "Hold" and a consensus target price of $8.71.

DiamondRock Hospitality Stock Down 1.0%

DRH traded down $0.08 during trading on Thursday, hitting $7.74. The company had a trading volume of 588,084 shares, compared to its average volume of 2,623,762. The company has a market cap of $1.60 billion, a PE ratio of 43.03, a P/E/G ratio of 4.59 and a beta of 1.33. The business has a 50-day moving average of $7.80 and a 200-day moving average of $7.90. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.62 and a quick ratio of 1.62. DiamondRock Hospitality Company has a 1-year low of $6.18 and a 1-year high of $10.00.

DiamondRock Hospitality (NYSE:DRH - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The real estate investment trust reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.02. The firm had revenue of $254.85 million for the quarter, compared to analysts' expectations of $256.47 million. DiamondRock Hospitality had a net margin of 4.57% and a return on equity of 3.18%. The firm's quarterly revenue was up .5% on a year-over-year basis. During the same period in the prior year, the company posted $0.17 earnings per share. As a group, analysts forecast that DiamondRock Hospitality Company will post 0.96 earnings per share for the current year.

DiamondRock Hospitality Cuts Dividend

The firm also recently announced a dividend, which was paid on Friday, July 11th. Shareholders of record on Tuesday, July 1st were issued a dividend of $0.08 per share. The ex-dividend date was Monday, June 30th. This represents a dividend yield of 4.2%. 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.