Allspring Global Investments Holdings LLC Buys 32,298 Shares of DiamondRock Hospitality Company (NYSE:DRH)

Allspring Global Investments Holdings LLC grew its holdings in DiamondRock Hospitality Company (NYSE:DRH - Free Report) by 54.6% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 91,486 shares of the real estate investment trust's stock after purchasing an additional 32,298 shares during the period. Allspring Global Investments Holdings LLC's holdings in DiamondRock Hospitality were worth $705,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. JPMorgan Chase & Co. increased its stake 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 purchasing an additional 901,600 shares during the last quarter. Oppenheimer Asset Management Inc. bought a new position in shares of DiamondRock Hospitality in the 1st quarter valued at $103,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of DiamondRock Hospitality by 45.2% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 138,327 shares of the real estate investment trust's stock valued at $1,249,000 after purchasing an additional 43,088 shares during the last quarter. Norges Bank bought a new position in shares of DiamondRock Hospitality in the 4th quarter valued at $5,839,000. Finally, Deutsche Bank AG increased its stake in shares of DiamondRock Hospitality by 24.8% in the 4th quarter. Deutsche Bank AG now owns 275,483 shares of the real estate investment trust's stock valued at $2,488,000 after purchasing an additional 54,794 shares during the last quarter.

DiamondRock Hospitality Trading Down 0.2%

DRH traded down $0.02 during midday trading on Friday, hitting $8.14. 2,605,078 shares of the company were exchanged, compared to its average volume of 2,374,239. The firm has a market capitalization of $1.68 billion, a P/E ratio of 45.22, a P/E/G ratio of 2.04 and a beta of 1.33. DiamondRock Hospitality Company has a 1-year low of $6.19 and a 1-year high of $10.00. The firm's 50 day moving average price is $7.71 and its 200-day moving average price is $7.97. The company has a quick ratio of 1.62, a current ratio of 1.62 and a debt-to-equity ratio of 0.69.

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 (EPS) for the quarter, beating analysts' consensus estimates of $0.17 by $0.02. The company had revenue of $254.85 million for the quarter, compared to the consensus estimate of $256.47 million. DiamondRock Hospitality had a return on equity of 3.18% and a net margin of 4.57%. The firm's revenue was up .5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.17 EPS. As a group, equities analysts forecast that DiamondRock Hospitality Company will post 0.96 EPS for the current fiscal year.

DiamondRock Hospitality Cuts Dividend

The firm also recently declared a dividend, which was paid on Friday, July 11th. Investors of record on Tuesday, July 1st were given a $0.08 dividend. This represents a yield of 4.2%. The ex-dividend date was Monday, June 30th. DiamondRock Hospitality's payout ratio is currently 177.78%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Morgan Stanley reduced their price objective on DiamondRock Hospitality from $9.00 to $7.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 22nd. Truist Financial reduced their price objective on DiamondRock Hospitality from $10.00 to $9.00 and set a "hold" rating on the stock in a research report on Friday, May 30th. Bank of America upgraded 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 reduced their price objective on DiamondRock Hospitality from $10.00 to $9.00 and set an "in-line" rating on the stock in a research report on Monday, April 28th. Finally, Wells Fargo & Company upgraded 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 report on Tuesday, July 1st. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $8.71.

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.