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Centersquare Investment Management LLC Boosts Stock Position in DiamondRock Hospitality Company (NYSE:DRH)

DiamondRock Hospitality logo with Finance background

Key Points

  • Centersquare Investment Management LLC increased its stake in DiamondRock Hospitality Company by 12.9% during the first quarter, holding nearly 2.86% of the company, valued at approximately $46 million.
  • Bank of America upgraded DiamondRock Hospitality to a "buy" rating with a target price of $9.50, while several other firms adjusted their target prices, with an average target price of $8.50.
  • The company declared a dividend of $0.08 per share, reflecting a dividend yield of 420%, although its dividend payout ratio currently stands at 177.78%.
  • Want stock alerts on DiamondRock Hospitality? Get 5 Weeks of MarketBeat All Access for $5. Get My Stock Alerts.

Centersquare Investment Management LLC lifted its stake in DiamondRock Hospitality Company (NYSE:DRH - Free Report) by 12.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,967,761 shares of the real estate investment trust's stock after acquiring an additional 683,839 shares during the period. Centersquare Investment Management LLC owned approximately 2.86% of DiamondRock Hospitality worth $46,071,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Invesco Ltd. boosted its stake in DiamondRock Hospitality by 3.9% during the fourth quarter. Invesco Ltd. now owns 8,651,539 shares of the real estate investment trust's stock valued at $78,123,000 after buying an additional 323,745 shares during the period. Alyeska Investment Group L.P. boosted its stake in DiamondRock Hospitality by 16.3% during 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 period. Bank of America Corp DE boosted its stake 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 valued at $62,786,000 after buying an additional 3,064,117 shares during the period. H 2 Credit Manager LP boosted its stake in DiamondRock Hospitality by 36.5% during the fourth quarter. H 2 Credit Manager LP now owns 3,741,445 shares of the real estate investment trust's stock valued at $33,785,000 after buying an additional 1,000,000 shares during the period. Finally, Northern Trust Corp boosted its stake in DiamondRock Hospitality by 15.6% during the fourth quarter. Northern Trust Corp now owns 3,250,978 shares of the real estate investment trust's stock valued at $29,356,000 after buying an additional 438,310 shares during the period.

DiamondRock Hospitality Trading Down 1.2%

Shares of DRH traded down $0.09 during trading hours on Friday, hitting $7.60. The company had a trading volume of 3,947,355 shares, compared to its average volume of 2,862,219. The firm has a market cap of $1.57 billion, a P/E ratio of 29.23, a P/E/G ratio of 4.42 and a beta of 1.41. The stock's 50 day moving average price is $7.81 and its 200 day moving average price is $7.84. 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 Company has a 52-week low of $6.18 and a 52-week high of $10.00.

DiamondRock Hospitality (NYSE:DRH - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The real estate investment trust reported $0.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.33 by $0.02. DiamondRock Hospitality had a return on equity of 4.22% and a net margin of 6.04%. The company had revenue of $305.70 million for the quarter, compared to the consensus estimate of $303.70 million. During the same quarter in the previous year, the business earned $0.34 EPS. DiamondRock Hospitality's revenue was down 1.2% compared to the same quarter last year. On average, research analysts predict that DiamondRock Hospitality Company will post 0.96 EPS for the current year.

DiamondRock Hospitality Cuts Dividend

The company 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 420.0%. DiamondRock Hospitality's dividend payout ratio is 177.78%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on DRH shares. Stifel Nicolaus lifted their price objective on DiamondRock Hospitality from $8.00 to $8.25 and gave the company a "hold" rating in a research note on Friday, May 2nd. Evercore ISI lowered their price target 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. Wells Fargo & Company upgraded DiamondRock Hospitality from a "strong sell" rating to a "hold" rating and raised their price target for the company from $7.75 to $8.25 in a research report on Tuesday, July 1st. Truist Financial lowered their price target 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. Finally, Morgan Stanley lowered their price target 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. Six research analysts have rated the stock with a hold rating and one has given a buy rating to the company's stock. According to MarketBeat.com, DiamondRock Hospitality currently has a consensus rating of "Hold" and a consensus price target of $8.50.

Get Our Latest Analysis on DRH

About DiamondRock Hospitality

(Free Report)

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.

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