Envestnet Asset Management Inc. Takes Position in DiamondRock Hospitality Company (NYSE:DRH)

Envestnet Asset Management Inc. bought a new stake in shares of DiamondRock Hospitality Company (NYSE:DRH - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 51,140 shares of the real estate investment trust's stock, valued at approximately $395,000.

Several other large investors have also recently made changes to their positions in the business. Nissay Asset Management Corp Japan ADV increased its position in shares of DiamondRock Hospitality by 4.0% during the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 31,738 shares of the real estate investment trust's stock valued at $292,000 after purchasing an additional 1,216 shares during the last quarter. Ancora Advisors LLC increased its position in shares of DiamondRock Hospitality by 0.9% during the 4th quarter. Ancora Advisors LLC now owns 164,150 shares of the real estate investment trust's stock valued at $1,482,000 after purchasing an additional 1,490 shares during the last quarter. Illinois Municipal Retirement Fund increased its position in shares of DiamondRock Hospitality by 1.8% during the 1st quarter. Illinois Municipal Retirement Fund now owns 107,860 shares of the real estate investment trust's stock valued at $833,000 after purchasing an additional 1,873 shares during the last quarter. Versant Capital Management Inc increased its position in shares of DiamondRock Hospitality by 156.3% during the 1st quarter. Versant Capital Management Inc now owns 3,699 shares of the real estate investment trust's stock valued at $29,000 after purchasing an additional 2,256 shares during the last quarter. Finally, Harbor Capital Advisors Inc. increased its position in shares of DiamondRock Hospitality by 26.4% during the 1st quarter. Harbor Capital Advisors Inc. now owns 11,941 shares of the real estate investment trust's stock valued at $92,000 after purchasing an additional 2,492 shares during the last quarter.

Wall Street Analyst Weigh In

DRH has been the subject of several recent research reports. Stifel Nicolaus lifted their price objective on DiamondRock Hospitality from $8.00 to $8.25 and gave the stock a "hold" rating in a report on Friday, May 2nd. Evercore ISI decreased their price objective on DiamondRock Hospitality from $10.00 to $9.00 and set an "in-line" rating for the company in a report on Monday, April 28th. Wells Fargo & Company raised DiamondRock Hospitality from a "strong sell" rating to a "hold" rating and lifted their price objective for the stock from $7.75 to $8.25 in a report on Tuesday, July 1st. Truist Financial decreased their price objective on DiamondRock Hospitality from $10.00 to $9.00 and set a "hold" rating for the company in a report on Friday, May 30th. Finally, Bank of America raised DiamondRock Hospitality from an "underperform" rating to a "buy" rating and set a $9.50 price objective for the company in a report on Wednesday, April 30th. Six analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $8.50.

DiamondRock Hospitality Price Performance

NYSE 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. DiamondRock Hospitality Company has a 52 week low of $6.18 and a 52 week high of $10.00. The firm has a 50 day simple moving average of $7.81 and a 200 day simple moving average of $7.83. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.62 and a current ratio of 1.62. The firm has a market capitalization of $1.57 billion, a price-to-earnings ratio of 29.23, a PEG ratio of 4.36 and a beta of 1.41.

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

DiamondRock Hospitality Cuts Dividend

The firm also recently declared a dividend, which was paid on Friday, July 11th. Stockholders of record on Tuesday, July 1st were given a dividend of $0.08 per share. This represents a dividend yield of 420.0%. The ex-dividend date was Monday, June 30th. DiamondRock Hospitality's dividend payout ratio (DPR) is 177.78%.

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.