Lasalle Investment Management Securities LLC Sells 173,274 Shares of DiamondRock Hospitality Company $DRH

Key Points

• LaSalle Investment Management Securities cut its DiamondRock Hospitality stake by 13.3% in the fourth quarter, selling 173,274 shares and ending with 1,130,355 shares valued at about $10.1 million.
• Insider selling was also reported: Director Michael A. Hartmeier sold 20,000 shares and CAO Steve Spierto sold 4,000 shares, while insiders as a group own about 0.90% of the stock.
• Analysts remain cautious overall despite some higher price targets, with three Buy ratings and seven Hold ratings; the consensus rating is Hold with an average price target of $10.98.

Lasalle Investment Management Securities LLC lowered its holdings in shares of DiamondRock Hospitality Company (NYSE:DRH - Free Report) by 13.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,130,355 shares of the real estate investment trust's stock after selling 173,274 shares during the period. Lasalle Investment Management Securities LLC owned approximately 0.55% of DiamondRock Hospitality worth $10,128,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the business. First Horizon Corp boosted its stake in DiamondRock Hospitality by 54.9% during the fourth quarter. First Horizon Corp now owns 3,214 shares of the real estate investment trust's stock worth $29,000 after acquiring an additional 1,139 shares in the last quarter. ProShare Advisors LLC lifted its stake in shares of DiamondRock Hospitality by 3.1% in the fourth quarter. ProShare Advisors LLC now owns 40,041 shares of the real estate investment trust's stock worth $359,000 after buying an additional 1,203 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of DiamondRock Hospitality by 32.5% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,990 shares of the real estate investment trust's stock worth $54,000 after buying an additional 1,470 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of DiamondRock Hospitality by 77.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 3,436 shares of the real estate investment trust's stock worth $31,000 after buying an additional 1,498 shares in the last quarter. Finally, Allworth Financial LP lifted its stake in shares of DiamondRock Hospitality by 146.0% in the fourth quarter. Allworth Financial LP now owns 2,859 shares of the real estate investment trust's stock worth $26,000 after buying an additional 1,697 shares in the last quarter.

Insider Activity at DiamondRock Hospitality

In other news, Director Michael A. Hartmeier sold 20,000 shares of the business's 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 transaction, the director directly owned 95,354 shares of the company's stock, valued at $997,402.84. The trade was a 17.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Steve Spierto sold 4,000 shares of the company's stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $9.93, for a total transaction of $39,720.00. Following the sale, the chief accounting officer directly owned 77,977 shares of the company's stock, valued at approximately $774,311.61. This represents a 4.88% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.90% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Citigroup upped their target price on shares of DiamondRock Hospitality from $9.50 to $11.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 6th. Stifel Nicolaus upped their target price on shares of DiamondRock Hospitality from $11.00 to $11.25 and gave the stock a "hold" rating in a research note on Monday, May 11th. Truist Financial upped their target price on shares of DiamondRock Hospitality from $11.00 to $12.00 and gave the stock a "buy" rating in a research note on Tuesday, May 26th. LADENBURG THALM/SH SH assumed coverage on shares of DiamondRock Hospitality in a research note on Thursday, March 26th. They issued a "buy" rating and a $12.00 target price on the stock. Finally, Morgan Stanley upped their target price on shares of DiamondRock Hospitality from $9.50 to $9.60 and gave the stock an "equal weight" rating in a research note on Tuesday, May 12th. Three investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $10.98.

DiamondRock Hospitality Price Performance

DRH opened at $10.99 on Monday. The company has a quick ratio of 1.64, a current ratio of 1.64 and a debt-to-equity ratio of 0.70. The firm has a 50 day moving average price of $10.19 and a 200-day moving average price of $9.64. DiamondRock Hospitality Company has a twelve month low of $7.39 and a twelve month high of $11.27. The stock has a market capitalization of $2.25 billion, a price-to-earnings ratio of 43.96, a PEG ratio of 4.50 and a beta of 0.99.

DiamondRock Hospitality (NYSE:DRH - Get Free Report) last released its quarterly earnings data on Thursday, February 26th. The real estate investment trust reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.03. DiamondRock Hospitality had a net margin of 5.69% and a return on equity of 4.04%. The firm had revenue of $274.53 million during the quarter, compared to analysts' expectations of $273.18 million. During the same period in the previous year, the company earned $0.24 earnings per share. The firm's quarterly revenue was down 1.6% on a year-over-year basis. Equities research analysts forecast that DiamondRock Hospitality Company will post 0.96 earnings per share for the current year.

DiamondRock Hospitality Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 14th. Stockholders of record on Tuesday, June 30th will be issued a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend is Tuesday, June 30th. DiamondRock Hospitality's payout ratio is presently 76.60%.

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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