Louisiana State Employees Retirement System Makes New $846,000 Investment in DiamondRock Hospitality Company $DRH

Key Points

• Louisiana State Employees Retirement System bought a new stake in DiamondRock Hospitality in the first quarter, purchasing 90,300 shares valued at about $846,000.
• Several other institutional investors also increased or initiated positions in DRH, indicating continued interest from funds despite mixed-sized holdings.
• Analysts remain cautious overall: the stock has a Hold consensus rating with a consensus target price of $11.65, though some firms recently raised their price targets.

Louisiana State Employees Retirement System purchased a new stake in DiamondRock Hospitality Company (NYSE:DRH - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 90,300 shares of the real estate investment trust's stock, valued at approximately $846,000.

A number of other institutional investors and hedge funds also recently modified their holdings of DRH. Allworth Financial LP boosted its position 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 acquiring an additional 1,697 shares during the last quarter. First Horizon Corp increased its position 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 purchasing an additional 1,139 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in DiamondRock Hospitality by 77.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 3,436 shares of the real estate investment trust's stock worth $31,000 after purchasing an additional 1,498 shares during the period. Global Retirement Partners LLC raised its stake in DiamondRock Hospitality by 12,114.7% during the fourth quarter. Global Retirement Partners LLC now owns 4,153 shares of the real estate investment trust's stock worth $37,000 after purchasing an additional 4,119 shares during the period. Finally, Danske Bank A S acquired a new position in shares of DiamondRock Hospitality in the 3rd quarter valued at $33,000.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Barclays boosted their price objective on shares of DiamondRock Hospitality from $10.00 to $12.00 and gave the company an "equal weight" rating in a research note on Monday, June 1st. Wells Fargo & Company lifted their target price on DiamondRock Hospitality from $11.00 to $12.00 and gave the company an "equal weight" rating in a report on Monday, June 1st. Morgan Stanley boosted their price target on DiamondRock Hospitality from $9.50 to $9.60 and gave the company an "equal weight" rating in a research report on Tuesday, May 12th. Stifel Nicolaus set a $12.25 price target on DiamondRock Hospitality in a research note on Thursday, June 4th. Finally, Truist Financial raised their price objective on DiamondRock Hospitality from $11.00 to $12.00 and gave the stock a "buy" rating in a report on Tuesday, May 26th. Three analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. According to MarketBeat.com, DiamondRock Hospitality has a consensus rating of "Hold" and a consensus target price of $11.65.

DiamondRock Hospitality Price Performance

Shares of DiamondRock Hospitality stock opened at $12.08 on Monday. DiamondRock Hospitality Company has a twelve month low of $7.45 and a twelve month high of $12.54. The stock has a market cap of $2.47 billion, a price-to-earnings ratio of 48.32, a price-to-earnings-growth ratio of 4.50 and a beta of 0.98. The company has a current ratio of 1.64, a quick ratio of 1.64 and a debt-to-equity ratio of 0.70. The company has a fifty day moving average price of $11.26 and a 200 day moving average price of $10.16.

DiamondRock Hospitality Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 14th. Stockholders of record on Tuesday, June 30th will be given a $0.09 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $0.36 annualized dividend and a dividend yield of 3.0%. DiamondRock Hospitality's dividend payout ratio is presently 76.60%.

Insider Activity

In other news, Director Kathleen Merrill sold 20,000 shares of the stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $11.88, for a total value of $237,600.00. Following the completion of the sale, the director owned 84,335 shares in the company, valued at approximately $1,001,899.80. This trade represents a 19.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Michael A. Hartmeier sold 20,000 shares of the firm's stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $10.46, for a total value of $209,200.00. Following the sale, the director owned 95,354 shares in the company, valued at approximately $997,402.84. The trade was a 17.34% 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 corporate insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.