Point72 Asset Management L.P. Takes $2.49 Million Position in DiamondRock Hospitality (NYSE:DRH)

Point72 Asset Management L.P. acquired a new stake in DiamondRock Hospitality (NYSE:DRH - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 275,600 shares of the real estate investment trust's stock, valued at approximately $2,489,000. Point72 Asset Management L.P. owned about 0.13% of DiamondRock Hospitality at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the business. ProShare Advisors LLC boosted its holdings in DiamondRock Hospitality by 42.3% in the fourth quarter. ProShare Advisors LLC now owns 62,366 shares of the real estate investment trust's stock valued at $563,000 after purchasing an additional 18,530 shares during the last quarter. Man Group plc boosted its stake in shares of DiamondRock Hospitality by 256.0% during the 4th quarter. Man Group plc now owns 178,566 shares of the real estate investment trust's stock valued at $1,612,000 after buying an additional 128,411 shares during the last quarter. Nissay Asset Management Corp Japan ADV grew its position in shares of DiamondRock Hospitality by 4.0% during the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 31,738 shares of the real estate investment trust's stock worth $292,000 after buying an additional 1,216 shares in the last quarter. Nuveen Asset Management LLC grew its position in shares of DiamondRock Hospitality by 78.9% during the fourth quarter. Nuveen Asset Management LLC now owns 1,188,293 shares of the real estate investment trust's stock worth $10,730,000 after buying an additional 523,903 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of DiamondRock Hospitality by 2.2% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 117,701 shares of the real estate investment trust's stock worth $1,063,000 after buying an additional 2,501 shares during the last quarter.

Analyst Ratings Changes

A number of research analysts have commented on DRH shares. Bank of America upgraded shares of DiamondRock Hospitality from an "underperform" rating to a "buy" rating and set a $9.50 price objective on the stock in a research note on Wednesday, April 30th. Wells Fargo & Company reduced their price target on shares of DiamondRock Hospitality from $10.50 to $9.50 and set an "equal weight" rating on the stock in a research report on Tuesday, February 18th. Evercore ISI decreased their price target on DiamondRock Hospitality from $10.00 to $9.00 and set an "in-line" rating for the company in a research note on Monday, April 28th. Morgan Stanley cut their price objective on DiamondRock Hospitality from $9.00 to $7.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 22nd. Finally, Stifel Nicolaus lifted their target price on DiamondRock Hospitality from $8.00 to $8.25 and gave the stock a "hold" rating in a research report on Friday, May 2nd. Six analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, DiamondRock Hospitality presently has a consensus rating of "Hold" and an average price target of $9.04.

DiamondRock Hospitality Stock Performance

DRH stock traded down $0.06 during midday trading on Monday, reaching $7.43. The company had a trading volume of 1,651,564 shares, compared to its average volume of 2,215,079. The firm has a market capitalization of $1.53 billion, a PE ratio of 26.52, a P/E/G ratio of 2.06 and a beta of 1.33. The stock has a 50 day moving average price of $7.41 and a 200 day moving average price of $8.36. DiamondRock Hospitality has a fifty-two week low of $6.19 and a fifty-two week high of $10.00. The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 0.66.

DiamondRock Hospitality (NYSE:DRH - Get Free Report) last released 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. DiamondRock Hospitality had a return on equity of 4.25% and a net margin of 6.30%. The business had revenue of $254.85 million during the quarter, compared to analyst estimates of $256.47 million. During the same quarter in the previous year, the firm posted $0.17 EPS. The business's revenue for the quarter was up .5% compared to the same quarter last year. Analysts anticipate that DiamondRock Hospitality will post 0.96 earnings per share for the current year.

DiamondRock Hospitality Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Friday, March 28th were given a dividend of $0.08 per share. The ex-dividend date was Friday, March 28th. This represents a $0.32 annualized dividend and a dividend yield of 4.31%. This is a positive change from DiamondRock Hospitality's previous quarterly dividend of $0.03. DiamondRock Hospitality's dividend payout ratio is currently 177.78%.

DiamondRock Hospitality Company Profile

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.