SG Americas Securities LLC Acquires 2,147,881 Shares of DiamondRock Hospitality Company $DRH

Key Points

• SG Americas Securities LLC more than doubled its stake in DiamondRock Hospitality during the first quarter, buying 2.15 million additional shares and lifting its holdings to 4.17 million shares worth about $39.1 million.
• Wall Street’s view on DRH remains mixed: analysts have raised price targets recently, but the stock still carries an overall Hold rating with an average target price of $11.65.
• DiamondRock Hospitality announced a quarterly dividend of $0.09 per share, payable July 14, for an annualized yield of about 2.9% at the time of the report.

SG Americas Securities LLC raised its holdings in DiamondRock Hospitality Company (NYSE:DRH - Free Report) by 106.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,172,671 shares of the real estate investment trust's stock after purchasing an additional 2,147,881 shares during the period. SG Americas Securities LLC owned 2.04% of DiamondRock Hospitality worth $39,098,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Allworth Financial LP boosted its holdings in DiamondRock Hospitality by 146.0% in the 4th 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 during the period. First Horizon Corp raised its holdings in DiamondRock Hospitality by 54.9% during the 4th quarter. First Horizon Corp now owns 3,214 shares of the real estate investment trust's stock valued at $29,000 after acquiring an additional 1,139 shares during the period. EverSource Wealth Advisors LLC lifted its position in shares of 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 acquiring an additional 1,498 shares in the last quarter. Danske Bank A S purchased a new stake in shares of DiamondRock Hospitality during the third quarter worth $33,000. Finally, Global Retirement Partners LLC boosted its holdings in shares of DiamondRock Hospitality by 12,114.7% in the fourth quarter. Global Retirement Partners LLC now owns 4,153 shares of the real estate investment trust's stock worth $37,000 after acquiring an additional 4,119 shares during the period.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on DRH shares. Barclays lifted their price target on DiamondRock Hospitality from $10.00 to $12.00 and gave the company an "equal weight" rating in a research report on Monday, June 1st. Citigroup increased their price objective on DiamondRock Hospitality from $9.50 to $11.00 and gave the stock a "neutral" rating in a report on Wednesday, May 6th. Truist Financial raised their target price on 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 lifted their target price on DiamondRock Hospitality from $13.00 to $14.00 and gave the company a "buy" rating in a report on Thursday, June 18th. Finally, Stifel Nicolaus set a $12.25 price target on DiamondRock Hospitality in a research report on Thursday, June 4th. Three equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat, DiamondRock Hospitality presently has an average rating of "Hold" and an average target price of $11.65.

DiamondRock Hospitality Price Performance

Shares of NYSE:DRH opened at $12.30 on Wednesday. The company's fifty day moving average price is $10.96 and its 200-day moving average price is $9.98. The firm has a market capitalization of $2.52 billion, a price-to-earnings ratio of 49.20, a PEG ratio of 4.50 and a beta of 1.00. DiamondRock Hospitality Company has a one year low of $7.45 and a one year high of $12.45. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.64 and a quick ratio of 1.64.

DiamondRock Hospitality Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 14th. Investors of record on Tuesday, June 30th will be given a $0.09 dividend. The ex-dividend date is Tuesday, June 30th. This represents a $0.36 annualized dividend and a yield of 2.9%. DiamondRock Hospitality's payout ratio is 76.60%.

Insiders Place Their Bets

In other DiamondRock Hospitality news, Director Kathleen Merrill sold 20,000 shares of DiamondRock Hospitality stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $11.88, for a total transaction of $237,600.00. Following the completion of the sale, the director owned 84,335 shares of the company's stock, valued at $1,001,899.80. The trade was a 19.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Michael A. Hartmeier sold 20,000 shares of DiamondRock Hospitality stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $10.46, for a total value of $209,200.00. Following the sale, the director directly owned 95,354 shares of the company's stock, valued at approximately $997,402.84. This trade represents a 17.34% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.90% of the stock is owned by corporate insiders.

About DiamondRock Hospitality

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.

Want to see what other hedge funds are holding DRH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for DiamondRock Hospitality Company (NYSE:DRH - Free Report).

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.