Strs Ohio Increases Position in DiamondRock Hospitality Company $DRH

Key Points

• Strs Ohio boosted its stake in DiamondRock Hospitality by 300% in the first quarter, buying an additional 109,200 shares and bringing its total to 145,600 shares worth about $1.36 million.
• Several other institutional investors also increased holdings in DRH, including State Street, Bank of America, Alyeska, and Centersquare, signaling continued interest from large investors.
• DiamondRock Hospitality declared a quarterly dividend of $0.09 per share, or $0.36 annually, for a yield of about 3.1%, while analysts currently rate the stock a consensus “Hold” with an average price target of $11.65.

Strs Ohio raised its holdings in DiamondRock Hospitality Company (NYSE:DRH - Free Report) by 300.0% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 145,600 shares of the real estate investment trust's stock after acquiring an additional 109,200 shares during the period. Strs Ohio owned 0.07% of DiamondRock Hospitality worth $1,361,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the business. State Street Corp boosted its holdings in shares of DiamondRock Hospitality by 0.8% during the second quarter. State Street Corp now owns 12,587,578 shares of the real estate investment trust's stock worth $97,400,000 after purchasing an additional 93,929 shares during the last quarter. Bank of America Corp DE increased its stake in DiamondRock Hospitality by 17.5% in the second quarter. Bank of America Corp DE now owns 9,231,991 shares of the real estate investment trust's stock valued at $70,717,000 after purchasing an additional 1,377,897 shares during the last quarter. Alyeska Investment Group L.P. lifted its position in DiamondRock Hospitality by 5.5% during the third quarter. Alyeska Investment Group L.P. now owns 9,152,343 shares of the real estate investment trust's stock worth $72,853,000 after buying an additional 475,611 shares during the period. Centersquare Investment Management LLC lifted its position in DiamondRock Hospitality by 3.2% during the fourth quarter. Centersquare Investment Management LLC now owns 7,780,988 shares of the real estate investment trust's stock worth $69,718,000 after buying an additional 244,013 shares during the period. Finally, Cohen & Steers Inc. acquired a new stake in DiamondRock Hospitality in the 4th quarter worth about $59,231,000.

DiamondRock Hospitality Trading Down 1.4%

Shares of DRH opened at $11.75 on Wednesday. DiamondRock Hospitality Company has a 12 month low of $7.45 and a 12 month high of $12.54. The stock's 50-day moving average is $11.32 and its two-hundred day moving average is $10.20. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.64 and a quick ratio of 1.64. The stock has a market cap of $2.40 billion, a PE ratio of 47.00, a P/E/G ratio of 4.50 and a beta of 0.98.

DiamondRock Hospitality Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 14th. Shareholders of record on Tuesday, June 30th will be issued a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date is Tuesday, June 30th. DiamondRock Hospitality's dividend payout ratio is currently 76.60%.

Wall Street Analysts Forecast Growth

DRH has been the subject of a number of research analyst reports. Barclays upped 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. Citigroup upped their price target on shares of DiamondRock Hospitality from $9.50 to $11.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 6th. Stifel Nicolaus set a $12.25 price target on shares of DiamondRock Hospitality in a research note on Thursday, June 4th. Morgan Stanley lifted their price target on shares of DiamondRock Hospitality from $9.50 to $9.60 and gave the company an "equal weight" rating in a report on Tuesday, May 12th. Finally, LADENBURG THALM/SH SH boosted their price objective on shares of DiamondRock Hospitality from $13.00 to $14.00 and gave the company a "buy" rating in a research note on Thursday, June 18th. Three equities research 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, the company currently has an average rating of "Hold" and an average target price of $11.65.

Insider Activity at DiamondRock Hospitality

In other news, Director Kathleen Merrill sold 20,000 shares of the company's stock in a transaction on Friday, June 12th. The shares were sold at an average price of $11.88, for a total value of $237,600.00. Following the completion of the transaction, the director directly owned 84,335 shares in the company, valued at approximately $1,001,899.80. This represents a 19.17% decrease in their ownership of the stock. The sale was disclosed in a document filed 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 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 sale, the director directly owned 95,354 shares of the company's stock, valued at approximately $997,402.84. The trade was a 17.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.90% of the stock is owned by company insiders.

DiamondRock Hospitality Company 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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