Victory Capital Management Inc. Acquires 473,698 Shares of DiamondRock Hospitality Company (NYSE:DRH)

Victory Capital Management Inc. raised its position in DiamondRock Hospitality Company (NYSE:DRH - Free Report) by 21.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,682,395 shares of the real estate investment trust's stock after buying an additional 473,698 shares during the quarter. Victory Capital Management Inc. owned 1.28% of DiamondRock Hospitality worth $20,708,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Invesco Ltd. grew its holdings in DiamondRock Hospitality by 3.9% in the 4th quarter. Invesco Ltd. now owns 8,651,539 shares of the real estate investment trust's stock valued at $78,123,000 after buying an additional 323,745 shares in the last quarter. Alyeska Investment Group L.P. grew its holdings in DiamondRock Hospitality by 16.3% in the 4th quarter. Alyeska Investment Group L.P. now owns 8,576,077 shares of the real estate investment trust's stock valued at $77,442,000 after buying an additional 1,201,955 shares in the last quarter. Bank of America Corp DE grew its holdings in DiamondRock Hospitality by 78.8% in the 4th quarter. Bank of America Corp DE now owns 6,953,022 shares of the real estate investment trust's stock valued at $62,786,000 after buying an additional 3,064,117 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in DiamondRock Hospitality by 18.7% in the 4th quarter. JPMorgan Chase & Co. now owns 5,716,469 shares of the real estate investment trust's stock valued at $51,620,000 after buying an additional 901,600 shares in the last quarter. Finally, Centersquare Investment Management LLC grew its holdings in DiamondRock Hospitality by 18.8% in the 4th quarter. Centersquare Investment Management LLC now owns 5,283,922 shares of the real estate investment trust's stock valued at $47,714,000 after buying an additional 834,506 shares in the last quarter.

DiamondRock Hospitality Price Performance

NYSE:DRH traded up $0.06 during trading hours on Friday, hitting $8.12. The company's stock had a trading volume of 2,508,245 shares, compared to its average volume of 2,877,152. The stock has a fifty day simple moving average of $7.78 and a 200-day simple moving average of $7.91. The company has a market capitalization of $1.67 billion, a P/E ratio of 45.08, a PEG ratio of 4.67 and a beta of 1.33. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.62 and a quick ratio of 1.62. DiamondRock Hospitality Company has a twelve month low of $6.18 and a twelve month high of $10.00.

DiamondRock Hospitality (NYSE:DRH - Get Free Report) last posted its earnings results on Thursday, May 1st. The real estate investment trust reported $0.19 EPS for the quarter, beating the consensus estimate of $0.17 by $0.02. The firm had revenue of $254.85 million during the quarter, compared to the consensus estimate of $256.47 million. DiamondRock Hospitality had a return on equity of 3.18% and a net margin of 4.57%. The business's quarterly revenue was up .5% on a year-over-year basis. During the same period last year, the company earned $0.17 earnings per share. On average, analysts anticipate that DiamondRock Hospitality Company will post 0.96 EPS for the current fiscal year.

DiamondRock Hospitality Cuts Dividend

The business also recently disclosed a dividend, which was paid on Friday, July 11th. Stockholders of record on Tuesday, July 1st were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a dividend yield of 4.2%. DiamondRock Hospitality's dividend payout ratio (DPR) is 177.78%.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Truist Financial decreased their price objective on DiamondRock Hospitality from $10.00 to $9.00 and set a "hold" rating on the stock in a report on Friday, May 30th. Wells Fargo & Company raised DiamondRock Hospitality from a "strong sell" rating to a "hold" rating and increased their target price for the stock from $7.75 to $8.25 in a report on Tuesday, July 1st. Morgan Stanley reduced their target price on DiamondRock Hospitality from $9.00 to $7.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 22nd. Stifel Nicolaus increased their target price on DiamondRock Hospitality from $8.00 to $8.25 and gave the stock a "hold" rating in a report on Friday, May 2nd. Finally, Evercore ISI reduced their target price on DiamondRock Hospitality from $10.00 to $9.00 and set an "in-line" rating on the stock in a report on Monday, April 28th. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $8.71.

DiamondRock Hospitality 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.