JPMorgan Chase & Co. Grows Stock Position in DiamondRock Hospitality (NYSE:DRH)

JPMorgan Chase & Co. grew its holdings in shares of DiamondRock Hospitality (NYSE:DRH - Free Report) by 18.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,716,469 shares of the real estate investment trust's stock after purchasing an additional 901,600 shares during the period. JPMorgan Chase & Co. owned approximately 2.75% of DiamondRock Hospitality worth $51,620,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Wellington Management Group LLP raised its stake in DiamondRock Hospitality by 15.6% in the 3rd quarter. Wellington Management Group LLP now owns 4,925,093 shares of the real estate investment trust's stock worth $42,996,000 after acquiring an additional 663,529 shares during the last quarter. Jane Street Group LLC raised its stake in DiamondRock Hospitality by 73.0% in the 3rd quarter. Jane Street Group LLC now owns 302,757 shares of the real estate investment trust's stock worth $2,643,000 after acquiring an additional 127,717 shares during the last quarter. Geode Capital Management LLC raised its stake in DiamondRock Hospitality by 0.5% in the 3rd quarter. Geode Capital Management LLC now owns 5,350,283 shares of the real estate investment trust's stock worth $46,716,000 after acquiring an additional 28,391 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in DiamondRock Hospitality by 45.2% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 138,327 shares of the real estate investment trust's stock worth $1,249,000 after acquiring an additional 43,088 shares during the last quarter. Finally, Cbre Investment Management Listed Real Assets LLC acquired a new stake in DiamondRock Hospitality during the 4th quarter worth about $14,889,000.

Analyst Upgrades and Downgrades

Separately, Wells Fargo & Company cut their price target on 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. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, DiamondRock Hospitality currently has a consensus rating of "Hold" and an average price target of $10.05.

DiamondRock Hospitality Price Performance

DRH stock traded down $0.26 during trading on Thursday, hitting $7.02. The stock had a trading volume of 520,633 shares, compared to its average volume of 2,293,271. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.73 and a quick ratio of 1.73. DiamondRock Hospitality has a twelve month low of $6.18 and a twelve month high of $10.00. The stock has a market capitalization of $1.46 billion, a P/E ratio of 25.07, a PEG ratio of 2.06 and a beta of 1.38. The company's 50-day moving average price is $8.03 and its two-hundred day moving average price is $8.70.

DiamondRock Hospitality Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 4.56%. This is a boost from DiamondRock Hospitality's previous quarterly dividend of $0.03. The ex-dividend date is Friday, March 28th. DiamondRock Hospitality's payout ratio is presently 188.24%.

About DiamondRock Hospitality

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.