Raymond James Financial Inc. Makes New Investment in DiamondRock Hospitality (NYSE:DRH)

Raymond James Financial Inc. bought a new position in DiamondRock Hospitality (NYSE:DRH - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 201,108 shares of the real estate investment trust's stock, valued at approximately $1,816,000. Raymond James Financial Inc. owned 0.10% of DiamondRock Hospitality at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Cbre Investment Management Listed Real Assets LLC acquired a new position in DiamondRock Hospitality during the 4th quarter worth approximately $14,889,000. Sumitomo Mitsui Trust Group Inc. raised its stake in shares of DiamondRock Hospitality by 458.3% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,300,414 shares of the real estate investment trust's stock valued at $11,743,000 after purchasing an additional 1,067,497 shares during the period. JPMorgan Chase & Co. lifted its position in shares of DiamondRock Hospitality by 18.7% during the fourth quarter. JPMorgan Chase & Co. now owns 5,716,469 shares of the real estate investment trust's stock worth $51,620,000 after purchasing an additional 901,600 shares in the last quarter. Centersquare Investment Management LLC boosted its stake in shares of DiamondRock Hospitality by 18.8% in the fourth 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 purchasing an additional 834,506 shares during the period. Finally, Norges Bank acquired a new stake in DiamondRock Hospitality during the 4th quarter valued at $5,839,000.

DiamondRock Hospitality Stock Performance

Shares of DiamondRock Hospitality stock traded up $0.23 during trading on Friday, reaching $7.63. The company's stock had a trading volume of 5,083,310 shares, compared to its average volume of 2,192,673. The firm has a market cap of $1.59 billion, a price-to-earnings ratio of 27.23, a price-to-earnings-growth ratio of 2.06 and a beta of 1.38. The business's fifty day moving average price is $7.54 and its 200-day moving average price is $8.49. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.73 and a current ratio of 1.73. DiamondRock Hospitality has a one year low of $6.19 and a one year 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 earnings per share for the quarter, beating analysts' consensus estimates of $0.17 by $0.02. The business had revenue of $254.85 million for the quarter, compared to analysts' expectations of $256.47 million. DiamondRock Hospitality had a net margin of 6.30% and a return on equity of 4.25%. The firm's revenue for the quarter was up .5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.17 earnings per share. As a group, equities research analysts predict that DiamondRock Hospitality will post 0.96 earnings per share for the current year.

DiamondRock Hospitality Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Friday, March 28th were issued a dividend of $0.08 per share. This is an increase from DiamondRock Hospitality's previous quarterly dividend of $0.03. The ex-dividend date was Friday, March 28th. This represents a $0.32 annualized dividend and a yield of 4.20%. DiamondRock Hospitality's dividend payout ratio is currently 188.24%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on DRH. 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 cut their price objective on DiamondRock Hospitality from $10.00 to $9.00 and set an "in-line" rating on the stock in a research note on Monday, April 28th. 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. Morgan Stanley dropped their price target on DiamondRock Hospitality from $9.00 to $7.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 22nd. Finally, Bank of America raised shares of DiamondRock Hospitality from an "underperform" rating to a "buy" rating and set a $9.50 price target for the company in a report on Wednesday. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $9.04.

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.