Arizona State Retirement System lifted its stake in shares of DiamondRock Hospitality (NYSE:DRH) by 3.3% in the 3rd quarter, Holdings Channel reports. The firm owned 301,501 shares of the real estate investment trust’s stock after buying an additional 9,544 shares during the quarter. Arizona State Retirement System’s holdings in DiamondRock Hospitality were worth $3,519,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors also recently added to or reduced their stakes in the company. Mesirow Financial Investment Management Equity Management boosted its stake in shares of DiamondRock Hospitality by 33.5% during the third quarter. Mesirow Financial Investment Management Equity Management now owns 1,466,375 shares of the real estate investment trust’s stock valued at $17,113,000 after acquiring an additional 367,865 shares during the last quarter. Securian Asset Management Inc acquired a new stake in DiamondRock Hospitality in the 3rd quarter worth about $885,000. Bowling Portfolio Management LLC acquired a new stake in DiamondRock Hospitality in the 3rd quarter worth about $1,052,000. First Hawaiian Bank acquired a new stake in DiamondRock Hospitality in the 3rd quarter worth about $171,000. Finally, Bank of Montreal Can boosted its stake in DiamondRock Hospitality by 641.7% in the 3rd quarter. Bank of Montreal Can now owns 37,925 shares of the real estate investment trust’s stock worth $443,000 after buying an additional 32,812 shares during the last quarter.
DRH has been the topic of a number of research analyst reports. Citigroup raised their price target on DiamondRock Hospitality from $11.00 to $12.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 8th. Zacks Investment Research raised DiamondRock Hospitality from a “sell” rating to a “hold” rating in a research note on Monday, July 23rd. Wells Fargo & Co reissued a “market perform” rating on shares of DiamondRock Hospitality in a research note on Thursday, November 1st. ValuEngine lowered DiamondRock Hospitality from a “hold” rating to a “sell” rating in a research note on Tuesday. Finally, TheStreet lowered DiamondRock Hospitality from a “b-” rating to a “c” rating in a research note on Tuesday. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $11.91.
NYSE DRH opened at $10.46 on Friday. The stock has a market capitalization of $2.11 billion, a PE ratio of 10.46, a PEG ratio of 3.04 and a beta of 1.37. DiamondRock Hospitality has a 1-year low of $9.87 and a 1-year high of $12.99. The company has a current ratio of 2.48, a quick ratio of 2.43 and a debt-to-equity ratio of 0.49.
DiamondRock Hospitality (NYSE:DRH) last released its quarterly earnings data on Monday, November 5th. The real estate investment trust reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.12). The firm had revenue of $220.81 million during the quarter, compared to analyst estimates of $227.40 million. DiamondRock Hospitality had a net margin of 10.45% and a return on equity of 4.74%. The business’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.25 earnings per share. Sell-side analysts expect that DiamondRock Hospitality will post 1.01 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, October 12th. Stockholders of record on Friday, September 28th were paid a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 4.78%. The ex-dividend date was Thursday, September 27th. DiamondRock Hospitality’s dividend payout ratio is currently 50.00%.
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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 top gateway markets and destination resort locations. The Company owns 30 premium quality hotels with over 9,900 rooms. The Company has strategically positioned its hotels to be operated both under leading global brand families such as Hilton and Marriott as well as unique boutique hotels in the lifestyle segment.
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