DiamondRock Hospitality (NYSE:DRH) was the recipient of a large growth in short interest during the month of December. As of December 31st, there was short interest totalling 8,320,000 shares, a growth of 24.2% from the December 15th total of 6,700,000 shares. Based on an average daily trading volume, of 2,230,000 shares, the days-to-cover ratio is currently 3.7 days. Currently, 4.2% of the shares of the company are sold short.
Shares of NYSE:DRH traded down $0.07 during trading on Tuesday, hitting $10.35. 2,439,500 shares of the stock were exchanged, compared to its average volume of 3,164,122. DiamondRock Hospitality has a 1-year low of $9.12 and a 1-year high of $11.52. The company has a market capitalization of $2.07 billion, a price-to-earnings ratio of 10.15, a price-to-earnings-growth ratio of 2.06 and a beta of 1.36. The company’s fifty day simple moving average is $10.71 and its 200-day simple moving average is $10.13. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.25 and a current ratio of 1.25.
The company also recently disclosed a quarterly dividend, which was paid on Monday, January 13th. Stockholders of record on Thursday, January 2nd were issued a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a dividend yield of 4.83%. The ex-dividend date was Tuesday, December 31st. DiamondRock Hospitality’s payout ratio is presently 49.02%.
Several large investors have recently made changes to their positions in the company. Envestnet Asset Management Inc. lifted its position in shares of DiamondRock Hospitality by 11.0% during the 3rd quarter. Envestnet Asset Management Inc. now owns 86,834 shares of the real estate investment trust’s stock worth $890,000 after buying an additional 8,623 shares during the period. SG Americas Securities LLC lifted its position in shares of DiamondRock Hospitality by 10.8% during the 3rd quarter. SG Americas Securities LLC now owns 148,592 shares of the real estate investment trust’s stock worth $1,523,000 after buying an additional 14,448 shares during the period. First Trust Advisors LP lifted its position in shares of DiamondRock Hospitality by 277.4% during the 3rd quarter. First Trust Advisors LP now owns 662,583 shares of the real estate investment trust’s stock worth $6,791,000 after buying an additional 487,008 shares during the period. Prudential PLC bought a new position in shares of DiamondRock Hospitality during the 2nd quarter worth approximately $5,810,000. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of DiamondRock Hospitality by 16.8% during the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 278,998 shares of the real estate investment trust’s stock worth $2,860,000 after buying an additional 40,217 shares during the period.
A number of research firms have issued reports on DRH. Stifel Nicolaus raised their target price on DiamondRock Hospitality from $11.00 to $12.00 and gave the company a “buy” rating in a report on Friday, December 20th. Wells Fargo & Co raised DiamondRock Hospitality from a “market perform” rating to an “outperform” rating and set a $11.00 price objective on the stock in a report on Thursday, November 21st. Finally, ValuEngine lowered DiamondRock Hospitality from a “hold” rating to a “sell” rating in a report on Wednesday, November 6th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $10.83.
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 top gateway markets and destination resort locations. The Company owns 31 premium quality hotels with over 10,000 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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