Prudential Financial Inc. raised its position in shares of DiamondRock Hospitality Co. (NYSE:DRH) by 82.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,241,983 shares of the real estate investment trust’s stock after buying an additional 559,500 shares during the period. Prudential Financial Inc. owned 0.62% of DiamondRock Hospitality worth $11,215,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in the stock. Brookfield Asset Management Inc. purchased a new stake in shares of DiamondRock Hospitality during the first quarter valued at $43,674,000. Emerald Acquisition Ltd. purchased a new stake in shares of DiamondRock Hospitality during the second quarter valued at $13,710,000. Shinko Asset Management Co. Ltd. raised its stake in shares of DiamondRock Hospitality by 15.8% in the second quarter. Shinko Asset Management Co. Ltd. now owns 9,469,467 shares of the real estate investment trust’s stock valued at $85,509,000 after buying an additional 1,292,452 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of DiamondRock Hospitality by 35.8% in the second quarter. Bank of New York Mellon Corp now owns 4,240,752 shares of the real estate investment trust’s stock valued at $38,294,000 after buying an additional 1,117,488 shares during the last quarter. Finally, Smith Graham & Co. Investment Advisors LP purchased a new stake in shares of DiamondRock Hospitality during the second quarter valued at $5,487,000.
Shares of DiamondRock Hospitality Co. (NYSE:DRH) traded up 1.162% during trading on Tuesday, reaching $9.145. The company’s stock had a trading volume of 498,199 shares. DiamondRock Hospitality Co. has a 52-week low of $7.28 and a 52-week high of $12.84. The firm’s 50-day moving average is $9.77 and its 200 day moving average is $9.51. The company has a market cap of $1.84 billion, a PE ratio of 16.627 and a beta of 1.53.
DiamondRock Hospitality (NYSE:DRH) last released its quarterly earnings data on Friday, August 5th. The real estate investment trust reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by $0.01. The business earned $256.66 million during the quarter, compared to the consensus estimate of $259.26 million. DiamondRock Hospitality had a net margin of 11.80% and a return on equity of 6.24%. DiamondRock Hospitality’s quarterly revenue was up 2.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.31 EPS. On average, equities research analysts predict that DiamondRock Hospitality Co. will post $1.02 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 12th. Shareholders of record on Friday, September 30th will be paid a $0.125 dividend. The ex-dividend date is Wednesday, September 28th. This represents a $0.50 annualized dividend and a yield of 5.53%. DiamondRock Hospitality’s dividend payout ratio is 89.29%.
Several analysts have recently weighed in on DRH shares. Morgan Stanley lowered DiamondRock Hospitality from an “equal weight” rating to an “underweight” rating and decreased their price objective for the stock from $10.00 to $8.00 in a report on Monday, September 26th. Canaccord Genuity reissued a “buy” rating and set a $12.00 price objective on shares of DiamondRock Hospitality in a report on Tuesday, August 16th. TheStreet raised DiamondRock Hospitality from a “hold” rating to a “buy” rating in a report on Tuesday, July 19th. Zacks Investment Research lowered DiamondRock Hospitality from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 19th. Finally, Barclays PLC reissued a “buy” rating and set a $11.00 price objective on shares of DiamondRock Hospitality in a report on Thursday, August 11th. One research analyst has rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $11.00.
About DiamondRock Hospitality
DiamondRock Hospitality Company is a lodging-focused Maryland corporation operating as a real estate investment trust (REIT). The Company owns a portfolio of approximately 30 hotels and resorts throughout North America and the United States Virgin Islands that consists of over 10,925 guest rooms. Its primary business is to acquire, own, asset manage and renovate full-service hotel properties in the United States.
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