Louisiana State Employees Retirement System Makes New Investment in DiamondRock Hospitality Company $DRH

Louisiana State Employees Retirement System acquired a new stake in DiamondRock Hospitality Company (NYSE:DRH) in the first quarter, HoldingsChannel reports. The institutional investor acquired 90,300 shares of the real estate investment trust’s stock, valued at approximately $846,000.

Other large investors also recently modified their holdings of the company. Cohen & Steers Inc. acquired a new position in shares of DiamondRock Hospitality in the fourth quarter worth about $59,231,000. SG Americas Securities LLC increased its holdings in DiamondRock Hospitality by 106.1% during the 1st quarter. SG Americas Securities LLC now owns 4,172,671 shares of the real estate investment trust’s stock worth $39,098,000 after purchasing an additional 2,147,881 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in DiamondRock Hospitality by 907.2% during the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,292,360 shares of the real estate investment trust’s stock worth $20,540,000 after purchasing an additional 2,064,760 shares during the last quarter. Qube Research & Technologies Ltd raised its position in shares of DiamondRock Hospitality by 469.0% in the 3rd quarter. Qube Research & Technologies Ltd now owns 2,002,863 shares of the real estate investment trust’s stock valued at $15,943,000 after purchasing an additional 1,650,871 shares in the last quarter. Finally, Bank of America Corp DE raised its position in shares of DiamondRock Hospitality by 17.5% in the 2nd quarter. Bank of America Corp DE now owns 9,231,991 shares of the real estate investment trust’s stock valued at $70,717,000 after purchasing an additional 1,377,897 shares in the last quarter.

DiamondRock Hospitality Price Performance

Shares of NYSE DRH opened at $12.08 on Monday. DiamondRock Hospitality Company has a twelve month low of $7.45 and a twelve month high of $12.54. The company has a current ratio of 1.64, a quick ratio of 1.64 and a debt-to-equity ratio of 0.70. The company has a market capitalization of $2.47 billion, a price-to-earnings ratio of 48.32, a price-to-earnings-growth ratio of 4.50 and a beta of 0.98. The business has a 50 day simple moving average of $11.26 and a 200-day simple moving average of $10.16.

DiamondRock Hospitality Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 14th. Shareholders of record on Tuesday, June 30th will be issued a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend is Tuesday, June 30th. DiamondRock Hospitality’s payout ratio is currently 76.60%.

Insider Buying and Selling at DiamondRock Hospitality

In other news, Director Kathleen Merrill sold 20,000 shares of the firm’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $11.88, for a total value of $237,600.00. Following the transaction, the director directly owned 84,335 shares in the company, valued at approximately $1,001,899.80. This trade represents a 19.17% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Michael A. Hartmeier sold 20,000 shares of the firm’s stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $10.46, for a total transaction of $209,200.00. Following the completion of the transaction, the director owned 95,354 shares in the company, valued at approximately $997,402.84. The trade was a 17.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.90% of the stock is owned by insiders.

Analysts Set New Price Targets

DRH has been the subject of a number of recent analyst reports. Truist Financial raised their price target on shares of DiamondRock Hospitality from $11.00 to $12.00 and gave the stock a “buy” rating in a research report on Tuesday, May 26th. Wells Fargo & Company upped their price target on shares of DiamondRock Hospitality from $11.00 to $12.00 and gave the company an “equal weight” rating in a report on Monday, June 1st. LADENBURG THALM/SH SH raised their price objective on shares of DiamondRock Hospitality from $13.00 to $14.00 and gave the stock a “buy” rating in a report on Thursday, June 18th. Morgan Stanley boosted their target price on shares of DiamondRock Hospitality from $9.50 to $9.60 and gave the stock an “equal weight” rating in a research report on Tuesday, May 12th. Finally, Barclays upped their target price on shares of DiamondRock Hospitality from $10.00 to $12.00 and gave the company an “equal weight” rating in a research note on Monday, June 1st. Three research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $11.65.

DiamondRock Hospitality Profile

DiamondRock Hospitality Company is a real estate investment trust (REIT) that acquires, owns and manages a diversified portfolio of upscale, full-service hotels in urban gateway markets across the United States. Established in 2004 and headquartered in Bethesda, Maryland, the company focuses on investing in high-quality lodging properties that cater to both business and leisure travelers. Its assets are positioned in key metropolitan areas, enabling DiamondRock to benefit from strong demand drivers such as corporate travel, group conventions and resort leisure stays.

The company’s portfolio includes full-service hotels offering a broad range of amenities, including guest rooms, on-site food and beverage outlets, meeting and event space, fitness centers and spa services.