Custom Index Systems LLC Makes New Investment in DiamondRock Hospitality (NYSE:DRH)

Custom Index Systems LLC acquired a new position in shares of DiamondRock Hospitality (NYSE:DRH) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 27,430 shares of the real estate investment trust’s stock, valued at approximately $258,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in DRH. Vanguard Group Inc. boosted its stake in shares of DiamondRock Hospitality by 3.2% during the 3rd quarter. Vanguard Group Inc. now owns 36,970,154 shares of the real estate investment trust’s stock valued at $277,647,000 after buying an additional 1,162,193 shares during the period. State Street Corp lifted its stake in shares of DiamondRock Hospitality by 0.5% in the 2nd quarter. State Street Corp now owns 13,603,078 shares of the real estate investment trust’s stock valued at $111,681,000 after purchasing an additional 64,600 shares during the last quarter. Pzena Investment Management LLC lifted its stake in shares of DiamondRock Hospitality by 9.1% in the 3rd quarter. Pzena Investment Management LLC now owns 9,720,155 shares of the real estate investment trust’s stock valued at $78,053,000 after purchasing an additional 810,972 shares during the last quarter. Macquarie Group Ltd. lifted its stake in shares of DiamondRock Hospitality by 2.1% in the 1st quarter. Macquarie Group Ltd. now owns 6,878,975 shares of the real estate investment trust’s stock valued at $55,926,000 after purchasing an additional 140,057 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in shares of DiamondRock Hospitality by 5.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,645,248 shares of the real estate investment trust’s stock valued at $45,331,000 after purchasing an additional 294,365 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Wells Fargo & Company boosted their target price on shares of DiamondRock Hospitality from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Friday, December 22nd. Wolfe Research assumed coverage on shares of DiamondRock Hospitality in a research report on Wednesday, January 10th. They set an “outperform” rating and a $11.00 target price for the company. Stifel Nicolaus boosted their price objective on shares of DiamondRock Hospitality from $10.00 to $10.50 and gave the stock a “buy” rating in a report on Friday, February 23rd. Truist Financial boosted their price objective on shares of DiamondRock Hospitality from $10.00 to $11.00 and gave the stock a “hold” rating in a report on Thursday, March 14th. Finally, StockNews.com downgraded shares of DiamondRock Hospitality from a “hold” rating to a “sell” rating in a report on Saturday, February 3rd. One analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $10.30.

DiamondRock Hospitality Stock Up 1.3 %

Shares of NYSE DRH opened at $9.46 on Friday. The firm’s 50-day simple moving average is $9.39 and its 200 day simple moving average is $8.88. The company has a market cap of $1.99 billion, a price-to-earnings ratio of 26.28 and a beta of 1.60. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 0.71. DiamondRock Hospitality has a 12-month low of $7.33 and a 12-month high of $9.99.

DiamondRock Hospitality (NYSE:DRH) last announced its quarterly earnings data on Friday, February 23rd. The real estate investment trust reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.14). The firm had revenue of $263.50 million for the quarter, compared to the consensus estimate of $261.45 million. DiamondRock Hospitality had a return on equity of 5.29% and a net margin of 8.03%. The business’s revenue for the quarter was up 3.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.23 earnings per share. On average, research analysts expect that DiamondRock Hospitality will post 0.96 earnings per share for the current fiscal year.

DiamondRock Hospitality Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 12th. Shareholders of record on Friday, March 29th will be issued a dividend of $0.03 per share. The ex-dividend date of this dividend is Wednesday, March 27th. This represents a $0.12 annualized dividend and a yield of 1.27%. DiamondRock Hospitality’s dividend payout ratio is currently 33.33%.

DiamondRock Hospitality 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.