State Street Corp Buys 221,219 Shares of DiamondRock Hospitality (NYSE:DRH)

State Street Corp increased its stake in DiamondRock Hospitality (NYSE:DRH) by 1.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,535,384 shares of the real estate investment trust’s stock after buying an additional 221,219 shares during the period. State Street Corp owned 0.06% of DiamondRock Hospitality worth $109,806,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Quarry LP grew its stake in DiamondRock Hospitality by 2,093.9% in the 2nd quarter. Quarry LP now owns 3,949 shares of the real estate investment trust’s stock worth $33,000 after acquiring an additional 3,769 shares in the last quarter. Headlands Technologies LLC purchased a new stake in shares of DiamondRock Hospitality in the second quarter valued at approximately $42,000. Mirae Asset Global Investments Co. Ltd. grew its stake in DiamondRock Hospitality by 35.1% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,153 shares of the real estate investment trust’s stock worth $73,000 after purchasing an additional 2,116 shares in the last quarter. Harbor Capital Advisors Inc. purchased a new position in DiamondRock Hospitality during the 3rd quarter worth $74,000. Finally, Choreo LLC purchased a new position in DiamondRock Hospitality during the 2nd quarter worth $89,000.

DiamondRock Hospitality Stock Performance

DRH stock opened at $9.65 on Monday. DiamondRock Hospitality has a one year low of $7.74 and a one year high of $10.00. The firm has a market cap of $2.00 billion, a price-to-earnings ratio of 34.46, a PEG ratio of 5.65 and a beta of 1.60. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.73 and a current ratio of 1.73. The firm has a 50-day simple moving average of $9.11 and a two-hundred day simple moving average of $8.66.

DiamondRock Hospitality Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 14th. Investors of record on Tuesday, December 31st will be given a dividend of $0.32 per share. This is a boost from DiamondRock Hospitality’s previous quarterly dividend of $0.03. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.28 dividend on an annualized basis and a yield of 13.26%. DiamondRock Hospitality’s dividend payout ratio is presently 42.86%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on DRH shares. Stifel Nicolaus cut DiamondRock Hospitality from a “buy” rating to a “hold” rating and lowered their target price for the stock from $10.75 to $10.25 in a report on Friday, November 22nd. StockNews.com upgraded shares of DiamondRock Hospitality from a “sell” rating to a “hold” rating in a report on Tuesday, November 12th. Wells Fargo & Company boosted their price target on shares of DiamondRock Hospitality from $10.00 to $10.50 and gave the company an “equal weight” rating in a report on Monday, December 9th. Truist Financial dropped their price objective on shares of DiamondRock Hospitality from $11.00 to $10.00 and set a “hold” rating on the stock in a research note on Wednesday, September 4th. Finally, Evercore ISI lowered shares of DiamondRock Hospitality from an “outperform” rating to an “inline” rating and set a $10.50 price objective on the stock. in a report on Friday, November 15th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $10.38.

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 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.