The Manufacturers Life Insurance Company Sells 1,785 Shares of DiamondRock Hospitality (NYSE:DRH)

The Manufacturers Life Insurance Company lessened its holdings in shares of DiamondRock Hospitality (NYSE:DRH) by 1.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 115,505 shares of the real estate investment trust’s stock after selling 1,785 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.06% of DiamondRock Hospitality worth $1,008,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Quarry LP lifted its holdings in shares of DiamondRock Hospitality by 2,093.9% during the 2nd quarter. Quarry LP now owns 3,949 shares of the real estate investment trust’s stock valued at $33,000 after purchasing an additional 3,769 shares in the last quarter. Headlands Technologies LLC bought a new stake in DiamondRock Hospitality in the 2nd quarter valued at approximately $42,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in DiamondRock Hospitality by 35.1% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,153 shares of the real estate investment trust’s stock valued at $73,000 after acquiring an additional 2,116 shares in the last quarter. Harbor Capital Advisors Inc. bought a new stake in DiamondRock Hospitality in the 3rd quarter valued at approximately $74,000. Finally, Choreo LLC bought a new stake in DiamondRock Hospitality in the 2nd quarter valued at approximately $89,000.

Analysts Set New Price Targets

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

DiamondRock Hospitality Trading Up 0.3 %

Shares of NYSE:DRH opened at $9.70 on Friday. The company has a market capitalization of $2.01 billion, a P/E ratio of 34.64, a P/E/G ratio of 5.58 and a beta of 1.60. DiamondRock Hospitality has a 1 year low of $7.74 and a 1 year high of $10.00. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.73 and a quick ratio of 1.73. The business’s 50 day simple moving average is $9.10 and its 200 day simple moving average is $8.65.

DiamondRock Hospitality Increases Dividend

The business 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 positive change from DiamondRock Hospitality’s previous quarterly dividend of $0.03. This represents a $1.28 annualized dividend and a yield of 13.20%. The ex-dividend date is Tuesday, December 31st. DiamondRock Hospitality’s dividend payout ratio (DPR) is currently 42.86%.

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.