Geode Capital Management LLC Boosts Holdings in DiamondRock Hospitality (NYSE:DRH)

Geode Capital Management LLC increased its holdings in DiamondRock Hospitality (NYSE:DRH) by 0.5% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 5,350,283 shares of the real estate investment trust’s stock after purchasing an additional 28,391 shares during the period. Geode Capital Management LLC owned approximately 2.58% of DiamondRock Hospitality worth $46,716,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Orion Portfolio Solutions LLC increased its stake in DiamondRock Hospitality by 1.6% in the 3rd quarter. Orion Portfolio Solutions LLC now owns 104,965 shares of the real estate investment trust’s stock worth $916,000 after purchasing an additional 1,652 shares during the period. Evergreen Capital Management LLC lifted its holdings in DiamondRock Hospitality by 14.4% in the 2nd quarter. Evergreen Capital Management LLC now owns 14,372 shares of the real estate investment trust’s stock worth $122,000 after buying an additional 1,810 shares during the period. Louisiana State Employees Retirement System grew its position in shares of DiamondRock Hospitality by 1.8% in the 2nd quarter. Louisiana State Employees Retirement System now owns 105,700 shares of the real estate investment trust’s stock worth $893,000 after buying an additional 1,900 shares during the last quarter. Van ECK Associates Corp increased its stake in shares of DiamondRock Hospitality by 6.7% during the second quarter. Van ECK Associates Corp now owns 32,191 shares of the real estate investment trust’s stock valued at $272,000 after buying an additional 2,028 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of DiamondRock Hospitality by 35.1% during the third 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.

DiamondRock Hospitality Stock Performance

Shares of DiamondRock Hospitality stock opened at $9.26 on Tuesday. The firm’s 50-day moving average is $9.18 and its 200 day moving average is $8.70. 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 stock has a market cap of $1.92 billion, a price-to-earnings ratio of 33.07, a PEG ratio of 5.65 and a beta of 1.60.

DiamondRock Hospitality Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 14th. Investors of record on Tuesday, December 31st will be given a $0.32 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This is a boost from DiamondRock Hospitality’s previous quarterly dividend of $0.03. This represents a $1.28 annualized dividend and a yield of 13.82%. DiamondRock Hospitality’s dividend payout ratio is 42.86%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on DRH shares. Evercore ISI downgraded shares of DiamondRock Hospitality from an “outperform” rating to an “inline” rating and set a $10.50 price objective on the stock. in a research report on Friday, November 15th. 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 research report on Monday, December 9th. Truist Financial decreased their target price on DiamondRock Hospitality from $11.00 to $10.00 and set a “hold” rating for the company in a research report on Wednesday, September 4th. StockNews.com upgraded shares of DiamondRock Hospitality from a “sell” rating to a “hold” rating in a research note on Tuesday, November 12th. Finally, Stifel Nicolaus cut shares of DiamondRock Hospitality from a “buy” rating to a “hold” rating and cut their price objective for the stock from $10.75 to $10.25 in a report on Friday, November 22nd. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, DiamondRock Hospitality presently has a consensus rating of “Hold” and an average price target of $10.38.

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.