JPMorgan Chase & Co. Reduces Stock Holdings in DiamondRock Hospitality (NYSE:DRH)

JPMorgan Chase & Co. lessened its stake in DiamondRock Hospitality (NYSE:DRH) by 3.9% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,814,869 shares of the real estate investment trust’s stock after selling 195,445 shares during the quarter. JPMorgan Chase & Co. owned about 2.32% of DiamondRock Hospitality worth $42,034,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Quarry LP increased its stake in 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 worth $33,000 after buying an additional 3,769 shares during the period. Headlands Technologies LLC acquired a new position in shares of DiamondRock Hospitality in the second quarter worth about $42,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings 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 valued at $73,000 after purchasing an additional 2,116 shares during the last quarter. Harbor Capital Advisors Inc. acquired a new position in shares of DiamondRock Hospitality in the 3rd quarter valued at approximately $74,000. Finally, Choreo LLC acquired a new stake in shares of DiamondRock Hospitality during the second quarter worth approximately $89,000.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Wells Fargo & Company upped 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. StockNews.com raised shares of DiamondRock Hospitality from a “sell” rating to a “hold” rating in a research report on Tuesday, November 12th. Stifel Nicolaus lowered DiamondRock Hospitality from a “buy” rating to a “hold” rating and lowered their price objective for the company from $10.75 to $10.25 in a report on Friday, November 22nd. Finally, Evercore ISI downgraded DiamondRock Hospitality from an “outperform” rating to an “inline” rating and set a $10.50 target price on the stock. in a report on Friday, November 15th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, DiamondRock Hospitality currently has an average rating of “Hold” and a consensus price target of $10.38.

DiamondRock Hospitality Stock Performance

Shares of NYSE DRH opened at $8.94 on Monday. The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 0.66. The firm’s 50-day moving average price is $9.22 and its two-hundred day moving average price is $8.75. DiamondRock Hospitality has a 52-week low of $7.74 and a 52-week high of $10.00. The stock has a market capitalization of $1.86 billion, a P/E ratio of 31.93, a P/E/G ratio of 5.65 and a beta of 1.59.

DiamondRock Hospitality Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 14th. Investors of record on Tuesday, December 31st will be issued a $0.32 dividend. This is an increase from DiamondRock Hospitality’s previous quarterly dividend of $0.03. The ex-dividend date is Tuesday, December 31st. This represents a $1.28 annualized dividend and a dividend yield of 14.32%. DiamondRock Hospitality’s dividend payout ratio (DPR) is 42.86%.

DiamondRock Hospitality Company 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.