New York State Teachers Retirement System Lowers Position in DiamondRock Hospitality (NYSE:DRH)

New York State Teachers Retirement System reduced its stake in DiamondRock Hospitality (NYSE:DRH) by 3.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 379,655 shares of the real estate investment trust’s stock after selling 12,507 shares during the quarter. New York State Teachers Retirement System owned approximately 0.18% of DiamondRock Hospitality worth $3,428,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of DRH. SG Americas Securities LLC purchased a new stake in DiamondRock Hospitality in the 3rd quarter valued at $100,000. Mirae Asset Global Investments Co. Ltd. raised its position 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 buying an additional 2,116 shares during the last quarter. abrdn plc raised its position in DiamondRock Hospitality by 10.1% in the 3rd quarter. abrdn plc now owns 45,001 shares of the real estate investment trust’s stock valued at $393,000 after buying an additional 4,131 shares during the last quarter. Harbor Capital Advisors Inc. purchased a new stake in DiamondRock Hospitality in the 3rd quarter valued at $74,000. Finally, Van ECK Associates Corp raised its position in DiamondRock Hospitality by 12.3% in the 3rd quarter. Van ECK Associates Corp now owns 36,160 shares of the real estate investment trust’s stock valued at $315,000 after buying an additional 3,969 shares during the last quarter.

DiamondRock Hospitality Stock Down 3.8 %

DRH stock opened at $8.22 on Friday. 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 company has a market capitalization of $1.71 billion, a price-to-earnings ratio of 29.34, a PEG ratio of 2.07 and a beta of 1.57. DiamondRock Hospitality has a fifty-two week low of $7.74 and a fifty-two week high of $10.00. The stock has a fifty day moving average of $8.93 and a 200-day moving average of $8.86.

DiamondRock Hospitality Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, January 14th. Stockholders of record on Tuesday, December 31st were paid a dividend of $0.32 per share. This is an increase from DiamondRock Hospitality’s previous quarterly dividend of $0.03. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $1.28 annualized dividend and a dividend yield of 15.58%. DiamondRock Hospitality’s dividend payout ratio is presently 42.86%.

Analysts Set New Price Targets

A number of research firms recently commented on DRH. Wells Fargo & Company lowered their price target on DiamondRock Hospitality from $10.50 to $9.50 and set an “equal weight” rating for the company in a research report on Tuesday. Evercore ISI lowered DiamondRock Hospitality from an “outperform” rating to an “inline” rating and set a $10.50 target price for the company. in a research report on Friday, November 15th. Stifel Nicolaus lowered DiamondRock Hospitality from a “buy” rating to a “hold” rating and decreased their target price for the company from $10.75 to $10.25 in a research report on Friday, November 22nd. Finally, StockNews.com raised DiamondRock Hospitality from a “sell” rating to a “hold” rating in a research report on Tuesday, November 12th. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $10.05.

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.