MQS Management LLC Takes $480,000 Position in DiamondRock Hospitality (NYSE:DRH)

MQS Management LLC acquired a new stake in DiamondRock Hospitality (NYSE:DRH) during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 56,860 shares of the real estate investment trust’s stock, valued at approximately $480,000.

Several other institutional investors have also added to or reduced their stakes in the business. Paralel Advisors LLC purchased a new stake in shares of DiamondRock Hospitality during the fourth quarter valued at $2,352,000. Natixis purchased a new stake in shares of DiamondRock Hospitality during the 1st quarter valued at about $728,000. Centersquare Investment Management LLC grew its stake in shares of DiamondRock Hospitality by 40.3% in the first quarter. Centersquare Investment Management LLC now owns 6,303,698 shares of the real estate investment trust’s stock worth $56,103,000 after acquiring an additional 1,810,788 shares during the period. Russell Investments Group Ltd. raised its holdings in shares of DiamondRock Hospitality by 19.9% during the first quarter. Russell Investments Group Ltd. now owns 562,844 shares of the real estate investment trust’s stock valued at $5,409,000 after purchasing an additional 93,381 shares during the last quarter. Finally, Norges Bank bought a new position in DiamondRock Hospitality during the fourth quarter valued at approximately $13,301,000.

DiamondRock Hospitality Stock Performance

NYSE:DRH opened at $9.10 on Friday. The stock has a 50-day moving average price of $8.37 and a 200 day moving average price of $8.67. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 0.71. DiamondRock Hospitality has a 12-month low of $7.33 and a 12-month high of $9.99. The stock has a market capitalization of $1.91 billion, a P/E ratio of 25.28, a P/E/G ratio of 4.07 and a beta of 1.60.

DiamondRock Hospitality (NYSE:DRH) last released its quarterly earnings data on Thursday, August 1st. The real estate investment trust reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by ($0.22). DiamondRock Hospitality had a net margin of 6.43% and a return on equity of 4.31%. The company had revenue of $309.28 million for the quarter, compared to the consensus estimate of $301.77 million. During the same quarter in the previous year, the business earned $0.32 EPS. The company’s quarterly revenue was up 6.2% on a year-over-year basis. Equities research analysts forecast that DiamondRock Hospitality will post 0.98 EPS for the current fiscal year.

DiamondRock Hospitality Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be issued a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a dividend yield of 1.32%. The ex-dividend date of this dividend is Monday, September 30th. DiamondRock Hospitality’s dividend payout ratio (DPR) is presently 33.33%.

Analyst Ratings Changes

A number of research firms have recently issued reports on DRH. Wells Fargo & Company dropped their price target on DiamondRock Hospitality from $9.50 to $9.00 and set an “equal weight” rating on the stock in a research note on Friday, September 13th. StockNews.com upgraded DiamondRock Hospitality from a “sell” rating to a “hold” rating in a research note on Saturday, August 10th. Compass Point raised shares of DiamondRock Hospitality from a “neutral” rating to a “buy” rating and set a $10.00 price target for the company in a research report on Monday, August 5th. Finally, 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 report on Wednesday, September 4th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $9.92.

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.