Principal Financial Group Inc. cut its holdings in shares of DiamondRock Hospitality (NYSE:DRH - Free Report) by 10.1% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,931,517 shares of the real estate investment trust's stock after selling 892,346 shares during the quarter. Principal Financial Group Inc. owned 3.78% of DiamondRock Hospitality worth $69,242,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in DRH. Centersquare Investment Management LLC increased its position in shares of DiamondRock Hospitality by 40.3% in the 1st quarter. Centersquare Investment Management LLC now owns 6,303,698 shares of the real estate investment trust's stock valued at $56,103,000 after purchasing an additional 1,810,788 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of DiamondRock Hospitality by 4.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,102,363 shares of the real estate investment trust's stock valued at $26,214,000 after purchasing an additional 120,228 shares during the last quarter. Victory Capital Management Inc. increased its position in shares of DiamondRock Hospitality by 1.7% in the 2nd quarter. Victory Capital Management Inc. now owns 2,618,538 shares of the real estate investment trust's stock valued at $22,127,000 after purchasing an additional 43,050 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of DiamondRock Hospitality by 1.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,081,031 shares of the real estate investment trust's stock valued at $17,585,000 after purchasing an additional 25,154 shares during the last quarter. Finally, Millennium Management LLC purchased a new stake in shares of DiamondRock Hospitality in the 2nd quarter valued at approximately $15,118,000.
A number of brokerages have commented on DRH. StockNews.com downgraded shares of DiamondRock Hospitality from a "hold" rating to a "sell" rating in a research report on Monday, November 4th. Truist Financial dropped their target price on shares of DiamondRock Hospitality from $11.00 to $10.00 and set a "hold" rating on the stock in a research report on Wednesday, September 4th. Compass Point raised shares of DiamondRock Hospitality from a "neutral" rating to a "buy" rating and set a $10.00 target price on the stock in a research report on Monday, August 5th. Finally, Wells Fargo & Company dropped their target price on shares of DiamondRock Hospitality from $9.50 to $9.00 and set an "equal weight" rating on the stock in a research report on Friday, September 13th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $10.10.
Read Our Latest Analysis on DiamondRock Hospitality
Shares of NYSE:DRH opened at $9.26 on Friday. The stock has a market cap of $1.92 billion, a P/E ratio of 31.93, a P/E/G ratio of 5.45 and a beta of 1.60. The firm has a fifty day moving average price of $8.79 and a 200 day moving average price of $8.54. The company has a debt-to-equity ratio of 0.71, a current ratio of 2.03 and a quick ratio of 2.03. DiamondRock Hospitality has a 1-year low of $7.74 and a 1-year high of $9.99.
The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were paid a $0.03 dividend. This represents a $0.12 annualized dividend and a dividend yield of 1.30%. The ex-dividend date of this dividend was Monday, September 30th. DiamondRock Hospitality's dividend payout ratio (DPR) is presently 41.38%.
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.
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