Quantitative Systematic Strategies LLC bought a new position in shares of DiamondRock Hospitality Co. (NYSE:DRH) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 19,043 shares of the real estate investment trust’s stock, valued at approximately $171,000.
Other hedge funds have also recently made changes to their positions in the company. Smith Graham & Co. Investment Advisors LP purchased a new stake in shares of DiamondRock Hospitality during the second quarter worth about $5,487,000. American Century Companies Inc. raised its stake in DiamondRock Hospitality by 43.7% in the second quarter. American Century Companies Inc. now owns 861,458 shares of the real estate investment trust’s stock worth $7,779,000 after buying an additional 262,053 shares in the last quarter. Genesee Valley Trust Co. raised its stake in DiamondRock Hospitality by 7.3% in the second quarter. Genesee Valley Trust Co. now owns 11,102 shares of the real estate investment trust’s stock worth $100,000 after buying an additional 755 shares in the last quarter. Bank of Montreal Can bought a new stake in DiamondRock Hospitality during the second quarter worth $1,425,000. Finally, Shell Asset Management Co. bought a new stake in DiamondRock Hospitality during the second quarter worth $782,000.
DiamondRock Hospitality Co. (NYSE:DRH) traded up 1.09% during trading on Tuesday, reaching $9.31. 2,405,176 shares of the company’s stock traded hands. DiamondRock Hospitality Co. has a 1-year low of $7.28 and a 1-year high of $12.69. The stock has a 50-day moving average price of $9.36 and a 200 day moving average price of $9.45. The stock has a market capitalization of $1.87 billion, a P/E ratio of 16.93 and a beta of 1.53.
DiamondRock Hospitality (NYSE:DRH) last issued its earnings results on Friday, August 5th. The real estate investment trust reported $0.31 EPS for the quarter, missing the Zacks’ consensus estimate of $0.32 by $0.01. DiamondRock Hospitality had a net margin of 11.80% and a return on equity of 6.24%. The business earned $256.66 million during the quarter, compared to analysts’ expectations of $259.26 million. During the same period in the prior year, the business posted $0.31 EPS. The business’s revenue was up 2.8% on a year-over-year basis. Equities research analysts expect that DiamondRock Hospitality Co. will post $1.02 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 12th. Stockholders of record on Friday, September 30th were paid a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a dividend yield of 5.37%. The ex-dividend date was Wednesday, September 28th. DiamondRock Hospitality’s dividend payout ratio is presently 89.29%.
A number of research firms have recently weighed in on DRH. Citigroup Inc. upped their price objective on DiamondRock Hospitality from $9.00 to $10.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 5th. Deutsche Bank AG reaffirmed a “hold” rating and set a $11.00 price objective on shares of DiamondRock Hospitality in a research report on Sunday, June 26th. Barclays PLC reaffirmed a “buy” rating and set a $11.00 price objective on shares of DiamondRock Hospitality in a research report on Thursday, August 11th. Morgan Stanley lowered DiamondRock Hospitality from an “equal weight” rating to an “underweight” rating and cut their price objective for the stock from $10.00 to $8.00 in a research report on Monday, September 26th. Finally, Zacks Investment Research raised DiamondRock Hospitality from a “sell” rating to a “hold” rating in a research report on Tuesday, September 13th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company’s stock. DiamondRock Hospitality currently has a consensus rating of “Hold” and an average target price of $10.60.
About DiamondRock Hospitality
DiamondRock Hospitality Company is a lodging-focused Maryland corporation operating as a real estate investment trust (REIT). The Company owns a portfolio of approximately 30 hotels and resorts throughout North America and the United States Virgin Islands that consists of over 10,925 guest rooms. Its primary business is to acquire, own, asset manage and renovate full-service hotel properties in the United States.
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