DiamondRock Hospitality (NYSE:DRH) Shares Sold by Vestcor Inc

Vestcor Inc lessened its stake in DiamondRock Hospitality (NYSE:DRH) by 86.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,621 shares of the real estate investment trust’s stock after selling 100,900 shares during the period. Vestcor Inc’s holdings in DiamondRock Hospitality were worth $136,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Wellington Management Group LLP lifted its holdings in shares of DiamondRock Hospitality by 15.6% in the 3rd quarter. Wellington Management Group LLP now owns 4,925,093 shares of the real estate investment trust’s stock valued at $42,996,000 after purchasing an additional 663,529 shares during the last quarter. MQS Management LLC purchased a new stake in DiamondRock Hospitality in the second quarter valued at approximately $480,000. Millennium Management LLC acquired a new stake in shares of DiamondRock Hospitality in the second quarter valued at approximately $15,118,000. Holocene Advisors LP purchased a new position in shares of DiamondRock Hospitality during the third quarter worth approximately $568,000. Finally, Systematic Financial Management LP increased its holdings in shares of DiamondRock Hospitality by 8.9% in the 3rd quarter. Systematic Financial Management LP now owns 1,599,730 shares of the real estate investment trust’s stock valued at $13,966,000 after acquiring an additional 130,507 shares during the period.

DiamondRock Hospitality Price Performance

Shares of DRH opened at $9.65 on Friday. The firm has a market capitalization of $2.00 billion, a PE ratio of 34.46, a P/E/G ratio of 5.65 and a beta of 1.60. The stock’s 50 day moving average is $9.10 and its two-hundred day moving average is $8.65. DiamondRock Hospitality has a twelve month low of $7.74 and a twelve month high of $10.00. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 0.66.

DiamondRock Hospitality Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 14th. Investors of record on Tuesday, December 31st will be issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 13.26%. The ex-dividend date is Tuesday, December 31st. This is a positive change from DiamondRock Hospitality’s previous quarterly dividend of $0.03. DiamondRock Hospitality’s dividend payout ratio is currently 42.86%.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Wells Fargo & Company raised their price objective on shares of DiamondRock Hospitality from $10.00 to $10.50 and gave the stock an “equal weight” rating in a research report on Monday, December 9th. Truist Financial lowered their price target on DiamondRock Hospitality from $11.00 to $10.00 and set a “hold” rating on the stock in a report on Wednesday, September 4th. StockNews.com raised DiamondRock Hospitality from a “sell” rating to a “hold” rating in a research note on Tuesday, November 12th. 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 research note on Friday, November 15th. Finally, Stifel Nicolaus lowered DiamondRock Hospitality from a “buy” rating to a “hold” rating and dropped their target price for the company from $10.75 to $10.25 in a report on Friday, November 22nd. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $10.38.

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.