DiamondRock Hospitality (NYSE:DRH) Reaches New 1-Year Low – Here’s What Happened

DiamondRock Hospitality (NYSE:DRH) shares hit a new 52-week low during trading on Friday . The stock traded as low as $7.58 and last traded at $7.62, with a volume of 194989 shares trading hands. The stock had previously closed at $7.71.

Wall Street Analysts Forecast Growth

Separately, Wells Fargo & Company cut their target price on DiamondRock Hospitality from $10.50 to $9.50 and set an “equal weight” rating for the company in a research note on Tuesday, February 18th. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, DiamondRock Hospitality currently has an average rating of “Hold” and an average target price of $10.05.

DiamondRock Hospitality Stock Down 1.9 %

The firm’s fifty day moving average is $8.38 and its 200-day moving average is $8.81. The company has a market capitalization of $1.59 billion, a P/E ratio of 27.30, a price-to-earnings-growth ratio of 2.06 and a beta of 1.63. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.73 and a current ratio of 1.73.

DiamondRock Hospitality Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 28th will be paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.19%. The ex-dividend date of this dividend is Friday, March 28th. This is a boost from DiamondRock Hospitality’s previous quarterly dividend of $0.03. DiamondRock Hospitality’s payout ratio is presently 188.24%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Intech Investment Management LLC raised its position in DiamondRock Hospitality by 199.2% in the third quarter. Intech Investment Management LLC now owns 82,739 shares of the real estate investment trust’s stock valued at $722,000 after purchasing an additional 55,086 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in DiamondRock Hospitality by 2.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,475,664 shares of the real estate investment trust’s stock valued at $39,073,000 after buying an additional 103,209 shares during the last quarter. Daiwa Securities Group Inc. boosted its position in DiamondRock Hospitality by 3.9% during the 3rd quarter. Daiwa Securities Group Inc. now owns 68,728 shares of the real estate investment trust’s stock worth $600,000 after buying an additional 2,598 shares during the period. Quantbot Technologies LP grew its holdings in DiamondRock Hospitality by 20.5% during the 3rd quarter. Quantbot Technologies LP now owns 69,554 shares of the real estate investment trust’s stock worth $607,000 after acquiring an additional 11,824 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its position in DiamondRock Hospitality by 46.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 65,575 shares of the real estate investment trust’s stock valued at $572,000 after acquiring an additional 20,660 shares during the period.

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.