DiamondRock Hospitality (NYSE:DRH) Reaches New 12-Month Low – Here’s What Happened

DiamondRock Hospitality (NYSE:DRH)’s stock price reached a new 52-week low during trading on Wednesday . The stock traded as low as $6.32 and last traded at $6.39, with a volume of 3815138 shares trading hands. The stock had previously closed at $6.72.

Wall Street Analysts Forecast Growth

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

DiamondRock Hospitality Price Performance

The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 0.66. The stock has a fifty day simple moving average of $8.00 and a 200-day simple moving average of $8.69. The stock has a market cap of $1.43 billion, a price-to-earnings ratio of 24.63, a price-to-earnings-growth ratio of 2.06 and a beta of 1.38.

DiamondRock Hospitality Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 4.64%. The ex-dividend date of this dividend is Friday, March 28th. This is an increase from DiamondRock Hospitality’s previous quarterly dividend of $0.03. DiamondRock Hospitality’s dividend payout ratio (DPR) is 188.24%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of DRH. Bank of America Corp DE grew its position in shares of DiamondRock Hospitality by 78.8% during the 4th quarter. Bank of America Corp DE now owns 6,953,022 shares of the real estate investment trust’s stock worth $62,786,000 after buying an additional 3,064,117 shares during the period. Cbre Investment Management Listed Real Assets LLC acquired a new stake in DiamondRock Hospitality in the fourth quarter valued at $14,889,000. Alyeska Investment Group L.P. raised its stake in DiamondRock Hospitality by 16.3% in the fourth quarter. Alyeska Investment Group L.P. now owns 8,576,077 shares of the real estate investment trust’s stock valued at $77,442,000 after buying an additional 1,201,955 shares during the period. Lasalle Investment Management Securities LLC bought a new position in DiamondRock Hospitality during the fourth quarter worth $9,982,000. Finally, GRS Advisors LLC acquired a new position in DiamondRock Hospitality in the 4th quarter valued at about $9,919,000.

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.