DiamondRock Hospitality (NYSE:DRH) Reaches New 52-Week Low – Here’s What Happened

DiamondRock Hospitality (NYSE:DRH) reached a new 52-week low during mid-day trading on Thursday . The company traded as low as $7.12 and last traded at $7.34, with a volume of 546 shares. The stock had previously closed at $7.88.

Wall Street Analyst Weigh In

Separately, Wells Fargo & Company cut their price objective 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 equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $10.05.

DiamondRock Hospitality Price Performance

The company has a debt-to-equity ratio of 0.66, a current ratio of 1.73 and a quick ratio of 1.73. The stock’s fifty day moving average is $8.31 and its 200-day moving average is $8.80. The stock has a market capitalization of $1.49 billion, a PE ratio of 25.63, a P/E/G ratio of 2.06 and a beta of 1.63.

DiamondRock Hospitality Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 28th will be issued a $0.08 dividend. This is a positive change from DiamondRock Hospitality’s previous quarterly dividend of $0.03. This represents a $0.32 annualized dividend and a yield of 4.47%. The ex-dividend date of this dividend is Friday, March 28th. DiamondRock Hospitality’s dividend payout ratio (DPR) is presently 188.24%.

Hedge Funds Weigh In On DiamondRock Hospitality

Several hedge funds and other institutional investors have recently added to or reduced their stakes in DRH. Nissay Asset Management Corp Japan ADV lifted its holdings in DiamondRock Hospitality by 4.0% in the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 31,738 shares of the real estate investment trust’s stock valued at $292,000 after purchasing an additional 1,216 shares in the last quarter. Xponance Inc. boosted its stake in DiamondRock Hospitality by 9.9% during the fourth quarter. Xponance Inc. now owns 15,098 shares of the real estate investment trust’s stock worth $136,000 after buying an additional 1,360 shares during the last quarter. Ancora Advisors LLC increased its stake in shares of DiamondRock Hospitality by 0.9% in the 4th quarter. Ancora Advisors LLC now owns 164,150 shares of the real estate investment trust’s stock worth $1,482,000 after acquiring an additional 1,490 shares during the last quarter. Orion Portfolio Solutions LLC raised its holdings in shares of DiamondRock Hospitality by 1.6% during the 3rd quarter. Orion Portfolio Solutions LLC now owns 104,965 shares of the real estate investment trust’s stock worth $916,000 after acquiring an additional 1,652 shares during the period. Finally, Vert Asset Management LLC increased its position in DiamondRock Hospitality by 2.1% during the fourth quarter. Vert Asset Management LLC now owns 82,570 shares of the real estate investment trust’s stock worth $746,000 after purchasing an additional 1,729 shares during the last quarter.

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.