Corebridge Financial Inc. Decreases Stock Holdings in DiamondRock Hospitality (NYSE:DRH)

Corebridge Financial Inc. cut its stake in DiamondRock Hospitality (NYSE:DRH) by 8.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 110,183 shares of the real estate investment trust’s stock after selling 10,470 shares during the period. Corebridge Financial Inc. owned approximately 0.05% of DiamondRock Hospitality worth $995,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. LPL Financial LLC increased its stake in DiamondRock Hospitality by 10.6% in the 4th quarter. LPL Financial LLC now owns 63,205 shares of the real estate investment trust’s stock valued at $571,000 after purchasing an additional 6,071 shares in the last quarter. Fox Run Management L.L.C. acquired a new stake in DiamondRock Hospitality in the fourth quarter valued at $395,000. KLP Kapitalforvaltning AS purchased a new position in shares of DiamondRock Hospitality in the fourth quarter valued at $400,000. American Century Companies Inc. raised its stake in shares of DiamondRock Hospitality by 11.2% during the 4th quarter. American Century Companies Inc. now owns 53,029 shares of the real estate investment trust’s stock worth $479,000 after buying an additional 5,337 shares during the last quarter. Finally, Quantbot Technologies LP boosted its position in shares of DiamondRock Hospitality by 173.1% in the 4th quarter. Quantbot Technologies LP now owns 189,977 shares of the real estate investment trust’s stock worth $1,715,000 after buying an additional 120,423 shares in the last quarter.

Analyst Upgrades and Downgrades

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

DiamondRock Hospitality Stock Down 3.1 %

Shares of NYSE:DRH opened at $7.01 on Friday. The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 0.66. The company has a market capitalization of $1.46 billion, a P/E ratio of 25.02, a P/E/G ratio of 2.06 and a beta of 1.63. DiamondRock Hospitality has a 52-week low of $6.85 and a 52-week high of $10.00. The stock’s fifty day simple moving average is $8.24 and its 200-day simple moving average is $8.78.

DiamondRock Hospitality Increases Dividend

The company also recently announced 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 represents a $0.32 dividend on an annualized basis and a yield of 4.57%. This is a positive change from DiamondRock Hospitality’s previous quarterly dividend of $0.03. The ex-dividend date of this dividend is Friday, March 28th. DiamondRock Hospitality’s dividend payout ratio is 188.24%.

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.