Bank of Montreal Can Sells 117,383 Shares of DiamondRock Hospitality (NYSE:DRH)

Bank of Montreal Can lessened its stake in shares of DiamondRock Hospitality (NYSE:DRH) by 73.1% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 43,203 shares of the real estate investment trust’s stock after selling 117,383 shares during the period. Bank of Montreal Can’s holdings in DiamondRock Hospitality were worth $390,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in DRH. Barclays PLC boosted its holdings in DiamondRock Hospitality by 37.6% during the third quarter. Barclays PLC now owns 368,616 shares of the real estate investment trust’s stock worth $3,219,000 after purchasing an additional 100,805 shares during the last quarter. Geode Capital Management LLC grew its position in DiamondRock Hospitality by 0.5% during the third quarter. Geode Capital Management LLC now owns 5,350,283 shares of the real estate investment trust’s stock worth $46,716,000 after buying an additional 28,391 shares in the last quarter. KBC Group NV grew its position in DiamondRock Hospitality by 55.9% in the fourth quarter. KBC Group NV now owns 10,436 shares of the real estate investment trust’s stock worth $94,000 after acquiring an additional 3,744 shares in the last quarter. Vert Asset Management LLC lifted its holdings in shares of DiamondRock Hospitality by 2.1% in the 4th quarter. Vert Asset Management LLC now owns 82,570 shares of the real estate investment trust’s stock worth $746,000 after acquiring an additional 1,729 shares during the last quarter. Finally, abrdn plc increased its stake in DiamondRock Hospitality by 53.5% in the 4th quarter. abrdn plc now owns 69,071 shares of the real estate investment trust’s stock worth $633,000 after purchasing an additional 24,070 shares during the period.

Analyst Upgrades and Downgrades

DRH has been the topic of a number of research reports. Wells Fargo & Company cut their target price on shares of DiamondRock Hospitality from $10.50 to $9.50 and set an “equal weight” rating on the stock in a research note on Tuesday, February 18th. Morgan Stanley reduced their price objective on DiamondRock Hospitality from $9.00 to $7.00 and set an “equal weight” rating for the company in a research note on Tuesday. Finally, Stifel Nicolaus dropped their price target on DiamondRock Hospitality from $9.75 to $8.00 and set a “hold” rating for the company in a research note on Wednesday, April 16th. Five 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.com, DiamondRock Hospitality currently has a consensus rating of “Hold” and a consensus price target of $9.17.

DiamondRock Hospitality Stock Up 0.6 %

Shares of NYSE DRH opened at $7.00 on Wednesday. DiamondRock Hospitality has a 1 year low of $6.19 and a 1 year high of $10.00. The company has a market cap of $1.46 billion, a P/E ratio of 25.00, a PEG ratio of 2.06 and a beta of 1.38. The firm has a 50-day simple moving average of $7.73 and a two-hundred day simple moving average of $8.58. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.73 and a quick ratio of 1.73.

DiamondRock Hospitality Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Friday, March 28th were paid a dividend of $0.08 per share. The ex-dividend date was Friday, March 28th. This represents a $0.32 annualized dividend and a dividend yield of 4.57%. This is a positive change from DiamondRock Hospitality’s previous quarterly dividend of $0.03. DiamondRock Hospitality’s dividend payout ratio (DPR) is currently 188.24%.

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.