Corebridge Financial Inc. Sells 2,121 Shares of DiamondRock Hospitality Company $DRH

Corebridge Financial Inc. reduced its stake in shares of DiamondRock Hospitality Company (NYSE:DRH) by 1.9% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 108,062 shares of the real estate investment trust’s stock after selling 2,121 shares during the period. Corebridge Financial Inc. owned 0.05% of DiamondRock Hospitality worth $834,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Bank of America Corp DE raised its position in shares of DiamondRock Hospitality by 78.8% in 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 acquiring an additional 3,064,117 shares in the last quarter. Centersquare Investment Management LLC raised its position in shares of DiamondRock Hospitality by 12.9% in the 1st quarter. Centersquare Investment Management LLC now owns 5,967,761 shares of the real estate investment trust’s stock worth $46,071,000 after acquiring an additional 683,839 shares in the last quarter. Northern Trust Corp raised its position in shares of DiamondRock Hospitality by 0.8% in the 1st quarter. Northern Trust Corp now owns 3,278,297 shares of the real estate investment trust’s stock worth $25,308,000 after acquiring an additional 27,319 shares in the last quarter. Cbre Investment Management Listed Real Assets LLC raised its position in shares of DiamondRock Hospitality by 66.7% in the 1st quarter. Cbre Investment Management Listed Real Assets LLC now owns 2,748,875 shares of the real estate investment trust’s stock worth $21,221,000 after acquiring an additional 1,100,070 shares in the last quarter. Finally, Victory Capital Management Inc. raised its position in shares of DiamondRock Hospitality by 21.4% in the 1st quarter. Victory Capital Management Inc. now owns 2,682,395 shares of the real estate investment trust’s stock worth $20,708,000 after acquiring an additional 473,698 shares in the last quarter.

Analysts Set New Price Targets

Several research firms have recently weighed in on DRH. Truist Financial lowered their price objective on DiamondRock Hospitality from $10.00 to $9.00 and set a “hold” rating for the company in a research report on Friday, May 30th. Wells Fargo & Company lifted their price objective on DiamondRock Hospitality from $8.25 to $9.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 27th. One investment analyst has rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $8.63.

DiamondRock Hospitality Stock Performance

Shares of DRH opened at $8.58 on Friday. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.30 and a quick ratio of 1.30. The stock has a 50-day moving average of $8.05 and a 200-day moving average of $7.77. The company has a market cap of $1.76 billion, a PE ratio of 32.98 and a beta of 1.39. DiamondRock Hospitality Company has a one year low of $6.18 and a one year high of $10.00.

DiamondRock Hospitality (NYSE:DRH) last issued its earnings results on Thursday, August 7th. The real estate investment trust reported $0.35 EPS for the quarter, beating the consensus estimate of $0.33 by $0.02. The company had revenue of $305.70 million during the quarter, compared to the consensus estimate of $303.70 million. DiamondRock Hospitality had a return on equity of 4.23% and a net margin of 6.04%.The firm’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same period last year, the business posted $0.34 EPS. DiamondRock Hospitality has set its FY 2025 guidance at 0.960-1.060 EPS. On average, equities research analysts predict that DiamondRock Hospitality Company will post 0.96 EPS for the current fiscal year.

DiamondRock Hospitality Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Tuesday, September 30th will be paid a $0.08 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $0.32 annualized dividend and a dividend yield of 3.7%. DiamondRock Hospitality’s dividend payout ratio (DPR) is currently 123.08%.

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.