DiamondRock Hospitality (NYSE:DRH) Shares Bought by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company grew its position in DiamondRock Hospitality (NYSE:DRH) by 16.2% during the 4th quarter, HoldingsChannel.com reports. The firm owned 134,256 shares of the real estate investment trust’s stock after acquiring an additional 18,751 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in DiamondRock Hospitality were worth $1,212,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of DRH. Cbre Investment Management Listed Real Assets LLC purchased a new position in DiamondRock Hospitality in the 4th quarter worth approximately $14,889,000. Lasalle Investment Management Securities LLC purchased a new position in shares of DiamondRock Hospitality in the fourth quarter valued at $9,982,000. Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of DiamondRock Hospitality by 458.3% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,300,414 shares of the real estate investment trust’s stock valued at $11,743,000 after purchasing an additional 1,067,497 shares during the period. H 2 Credit Manager LP grew its holdings in DiamondRock Hospitality by 36.5% during the 4th quarter. H 2 Credit Manager LP now owns 3,741,445 shares of the real estate investment trust’s stock valued at $33,785,000 after purchasing an additional 1,000,000 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in DiamondRock Hospitality by 18.7% during the 4th quarter. JPMorgan Chase & Co. now owns 5,716,469 shares of the real estate investment trust’s stock worth $51,620,000 after buying an additional 901,600 shares during the period.

DiamondRock Hospitality Trading Down 0.5%

Shares of NYSE DRH opened at $7.95 on Wednesday. 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 stock’s 50 day moving average price is $7.47 and its two-hundred day moving average price is $8.43. DiamondRock Hospitality has a 52-week low of $6.19 and a 52-week high of $10.00. The stock has a market capitalization of $1.64 billion, a P/E ratio of 28.39, a PEG ratio of 2.06 and a beta of 1.33.

DiamondRock Hospitality (NYSE:DRH) last posted its quarterly earnings results on Thursday, May 1st. The real estate investment trust reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.02. DiamondRock Hospitality had a return on equity of 4.25% and a net margin of 6.30%. The business had revenue of $254.85 million for the quarter, compared to analyst estimates of $256.47 million. During the same period in the prior year, the company posted $0.17 EPS. The business’s revenue was up .5% compared to the same quarter last year. On average, analysts anticipate that DiamondRock Hospitality will post 0.96 earnings per share for the current fiscal year.

DiamondRock Hospitality Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Friday, March 28th were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.03%. This is a boost from DiamondRock Hospitality’s previous quarterly dividend of $0.03. The ex-dividend date was Friday, March 28th. DiamondRock Hospitality’s dividend payout ratio is 177.78%.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Bank of America raised shares of DiamondRock Hospitality from an “underperform” rating to a “buy” rating and set a $9.50 price objective for the company in a research report on Wednesday, April 30th. Stifel Nicolaus increased their price target on DiamondRock Hospitality from $8.00 to $8.25 and gave the company a “hold” rating in a report on Friday, May 2nd. Evercore ISI lowered their price objective on DiamondRock Hospitality from $10.00 to $9.00 and set an “in-line” rating for the company in a research note on Monday, April 28th. Wells Fargo & Company cut their target price on DiamondRock Hospitality from $10.50 to $9.50 and set an “equal weight” rating on the stock in a research report on Tuesday, February 18th. Finally, Morgan Stanley reduced their target price on DiamondRock Hospitality from $9.00 to $7.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 22nd. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $9.04.

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.