Cohen & Steers Inc. Makes New Investment in DiamondRock Hospitality Company $DRH

Cohen & Steers Inc. acquired a new position in DiamondRock Hospitality Company (NYSE:DRH) during the fourth quarter, HoldingsChannel reports. The fund acquired 6,610,649 shares of the real estate investment trust’s stock, valued at approximately $59,231,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Allworth Financial LP boosted its stake in DiamondRock Hospitality by 146.0% in the fourth quarter. Allworth Financial LP now owns 2,859 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 1,697 shares in the last quarter. First Horizon Corp boosted its stake in DiamondRock Hospitality by 54.9% in the fourth quarter. First Horizon Corp now owns 3,214 shares of the real estate investment trust’s stock worth $29,000 after purchasing an additional 1,139 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in DiamondRock Hospitality by 77.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 3,436 shares of the real estate investment trust’s stock worth $31,000 after purchasing an additional 1,498 shares in the last quarter. Global Retirement Partners LLC boosted its stake in DiamondRock Hospitality by 12,114.7% in the fourth quarter. Global Retirement Partners LLC now owns 4,153 shares of the real estate investment trust’s stock worth $37,000 after purchasing an additional 4,119 shares in the last quarter. Finally, Danske Bank A S acquired a new position in DiamondRock Hospitality in the third quarter worth $33,000.

Insider Buying and Selling

In related news, Director Michael A. Hartmeier sold 20,000 shares of the company’s stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $10.46, for a total value of $209,200.00. Following the completion of the sale, the director owned 95,354 shares in the company, valued at approximately $997,402.84. This represents a 17.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 0.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on DRH. Morgan Stanley boosted their price objective on DiamondRock Hospitality from $9.50 to $9.60 and gave the stock an “equal weight” rating in a research note on Tuesday, May 12th. Wells Fargo & Company boosted their price objective on DiamondRock Hospitality from $11.00 to $12.00 and gave the stock an “equal weight” rating in a research note on Monday, June 1st. LADENBURG THALM/SH SH began coverage on DiamondRock Hospitality in a research note on Thursday, March 26th. They set a “buy” rating and a $12.00 price target on the stock. Barclays upped their price target on DiamondRock Hospitality from $10.00 to $12.00 and gave the company an “equal weight” rating in a research note on Monday, June 1st. Finally, Truist Financial upped their price target on DiamondRock Hospitality from $11.00 to $12.00 and gave the company a “buy” rating in a research note on Tuesday, May 26th. Three investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $11.43.

DiamondRock Hospitality Trading Up 0.7%

NYSE DRH opened at $11.92 on Friday. The stock has a 50-day simple moving average of $10.61 and a 200 day simple moving average of $9.82. The company has a market capitalization of $2.44 billion, a PE ratio of 47.68, a P/E/G ratio of 4.50 and a beta of 1.00. The company has a current ratio of 1.64, a quick ratio of 1.64 and a debt-to-equity ratio of 0.70. DiamondRock Hospitality Company has a 12 month low of $7.44 and a 12 month high of $12.02.

DiamondRock Hospitality Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 14th. Investors of record on Tuesday, June 30th will be issued a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date is Tuesday, June 30th. DiamondRock Hospitality’s dividend payout ratio is currently 76.60%.

DiamondRock Hospitality Profile

DiamondRock Hospitality Company is a real estate investment trust (REIT) that acquires, owns and manages a diversified portfolio of upscale, full-service hotels in urban gateway markets across the United States. Established in 2004 and headquartered in Bethesda, Maryland, the company focuses on investing in high-quality lodging properties that cater to both business and leisure travelers. Its assets are positioned in key metropolitan areas, enabling DiamondRock to benefit from strong demand drivers such as corporate travel, group conventions and resort leisure stays.

The company’s portfolio includes full-service hotels offering a broad range of amenities, including guest rooms, on-site food and beverage outlets, meeting and event space, fitness centers and spa services.