Vestcor Inc Trims Position in DiamondRock Hospitality Company $DRH

Vestcor Inc lessened its holdings in shares of DiamondRock Hospitality Company (NYSE:DRH) by 86.4% during the fourth quarter, HoldingsChannel reports. The firm owned 11,359 shares of the real estate investment trust’s stock after selling 71,933 shares during the quarter. Vestcor Inc’s holdings in DiamondRock Hospitality were worth $102,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the business. State Street Corp lifted its stake in shares of DiamondRock Hospitality by 0.8% during the 2nd quarter. State Street Corp now owns 12,587,578 shares of the real estate investment trust’s stock worth $97,400,000 after purchasing an additional 93,929 shares during the period. Bank of America Corp DE lifted its stake in shares of DiamondRock Hospitality by 17.5% during the 2nd quarter. Bank of America Corp DE now owns 9,231,991 shares of the real estate investment trust’s stock worth $70,717,000 after purchasing an additional 1,377,897 shares during the period. Alyeska Investment Group L.P. lifted its stake in shares of DiamondRock Hospitality by 5.5% during the 3rd quarter. Alyeska Investment Group L.P. now owns 9,152,343 shares of the real estate investment trust’s stock worth $72,853,000 after purchasing an additional 475,611 shares during the period. Centersquare Investment Management LLC lifted its stake in shares of DiamondRock Hospitality by 6.0% during the 3rd quarter. Centersquare Investment Management LLC now owns 7,536,975 shares of the real estate investment trust’s stock worth $59,994,000 after purchasing an additional 427,467 shares during the period. Finally, Geode Capital Management LLC lifted its stake in shares of DiamondRock Hospitality by 3.8% during the 4th quarter. Geode Capital Management LLC now owns 5,514,801 shares of the real estate investment trust’s stock worth $49,420,000 after purchasing an additional 202,180 shares during the period.

DiamondRock Hospitality Trading Down 0.5%

Shares of DRH opened at $11.64 on Thursday. The company has a current ratio of 1.64, a quick ratio of 1.64 and a debt-to-equity ratio of 0.70. The firm has a market capitalization of $2.38 billion, a P/E ratio of 46.56, a price-to-earnings-growth ratio of 4.50 and a beta of 1.00. The stock’s fifty day simple moving average is $10.51 and its 200 day simple moving average is $9.78. DiamondRock Hospitality Company has a twelve month low of $7.44 and a twelve month high of $11.87.

DiamondRock Hospitality Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 14th. Investors of record on Tuesday, June 30th will be given a $0.09 dividend. This represents a $0.36 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend is Tuesday, June 30th. DiamondRock Hospitality’s dividend payout ratio (DPR) is 76.60%.

Analysts Set New Price Targets

DRH has been the topic of a number of recent analyst reports. Truist Financial increased their price target on DiamondRock Hospitality from $11.00 to $12.00 and gave the stock a “buy” rating in a research note on Tuesday, May 26th. LADENBURG THALM/SH SH initiated 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. Stifel Nicolaus set a $12.25 price target on DiamondRock Hospitality in a research note on Thursday, June 4th. Morgan Stanley increased their price target 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. Finally, Wells Fargo & Company increased their price target 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. Three investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat.com, DiamondRock Hospitality currently has an average rating of “Hold” and an average price target of $11.43.

Insider Buying and Selling at DiamondRock Hospitality

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

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.