Shell Asset Management Co. Trims Stock Holdings in DiamondRock Hospitality (NYSE:DRH)

Posted by Defense World Staff on May 9th, 2023

Shell Asset Management Co. lowered its holdings in DiamondRock Hospitality (NYSE:DRH – Get Rating) by 17.3% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 35,032 shares of the real estate investment trust’s stock after selling 7,322 shares during the period. Shell Asset Management Co.’s holdings in DiamondRock Hospitality were worth $287,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Lazard Asset Management LLC raised its position in shares of DiamondRock Hospitality by 148.1% during the 3rd quarter. Lazard Asset Management LLC now owns 7,302 shares of the real estate investment trust’s stock worth $54,000 after purchasing an additional 4,359 shares during the period. OLD Mission Capital LLC bought a new stake in shares of DiamondRock Hospitality during the 3rd quarter worth $77,000. Fox Run Management L.L.C. purchased a new stake in shares of DiamondRock Hospitality in the third quarter valued at $84,000. Creative Planning purchased a new stake in shares of DiamondRock Hospitality in the third quarter valued at $84,000. Finally, Zacks Investment Management purchased a new stake in shares of DiamondRock Hospitality during the third quarter worth $86,000.

Analyst Upgrades and Downgrades

DRH has been the subject of several recent research reports. Wells Fargo & Company upgraded DiamondRock Hospitality from an “equal weight” rating to an “overweight” rating and cut their price objective for the stock from $10.50 to $9.00 in a report on Thursday, March 30th. Morgan Stanley upped their price objective on DiamondRock Hospitality from $9.00 to $9.50 and gave the company an “equal weight” rating in a research note on Tuesday, February 7th. Deutsche Bank Aktiengesellschaft reduced their target price on DiamondRock Hospitality from $12.00 to $11.00 in a report on Wednesday, February 22nd. StockNews.com downgraded DiamondRock Hospitality from a “hold” rating to a “sell” rating in a report on Monday. Finally, Citigroup reduced their price objective on DiamondRock Hospitality from $10.00 to $8.00 and set a “neutral” rating on the stock in a report on Monday, March 27th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $10.06.

DiamondRock Hospitality Stock Performance

Shares of NYSE:DRH opened at $8.46 on Tuesday. The company’s 50 day simple moving average is $8.14 and its 200 day simple moving average is $8.63. The stock has a market capitalization of $1.78 billion, a price-to-earnings ratio of 18.80 and a beta of 1.66. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.70 and a quick ratio of 1.70. DiamondRock Hospitality has a 1 year low of $7.14 and a 1 year high of $11.02.

DiamondRock Hospitality Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 12th. Stockholders of record on Friday, March 31st were given a dividend of $0.03 per share. The ex-dividend date was Thursday, March 30th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 1.42%. DiamondRock Hospitality’s dividend payout ratio (DPR) is 26.67%.

DiamondRock Hospitality Company Profile

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DiamondRock Hospitality Co is a real estate investment trust which focuses on lodging properties. It engages in the acquisition, ownership, asset management, and renovation of hotels and resorts. Its brands include Autograph Collection Hotels, Courtyard Marriott, Hilton Garden Inn, Hilton Hotels & Resorts, JW Marriott, and Kimpton Hotels & Restaurants.