M&T Bank Corp Sells 18,273 Shares of DiamondRock Hospitality (NYSE:DRH)

Posted by Defense World Staff on Jun 7th, 2023

M&T Bank Corp decreased its stake in shares of DiamondRock Hospitality (NYSE:DRH – Get Rating) by 82.1% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 3,995 shares of the real estate investment trust’s stock after selling 18,273 shares during the quarter. M&T Bank Corp’s holdings in DiamondRock Hospitality were worth $36,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in shares of DiamondRock Hospitality by 3.2% during the 3rd quarter. Vanguard Group Inc. now owns 36,970,154 shares of the real estate investment trust’s stock worth $277,647,000 after purchasing an additional 1,162,193 shares during the period. State Street Corp increased its holdings in shares of DiamondRock Hospitality by 0.5% during the 2nd quarter. State Street Corp now owns 13,603,078 shares of the real estate investment trust’s stock worth $111,681,000 after purchasing an additional 64,600 shares during the period. Macquarie Group Ltd. increased its holdings in shares of DiamondRock Hospitality by 1.3% during the 3rd quarter. Macquarie Group Ltd. now owns 6,591,822 shares of the real estate investment trust’s stock worth $49,523,000 after purchasing an additional 84,084 shares during the period. Invesco Ltd. increased its holdings in shares of DiamondRock Hospitality by 2.2% during the 1st quarter. Invesco Ltd. now owns 5,238,273 shares of the real estate investment trust’s stock worth $52,906,000 after purchasing an additional 114,309 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of DiamondRock Hospitality by 2.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,634,751 shares of the real estate investment trust’s stock worth $36,711,000 after purchasing an additional 79,534 shares during the period.

Analyst Ratings Changes

DRH has been the topic of a number of analyst reports. Citigroup lowered their target price on shares of DiamondRock Hospitality from $10.00 to $8.00 and set a “neutral” rating on the stock in a research note on Monday, March 27th. Morgan Stanley upped their target price on shares of 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 lowered their target price on shares of DiamondRock Hospitality from $12.00 to $11.00 in a research note on Wednesday, February 22nd. Wells Fargo & Company raised shares of DiamondRock Hospitality from an “equal weight” rating to an “overweight” rating and lowered their target price for the company from $10.50 to $9.00 in a research note on Thursday, March 30th. Finally, StockNews.com began coverage on shares of DiamondRock Hospitality in a research note on Thursday, May 18th. They issued a “sell” rating on the stock. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $9.94.

DiamondRock Hospitality Price Performance

NYSE:DRH opened at $8.48 on Wednesday. The firm has a market cap of $1.78 billion, a PE ratio of 18.84, a price-to-earnings-growth ratio of 5.12 and a beta of 1.65. DiamondRock Hospitality has a 12 month low of $7.14 and a 12 month high of $11.02. The company has a quick ratio of 1.80, a current ratio of 1.80 and a debt-to-equity ratio of 0.74. The company’s 50-day moving average price is $8.08 and its two-hundred day moving average price is $8.50.

DiamondRock Hospitality Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 12th. Stockholders of record on Friday, June 30th will be given a dividend of $0.03 per share. The ex-dividend date is Thursday, June 29th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 1.42%. DiamondRock Hospitality’s payout ratio is 26.67%.

DiamondRock Hospitality 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.