Texas Permanent School Fund Corp Boosts Stock Position in DiamondRock Hospitality (NYSE:DRH)

Posted by on Aug 1st, 2023

Texas Permanent School Fund Corp grew its holdings in DiamondRock Hospitality (NYSE:DRH – Free Report) by 21.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 178,714 shares of the real estate investment trust’s stock after buying an additional 32,147 shares during the quarter. Texas Permanent School Fund Corp owned 0.08% of DiamondRock Hospitality worth $1,453,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. abrdn plc boosted its stake in DiamondRock Hospitality by 20.2% during the first quarter. abrdn plc now owns 1,513,443 shares of the real estate investment trust’s stock worth $12,304,000 after buying an additional 254,435 shares during the last quarter. SG Americas Securities LLC increased its holdings in DiamondRock Hospitality by 130.0% during the 1st quarter. SG Americas Securities LLC now owns 156,190 shares of the real estate investment trust’s stock worth $1,270,000 after purchasing an additional 88,283 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in DiamondRock Hospitality by 6.4% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 271,569 shares of the real estate investment trust’s stock worth $2,208,000 after purchasing an additional 16,281 shares during the period. DekaBank Deutsche Girozentrale increased its holdings in DiamondRock Hospitality by 21.6% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 52,781 shares of the real estate investment trust’s stock worth $404,000 after purchasing an additional 9,374 shares during the period. Finally, Canandaigua National Bank & Trust Co. purchased a new stake in DiamondRock Hospitality during the 1st quarter worth about $126,000.

DiamondRock Hospitality Stock Up 0.8 %

Shares of NYSE DRH opened at $8.50 on Tuesday. The stock has a market cap of $1.78 billion, a PE ratio of 18.89 and a beta of 1.63. The company has a quick ratio of 1.80, a current ratio of 1.80 and a debt-to-equity ratio of 0.74. DiamondRock Hospitality has a 52-week low of $7.14 and a 52-week high of $10.04. The business has a 50-day moving average price of $8.07 and a 200 day moving average price of $8.35.

DiamondRock Hospitality Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 12th. Investors of record on Friday, June 30th were given a $0.03 dividend. The ex-dividend date of this dividend was Thursday, June 29th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 1.41%. DiamondRock Hospitality’s dividend payout ratio (DPR) is presently 26.67%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on DRH. Wells Fargo & Company upped their price target on DiamondRock Hospitality from $9.00 to $10.00 in a report on Wednesday, July 12th. StockNews.com assumed coverage on DiamondRock Hospitality in a report on Thursday, May 18th. They issued a “sell” rating on the stock. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, DiamondRock Hospitality presently has an average rating of “Hold” and a consensus price target of $9.90.

DiamondRock Hospitality Profile

(Free Report)

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 35 premium quality hotels with over 9,600 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.

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Institutional Ownership by Quarter for DiamondRock Hospitality (NYSE:DRH)

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