Van ECK Associates Corp Increases Position in DiamondRock Hospitality (NYSE:DRH)

Van ECK Associates Corp grew its holdings in shares of DiamondRock Hospitality (NYSE:DRH) by 12.3% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 36,160 shares of the real estate investment trust’s stock after purchasing an additional 3,969 shares during the period. Van ECK Associates Corp’s holdings in DiamondRock Hospitality were worth $315,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Quarry LP boosted its stake in DiamondRock Hospitality by 2,093.9% in the 2nd quarter. Quarry LP now owns 3,949 shares of the real estate investment trust’s stock worth $33,000 after purchasing an additional 3,769 shares in the last quarter. Headlands Technologies LLC purchased a new stake in shares of DiamondRock Hospitality during the second quarter valued at approximately $42,000. Mirae Asset Global Investments Co. Ltd. increased its position in shares of DiamondRock Hospitality by 35.1% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,153 shares of the real estate investment trust’s stock valued at $73,000 after acquiring an additional 2,116 shares in the last quarter. Harbor Capital Advisors Inc. purchased a new position in DiamondRock Hospitality in the 3rd quarter worth approximately $74,000. Finally, Choreo LLC purchased a new position in DiamondRock Hospitality in the 2nd quarter worth approximately $89,000.

DiamondRock Hospitality Price Performance

NYSE DRH opened at $9.16 on Wednesday. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 0.71. The firm has a market capitalization of $1.90 billion, a P/E ratio of 32.50, a PEG ratio of 5.43 and a beta of 1.60. The company has a 50-day moving average price of $8.80 and a 200-day moving average price of $8.54. DiamondRock Hospitality has a 52 week low of $7.74 and a 52 week high of $9.99.

DiamondRock Hospitality Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were paid a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a dividend yield of 1.31%. The ex-dividend date was Monday, September 30th. DiamondRock Hospitality’s dividend payout ratio is presently 42.86%.

Analyst Ratings Changes

A number of research firms have commented on DRH. Compass Point raised DiamondRock Hospitality from a “neutral” rating to a “buy” rating and set a $10.00 target price for the company in a report on Monday, August 5th. Truist Financial decreased their target price on DiamondRock Hospitality from $11.00 to $10.00 and set a “hold” rating for the company in a research report on Wednesday, September 4th. Wells Fargo & Company dropped their price target on shares of DiamondRock Hospitality from $9.50 to $9.00 and set an “equal weight” rating on the stock in a report on Friday, September 13th. Finally, StockNews.com raised shares of DiamondRock Hospitality from a “sell” rating to a “hold” rating in a report on Tuesday. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, DiamondRock Hospitality currently has a consensus rating of “Moderate Buy” and a consensus price target of $10.10.

DiamondRock Hospitality Profile

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 36 premium quality hotels with over 9,700 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.