Short Interest in DiamondRock Hospitality (NYSE:DRH) Rises By 5.5%

DiamondRock Hospitality (NYSE:DRH) saw a significant growth in short interest during the month of December. As of December 15th, there was short interest totalling 20,100,000 shares, a growth of 5.5% from the November 30th total of 19,060,000 shares. Approximately 10.0% of the company’s shares are sold short. Based on an average trading volume of 2,150,000 shares, the days-to-cover ratio is currently 9.3 days.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on DRH. Wells Fargo & Company raised their price objective on DiamondRock Hospitality from $10.00 to $10.50 and gave the company an “equal weight” rating in a research note on Monday, December 9th. Stifel Nicolaus downgraded DiamondRock Hospitality from a “buy” rating to a “hold” rating and lowered their price target for the stock from $10.75 to $10.25 in a research report on Friday, November 22nd. Truist Financial dropped their price objective on shares of DiamondRock Hospitality from $11.00 to $10.00 and set a “hold” rating for the company in a research note on Wednesday, September 4th. Evercore ISI downgraded shares of DiamondRock Hospitality from an “outperform” rating to an “inline” rating and set a $10.50 target price on the stock. in a research note on Friday, November 15th. Finally, StockNews.com raised shares of DiamondRock Hospitality from a “sell” rating to a “hold” rating in a research note on Tuesday, November 12th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $10.38.

Hedge Funds Weigh In On DiamondRock Hospitality

A number of institutional investors have recently modified their holdings of the stock. Quarry LP boosted its holdings in shares of DiamondRock Hospitality by 2,093.9% in the second quarter. Quarry LP now owns 3,949 shares of the real estate investment trust’s stock valued at $33,000 after purchasing an additional 3,769 shares during the period. Headlands Technologies LLC purchased a new stake in shares of DiamondRock Hospitality in the 2nd quarter worth $42,000. Mirae Asset Global Investments Co. Ltd. grew its position in shares of DiamondRock Hospitality by 35.1% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,153 shares of the real estate investment trust’s stock worth $73,000 after buying an additional 2,116 shares in the last quarter. Harbor Capital Advisors Inc. purchased a new position in shares of DiamondRock Hospitality during the third quarter valued at $74,000. Finally, Choreo LLC bought a new stake in shares of DiamondRock Hospitality in the second quarter valued at about $89,000.

DiamondRock Hospitality Stock Down 1.4 %

Shares of DRH opened at $9.03 on Thursday. The firm has a fifty day moving average price of $9.21 and a 200-day moving average price of $8.74. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 0.66. The firm has a market capitalization of $1.87 billion, a P/E ratio of 32.25, a P/E/G ratio of 5.65 and a beta of 1.60. DiamondRock Hospitality has a 12-month low of $7.74 and a 12-month high of $10.00.

DiamondRock Hospitality Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 14th. Shareholders of record on Tuesday, December 31st will be given a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 14.17%. This is a boost from DiamondRock Hospitality’s previous quarterly dividend of $0.03. The ex-dividend date of this dividend is Tuesday, December 31st. DiamondRock Hospitality’s payout ratio is 42.86%.

About DiamondRock Hospitality

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.