DiamondRock Hospitality (NYSE:DRH) Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. decreased its position in DiamondRock Hospitality (NYSE:DRH) by 3.9% in the 3rd quarter, Holdings Channel.com reports. The firm owned 4,814,869 shares of the real estate investment trust’s stock after selling 195,445 shares during the period. JPMorgan Chase & Co.’s holdings in DiamondRock Hospitality were worth $42,034,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in DRH. Quarry LP raised its stake in DiamondRock Hospitality by 2,093.9% during the 2nd quarter. Quarry LP now owns 3,949 shares of the real estate investment trust’s stock valued at $33,000 after acquiring an additional 3,769 shares in the last quarter. Headlands Technologies LLC acquired a new position in DiamondRock Hospitality during the 2nd quarter valued at about $42,000. Mirae Asset Global Investments Co. Ltd. raised 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. acquired a new stake in shares of DiamondRock Hospitality in the 3rd quarter worth approximately $74,000. Finally, Choreo LLC acquired a new position in shares of DiamondRock Hospitality during the second quarter valued at approximately $89,000.

DiamondRock Hospitality Price Performance

Shares of NYSE:DRH opened at $8.94 on Monday. The company’s fifty day moving average is $9.22 and its two-hundred day moving average is $8.75. The company has a market cap of $1.86 billion, a P/E ratio of 31.93, a price-to-earnings-growth ratio of 5.65 and a beta of 1.59. DiamondRock Hospitality has a 12-month low of $7.74 and a 12-month high of $10.00. The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 0.66.

DiamondRock Hospitality Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 14th. Investors of record on Tuesday, December 31st will be paid a $0.32 dividend. This is an increase from DiamondRock Hospitality’s previous quarterly dividend of $0.03. This represents a $1.28 annualized dividend and a yield of 14.32%. The ex-dividend date of this dividend is Tuesday, December 31st. DiamondRock Hospitality’s dividend payout ratio is currently 42.86%.

Analysts Set New Price Targets

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

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.