Cibc World Markets Corp Invests $175,000 in DiamondRock Hospitality (NYSE:DRH)

Cibc World Markets Corp purchased a new stake in shares of DiamondRock Hospitality (NYSE:DRH) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 19,363 shares of the real estate investment trust’s stock, valued at approximately $175,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Intech Investment Management LLC increased its holdings in DiamondRock Hospitality by 199.2% during the third quarter. Intech Investment Management LLC now owns 82,739 shares of the real estate investment trust’s stock valued at $722,000 after buying an additional 55,086 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in DiamondRock Hospitality by 2.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,475,664 shares of the real estate investment trust’s stock valued at $39,073,000 after purchasing an additional 103,209 shares during the period. Daiwa Securities Group Inc. increased its position in DiamondRock Hospitality by 3.9% in the third quarter. Daiwa Securities Group Inc. now owns 68,728 shares of the real estate investment trust’s stock worth $600,000 after buying an additional 2,598 shares in the last quarter. Quantbot Technologies LP raised its stake in shares of DiamondRock Hospitality by 20.5% in the third quarter. Quantbot Technologies LP now owns 69,554 shares of the real estate investment trust’s stock worth $607,000 after buying an additional 11,824 shares during the period. Finally, BNP Paribas Financial Markets lifted its position in shares of DiamondRock Hospitality by 46.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 65,575 shares of the real estate investment trust’s stock valued at $572,000 after buying an additional 20,660 shares in the last quarter.

Analyst Ratings Changes

Separately, Wells Fargo & Company reduced their target price on shares of DiamondRock Hospitality from $10.50 to $9.50 and set an “equal weight” rating for the company in a report on Tuesday, February 18th. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, DiamondRock Hospitality currently has an average rating of “Hold” and an average price target of $10.05.

DiamondRock Hospitality Stock Performance

NYSE DRH opened at $7.89 on Thursday. 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 has a twelve month low of $7.65 and a twelve month high of $10.00. The business has a 50-day moving average price of $8.43 and a 200-day moving average price of $8.82. The firm has a market cap of $1.64 billion, a price-to-earnings ratio of 28.16, a price-to-earnings-growth ratio of 2.06 and a beta of 1.63.

DiamondRock Hospitality Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 28th will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 4.06%. This is an increase from DiamondRock Hospitality’s previous quarterly dividend of $0.03. The ex-dividend date is Friday, March 28th. DiamondRock Hospitality’s dividend payout ratio is presently 188.24%.

DiamondRock Hospitality Company 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.