ProShare Advisors LLC Cuts Stake in Diamondrock Hospitality Company (DRH)
ProShare Advisors LLC trimmed its position in Diamondrock Hospitality Company (NYSE:DRH) by 10.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 74,134 shares of the real estate investment trust’s stock after selling 8,752 shares during the period. ProShare Advisors LLC’s holdings in Diamondrock Hospitality were worth $812,000 at the end of the most recent quarter.
Other institutional investors have also recently modified their holdings of the company. Meeder Asset Management Inc. acquired a new position in shares of Diamondrock Hospitality during the first quarter worth about $116,000. Ronald Blue & Co. LLC grew its holdings in shares of Diamondrock Hospitality by 1.0% during the second quarter. Ronald Blue & Co. LLC now owns 11,203 shares of the real estate investment trust’s stock worth $123,000 after buying an additional 116 shares in the last quarter. Piedmont Investment Advisors LLC bought a new position in shares of Diamondrock Hospitality during the first quarter worth about $134,000. World Asset Management Inc grew its holdings in shares of Diamondrock Hospitality by 0.9% during the first quarter. World Asset Management Inc now owns 12,765 shares of the real estate investment trust’s stock worth $142,000 after buying an additional 108 shares in the last quarter. Finally, HRT Financial LLC bought a new position in shares of Diamondrock Hospitality during the second quarter worth about $142,000.
Shares of Diamondrock Hospitality Company (NYSE:DRH) opened at 10.95 on Monday. The firm has a market cap of $2.19 billion, a P/E ratio of 22.17 and a beta of 1.40. The stock has a 50 day moving average price of $10.96 and a 200 day moving average price of $11.14. Diamondrock Hospitality Company has a 12-month low of $8.73 and a 12-month high of $12.08.
Diamondrock Hospitality (NYSE:DRH) last issued its quarterly earnings data on Monday, August 7th. The real estate investment trust reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.01. The firm had revenue of $243.30 million during the quarter, compared to analyst estimates of $240.73 million. Diamondrock Hospitality had a return on equity of 5.41% and a net margin of 11.47%. The company’s revenue for the quarter was up 1.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.31 EPS. On average, equities analysts expect that Diamondrock Hospitality Company will post $0.46 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, October 12th. Stockholders of record on Friday, September 29th will be issued a $0.125 dividend. The ex-dividend date is Thursday, September 28th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 4.57%. Diamondrock Hospitality’s dividend payout ratio is presently 102.04%.
Several equities research analysts have commented on DRH shares. ING Group upgraded Diamondrock Hospitality to an “outperform” rating and set a $13.00 target price on the stock in a research note on Monday, July 17th. They noted that the move was a valuation call. BidaskClub cut shares of Diamondrock Hospitality from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. Canaccord Genuity reaffirmed a “buy” rating and set a $13.00 price target on shares of Diamondrock Hospitality in a research note on Monday, August 7th. Raymond James Financial, Inc. raised shares of Diamondrock Hospitality from a “market perform” rating to an “outperform” rating and set a $13.00 price target for the company in a research note on Friday, July 14th. Finally, UBS AG upgraded shares of Diamondrock Hospitality from a “market perform” rating to an “outperform” rating in a report on Friday, July 14th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $11.92.
In related news, Director Maureen L. Mcavey sold 6,000 shares of Diamondrock Hospitality stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $11.20, for a total transaction of $67,200.00. Following the transaction, the director now owns 81,030 shares of the company’s stock, valued at $907,536. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.10% of the stock is owned by company insiders.
About Diamondrock Hospitality
DiamondRock Hospitality Company is a real estate investment trust (REIT). As of December 31, 2016, the Company owned a portfolio of 26 hotels and resorts that contains 9,472 guest rooms located in 17 different markets in North America and the United States Virgin Islands. Its business is to acquire, own, asset manage and renovate hotel properties in the United States.
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