The Manufacturers Life Insurance Company Cuts Stake in Diamondrock Hospitality Company (DRH)
The Manufacturers Life Insurance Company lessened its holdings in Diamondrock Hospitality Company (NYSE:DRH) by 1.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 164,059 shares of the real estate investment trust’s stock after selling 1,796 shares during the quarter. The Manufacturers Life Insurance Company owned 0.08% of Diamondrock Hospitality worth $1,796,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of Diamondrock Hospitality by 5.1% in the second quarter. Vanguard Group Inc. now owns 34,866,908 shares of the real estate investment trust’s stock worth $381,793,000 after purchasing an additional 1,694,293 shares in the last quarter. BlackRock Inc. raised its position in Diamondrock Hospitality by 4.6% during the second quarter. BlackRock Inc. now owns 32,509,608 shares of the real estate investment trust’s stock worth $355,983,000 after acquiring an additional 1,421,711 shares in the last quarter. FMR LLC raised its position in Diamondrock Hospitality by 2.2% during the second quarter. FMR LLC now owns 21,377,145 shares of the real estate investment trust’s stock worth $234,080,000 after acquiring an additional 453,851 shares in the last quarter. State Street Corp raised its position in Diamondrock Hospitality by 4.6% during the second quarter. State Street Corp now owns 8,067,041 shares of the real estate investment trust’s stock worth $88,338,000 after acquiring an additional 356,960 shares in the last quarter. Finally, Resolution Capital Ltd raised its position in Diamondrock Hospitality by 2.3% during the second quarter. Resolution Capital Ltd now owns 6,696,908 shares of the real estate investment trust’s stock worth $73,331,000 after acquiring an additional 149,100 shares in the last quarter.
Shares of Diamondrock Hospitality Company (NYSE:DRH) opened at $11.04 on Tuesday. The stock has a market cap of $2,193.34, a PE ratio of 10.95, a price-to-earnings-growth ratio of 2.22 and a beta of 1.33. The company has a debt-to-equity ratio of 0.51, a quick ratio of 2.45 and a current ratio of 2.45. Diamondrock Hospitality Company has a one year low of $8.73 and a one year high of $12.07.
Diamondrock Hospitality (NYSE:DRH) last posted its earnings results on Monday, November 6th. The real estate investment trust reported $0.25 EPS for the quarter, hitting analysts’ consensus estimates of $0.25. The firm had revenue of $223.50 million during the quarter, compared to analysts’ expectations of $223.30 million. Diamondrock Hospitality had a net margin of 11.47% and a return on equity of 5.41%. The business’s revenue for the quarter was up 1.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.26 earnings per share. equities analysts predict that Diamondrock Hospitality Company will post 0.99 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, October 12th. Stockholders of record on Friday, September 29th were issued a $0.125 dividend. The ex-dividend date was Thursday, September 28th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 4.53%. Diamondrock Hospitality’s dividend payout ratio (DPR) is currently 102.04%.
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Several analysts have issued reports on the stock. ING Group raised shares of Diamondrock Hospitality to an “outperform” rating and set a $13.00 price target on the stock in a research report on Monday, July 17th. They noted that the move was a valuation call. BidaskClub lowered shares of Diamondrock Hospitality from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. Canaccord Genuity reiterated a “buy” rating and issued a $13.00 price objective on shares of Diamondrock Hospitality in a report on Monday, August 7th. Raymond James Financial, Inc. upgraded shares of Diamondrock Hospitality from a “market perform” rating to an “outperform” rating and set a $13.00 price objective on the stock in a report 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. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $12.00.
In other news, Director Maureen L. Mcavey sold 6,000 shares of the stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $11.20, for a total value of $67,200.00. Following the completion of the transaction, the director now owns 81,030 shares of the company’s stock, valued at $907,536. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.10% of the stock is currently owned by corporate insiders.
Diamondrock Hospitality Company Profile
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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