State of New Jersey Common Pension Fund D Sells 127,000 Shares of DiamondRock Hospitality (NYSE:DRH)

State of New Jersey Common Pension Fund D cut its holdings in DiamondRock Hospitality (NYSE:DRH) by 26.3% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 355,201 shares of the real estate investment trust’s stock after selling 127,000 shares during the quarter. State of New Jersey Common Pension Fund D owned 0.17% of DiamondRock Hospitality worth $3,335,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in DRH. National Bank of Canada FI acquired a new position in DiamondRock Hospitality in the third quarter valued at approximately $30,000. SG Americas Securities LLC grew its stake in DiamondRock Hospitality by 189.7% in the 3rd quarter. SG Americas Securities LLC now owns 159,854 shares of the real estate investment trust’s stock valued at $1,284,000 after purchasing an additional 104,666 shares during the period. Vert Asset Management LLC grew its stake in DiamondRock Hospitality by 27.0% in the 3rd quarter. Vert Asset Management LLC now owns 87,299 shares of the real estate investment trust’s stock valued at $701,000 after purchasing an additional 18,549 shares during the period. Bailard Inc. grew its stake in DiamondRock Hospitality by 82.0% in the 3rd quarter. Bailard Inc. now owns 51,311 shares of the real estate investment trust’s stock valued at $412,000 after purchasing an additional 23,111 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of DiamondRock Hospitality by 8.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 93,969 shares of the real estate investment trust’s stock worth $755,000 after acquiring an additional 7,356 shares during the period.

Analyst Ratings Changes

Several research analysts have commented on the company. Stifel Nicolaus raised their target price on DiamondRock Hospitality from $10.00 to $10.50 and gave the stock a “buy” rating in a research note on Friday, February 23rd. Truist Financial raised their price target on DiamondRock Hospitality from $10.00 to $11.00 and gave the company a “hold” rating in a report on Thursday, March 14th. Wolfe Research started coverage on DiamondRock Hospitality in a report on Wednesday, January 10th. They issued an “outperform” rating and a $11.00 price target on the stock. Finally, StockNews.com cut DiamondRock Hospitality from a “hold” rating to a “sell” rating in a report on Saturday, February 3rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $10.30.

DiamondRock Hospitality Stock Performance

Shares of NYSE DRH opened at $9.06 on Friday. The stock’s 50-day moving average is $9.36 and its 200 day moving average is $8.97. The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 0.71. DiamondRock Hospitality has a 1-year low of $7.33 and a 1-year high of $9.99. The stock has a market cap of $1.91 billion, a price-to-earnings ratio of 25.15 and a beta of 1.60.

DiamondRock Hospitality (NYSE:DRH) last posted its quarterly earnings results on Friday, February 23rd. The real estate investment trust reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.14). DiamondRock Hospitality had a return on equity of 5.29% and a net margin of 8.03%. The company had revenue of $263.50 million for the quarter, compared to the consensus estimate of $261.45 million. During the same quarter in the previous year, the business earned $0.23 earnings per share. DiamondRock Hospitality’s revenue was up 3.3% compared to the same quarter last year. On average, sell-side analysts anticipate that DiamondRock Hospitality will post 0.96 EPS for the current fiscal year.

DiamondRock Hospitality Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 29th were given a dividend of $0.03 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $0.12 annualized dividend and a yield of 1.33%. DiamondRock Hospitality’s payout ratio is 33.33%.

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.