State of New Jersey Common Pension Fund D Cuts Position in DiamondRock Hospitality (NYSE:DRH)

State of New Jersey Common Pension Fund D cut its stake in DiamondRock Hospitality (NYSE:DRH) by 26.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. 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’s holdings in DiamondRock Hospitality were worth $3,335,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. National Bank of Canada FI purchased a new position in shares of DiamondRock Hospitality in the 3rd quarter valued at $30,000. Evergreen Capital Management LLC purchased a new position in shares of DiamondRock Hospitality in the 3rd quarter valued at $90,000. Jump Financial LLC increased its holdings in shares of DiamondRock Hospitality by 80.8% in the 3rd quarter. Jump Financial LLC now owns 20,500 shares of the real estate investment trust’s stock valued at $165,000 after acquiring an additional 9,164 shares during the period. Inspire Advisors LLC purchased a new position in shares of DiamondRock Hospitality in the 3rd quarter valued at $170,000. Finally, QRG Capital Management Inc. purchased a new position in shares of DiamondRock Hospitality in the 3rd quarter valued at $196,000.

DiamondRock Hospitality Stock Performance

Shares of DRH opened at $9.06 on Friday. The stock has a 50-day moving average of $9.36 and a two-hundred day moving average of $8.97. DiamondRock Hospitality has a one year low of $7.33 and a one year high of $9.99. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.00 and a current ratio of 2.00. The stock has a market cap of $1.91 billion, a P/E ratio of 25.15 and a beta of 1.60.

DiamondRock Hospitality (NYSE:DRH) last issued its quarterly earnings results on Friday, February 23rd. The real estate investment trust reported $0.04 EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.14). DiamondRock Hospitality had a return on equity of 5.29% and a net margin of 8.03%. The firm had revenue of $263.50 million for the quarter, compared to analyst estimates of $261.45 million. During the same period in the prior year, the firm posted $0.23 EPS. The business’s revenue was up 3.3% compared to the same quarter last year. As a group, research analysts predict that DiamondRock Hospitality will post 0.96 EPS for the current year.

DiamondRock Hospitality Dividend Announcement

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

Analysts Set New Price Targets

A number of research analysts have recently issued reports on DRH shares. Wolfe Research assumed 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. StockNews.com downgraded DiamondRock Hospitality from a “hold” rating to a “sell” rating in a research note on Saturday, February 3rd. Stifel Nicolaus boosted 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. Finally, Truist Financial boosted their target price on DiamondRock Hospitality from $10.00 to $11.00 and gave the stock a “hold” rating in a research note on Thursday, March 14th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $10.30.

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.