DiamondRock Hospitality (NYSE:DRH) Short Interest Down 14.2% in September

DiamondRock Hospitality (NYSE:DRH) saw a large decline in short interest during the month of September. As of September 30th, there was short interest totalling 16,640,000 shares, a decline of 14.2% from the September 15th total of 19,400,000 shares. Approximately 8.2% of the shares of the stock are sold short. Based on an average trading volume of 2,070,000 shares, the short-interest ratio is presently 8.0 days.

DiamondRock Hospitality Trading Up 0.6 %

Shares of NYSE DRH opened at $8.91 on Wednesday. DiamondRock Hospitality has a 1-year low of $7.33 and a 1-year high of $9.99. The company has a debt-to-equity ratio of 0.71, a current ratio of 2.03 and a quick ratio of 2.03. The business’s 50 day moving average is $8.58 and its two-hundred day moving average is $8.58. The stock has a market capitalization of $1.87 billion, a P/E ratio of 24.74, a PEG ratio of 4.27 and a beta of 1.60.

DiamondRock Hospitality (NYSE:DRH) last announced its earnings results on Thursday, August 1st. The real estate investment trust reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.22). DiamondRock Hospitality had a return on equity of 4.31% and a net margin of 6.43%. The company had revenue of $309.28 million during the quarter, compared to analysts’ expectations of $301.77 million. During the same quarter last year, the firm posted $0.32 EPS. DiamondRock Hospitality’s revenue for the quarter was up 6.2% compared to the same quarter last year. As a group, research analysts expect that DiamondRock Hospitality will post 0.98 EPS for the current year.

DiamondRock Hospitality Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were issued a $0.03 dividend. The ex-dividend date was Monday, September 30th. This represents a $0.12 annualized dividend and a dividend yield of 1.35%. DiamondRock Hospitality’s dividend payout ratio (DPR) is presently 33.33%.

Analyst Upgrades and Downgrades

Several research firms have commented on DRH. Truist Financial dropped their price objective on shares of DiamondRock Hospitality from $11.00 to $10.00 and set a “hold” rating for the company in a report on Wednesday, September 4th. Compass Point raised DiamondRock Hospitality from a “neutral” rating to a “buy” rating and set a $10.00 price target for the company in a research note on Monday, August 5th. Wells Fargo & Company reduced their price objective on DiamondRock Hospitality from $9.50 to $9.00 and set an “equal weight” rating on the stock in a research note on Friday, September 13th. Finally, StockNews.com raised DiamondRock Hospitality from a “sell” rating to a “hold” rating in a report on Saturday, August 10th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $9.92.

Hedge Funds Weigh In On DiamondRock Hospitality

Large investors have recently made changes to their positions in the company. Centersquare Investment Management LLC lifted its stake in DiamondRock Hospitality by 40.3% in the first quarter. Centersquare Investment Management LLC now owns 6,303,698 shares of the real estate investment trust’s stock worth $56,103,000 after purchasing an additional 1,810,788 shares during the last quarter. Millennium Management LLC purchased a new stake in shares of DiamondRock Hospitality in the second quarter worth approximately $15,118,000. Thrivent Financial for Lutherans lifted its stake in shares of DiamondRock Hospitality by 161.7% during the 2nd quarter. Thrivent Financial for Lutherans now owns 475,900 shares of the real estate investment trust’s stock worth $4,021,000 after acquiring an additional 294,044 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in DiamondRock Hospitality during the 2nd quarter valued at $1,271,000. Finally, Dimensional Fund Advisors LP grew its position in DiamondRock Hospitality by 4.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,102,363 shares of the real estate investment trust’s stock valued at $26,214,000 after acquiring an additional 120,228 shares during the last quarter.

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.