Short Interest in DiamondRock Hospitality (NYSE:DRH) Declines By 6.0%

DiamondRock Hospitality (NYSE:DRH) was the recipient of a large drop in short interest in June. As of June 15th, there was short interest totalling 17,500,000 shares, a drop of 6.0% from the May 31st total of 18,610,000 shares. Based on an average trading volume of 2,040,000 shares, the days-to-cover ratio is currently 8.6 days. Currently, 8.6% of the shares of the stock are short sold.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Truist Financial lifted their target price on shares of DiamondRock Hospitality from $10.00 to $11.00 and gave the stock a “hold” rating in a research report on Thursday, March 14th. StockNews.com upgraded DiamondRock Hospitality from a “sell” rating to a “hold” rating in a research report on Friday, May 3rd. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $10.30.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in DRH. Centersquare Investment Management LLC increased 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 valued at $56,103,000 after purchasing an additional 1,810,788 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of DiamondRock Hospitality by 4.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,516,452 shares of the real estate investment trust’s stock valued at $42,409,000 after acquiring an additional 190,136 shares during the last quarter. Northern Trust Corp increased its stake in shares of DiamondRock Hospitality by 2.3% during the 3rd quarter. Northern Trust Corp now owns 3,291,311 shares of the real estate investment trust’s stock valued at $26,429,000 after acquiring an additional 73,745 shares during the last quarter. Norges Bank purchased a new position in shares of DiamondRock Hospitality during the 4th quarter worth about $13,301,000. Finally, Panagora Asset Management Inc. boosted its position in shares of DiamondRock Hospitality by 3.0% in the fourth quarter. Panagora Asset Management Inc. now owns 1,164,692 shares of the real estate investment trust’s stock worth $10,936,000 after acquiring an additional 33,645 shares during the last quarter.

DiamondRock Hospitality Trading Down 0.1 %

Shares of NYSE:DRH traded down $0.01 during trading on Wednesday, reaching $8.24. The stock had a trading volume of 547,305 shares, compared to its average volume of 1,850,521. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 0.71. The stock has a market cap of $1.73 billion, a P/E ratio of 22.89, a PEG ratio of 6.22 and a beta of 1.60. The business has a fifty day moving average price of $8.47 and a 200-day moving average price of $9.04. DiamondRock Hospitality has a fifty-two week low of $7.33 and a fifty-two week high of $9.99.

DiamondRock Hospitality Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be issued a $0.03 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $0.12 annualized dividend and a yield of 1.46%. DiamondRock Hospitality’s dividend payout ratio (DPR) is presently 33.33%.

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.