Legal & General Group Plc Grows Stake in DiamondRock Hospitality Company $DRH

Legal & General Group Plc increased its stake in shares of DiamondRock Hospitality Company (NYSE:DRH) by 11.5% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,455,339 shares of the real estate investment trust’s stock after purchasing an additional 150,098 shares during the period. Legal & General Group Plc owned 0.71% of DiamondRock Hospitality worth $13,040,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Allworth Financial LP increased its stake in DiamondRock Hospitality by 146.0% during the 4th quarter. Allworth Financial LP now owns 2,859 shares of the real estate investment trust’s stock worth $26,000 after buying an additional 1,697 shares in the last quarter. First Horizon Corp increased its holdings in shares of DiamondRock Hospitality by 54.9% in the fourth quarter. First Horizon Corp now owns 3,214 shares of the real estate investment trust’s stock valued at $29,000 after purchasing an additional 1,139 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of DiamondRock Hospitality by 77.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 3,436 shares of the real estate investment trust’s stock worth $31,000 after acquiring an additional 1,498 shares during the last quarter. Global Retirement Partners LLC raised its holdings in shares of DiamondRock Hospitality by 12,114.7% during the 4th quarter. Global Retirement Partners LLC now owns 4,153 shares of the real estate investment trust’s stock worth $37,000 after acquiring an additional 4,119 shares during the period. Finally, Danske Bank A S purchased a new position in shares of DiamondRock Hospitality during the 3rd quarter worth $33,000.

Analysts Set New Price Targets

DRH has been the subject of a number of analyst reports. LADENBURG THALM/SH SH initiated coverage on shares of DiamondRock Hospitality in a report on Thursday, March 26th. They issued a “buy” rating and a $12.00 price objective for the company. Truist Financial boosted their target price on shares of DiamondRock Hospitality from $11.00 to $12.00 and gave the company a “buy” rating in a report on Tuesday, May 26th. Wells Fargo & Company increased their price target on shares of DiamondRock Hospitality from $11.00 to $12.00 and gave the company an “equal weight” rating in a research note on Monday. Stifel Nicolaus raised their price target on shares of DiamondRock Hospitality from $11.00 to $11.25 and gave the stock a “hold” rating in a report on Monday, May 11th. Finally, Citigroup lifted their price target on shares of DiamondRock Hospitality from $9.50 to $11.00 and gave the company a “neutral” rating in a research report on Wednesday, May 6th. Three analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $11.32.

DiamondRock Hospitality Stock Up 1.7%

Shares of DRH opened at $11.18 on Wednesday. The company’s 50-day moving average price is $10.22 and its 200 day moving average price is $9.65. DiamondRock Hospitality Company has a 12-month low of $7.39 and a 12-month high of $11.27. The company has a current ratio of 1.64, a quick ratio of 1.64 and a debt-to-equity ratio of 0.70. The firm has a market cap of $2.29 billion, a P/E ratio of 44.72, a price-to-earnings-growth ratio of 4.50 and a beta of 0.99.

DiamondRock Hospitality Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 14th. Stockholders of record on Tuesday, June 30th will be paid a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend is Tuesday, June 30th. DiamondRock Hospitality’s payout ratio is 76.60%.

Insider Activity

In other news, Director Michael A. Hartmeier sold 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $10.46, for a total value of $209,200.00. Following the transaction, the director directly owned 95,354 shares in the company, valued at approximately $997,402.84. This represents a 17.34% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.90% of the company’s stock.

DiamondRock Hospitality Company Profile

DiamondRock Hospitality Company is a real estate investment trust (REIT) that acquires, owns and manages a diversified portfolio of upscale, full-service hotels in urban gateway markets across the United States. Established in 2004 and headquartered in Bethesda, Maryland, the company focuses on investing in high-quality lodging properties that cater to both business and leisure travelers. Its assets are positioned in key metropolitan areas, enabling DiamondRock to benefit from strong demand drivers such as corporate travel, group conventions and resort leisure stays.

The company’s portfolio includes full-service hotels offering a broad range of amenities, including guest rooms, on-site food and beverage outlets, meeting and event space, fitness centers and spa services.