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

State of New Jersey Common Pension Fund D raised its position in DiamondRock Hospitality (NYSE:DRH) by 2.0% during the fourth quarter, HoldingsChannel.com reports. The firm owned 234,543 shares of the real estate investment trust’s stock after purchasing an additional 4,696 shares during the period. State of New Jersey Common Pension Fund D’s holdings in DiamondRock Hospitality were worth $2,118,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in DRH. SG Americas Securities LLC purchased a new stake in DiamondRock Hospitality in the 3rd quarter worth about $100,000. Mirae Asset Global Investments Co. Ltd. raised its position in DiamondRock Hospitality by 35.1% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,153 shares of the real estate investment trust’s stock worth $73,000 after purchasing an additional 2,116 shares during the period. abrdn plc raised its position in DiamondRock Hospitality by 10.1% in the 3rd quarter. abrdn plc now owns 45,001 shares of the real estate investment trust’s stock worth $393,000 after purchasing an additional 4,131 shares during the period. Harbor Capital Advisors Inc. purchased a new stake in DiamondRock Hospitality in the 3rd quarter worth about $74,000. Finally, Van ECK Associates Corp raised its position in DiamondRock Hospitality by 12.3% in the 3rd quarter. Van ECK Associates Corp now owns 36,160 shares of the real estate investment trust’s stock worth $315,000 after purchasing an additional 3,969 shares during the period.

Wall Street Analysts Forecast Growth

DRH has been the topic of a number of research reports. StockNews.com raised shares of DiamondRock Hospitality from a “sell” rating to a “hold” rating in a research report on Tuesday, November 12th. Wells Fargo & Company reduced their target price on shares of DiamondRock Hospitality from $10.50 to $9.50 and set an “equal weight” rating on the stock in a research report on Tuesday, February 18th. Evercore ISI lowered shares of DiamondRock Hospitality from an “outperform” rating to an “inline” rating and set a $10.50 target price on the stock. in a research report on Friday, November 15th. Finally, Stifel Nicolaus lowered shares of DiamondRock Hospitality from a “buy” rating to a “hold” rating and reduced their target price for the stock from $10.75 to $10.25 in a research report on Friday, November 22nd. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $10.05.

DiamondRock Hospitality Price Performance

NYSE DRH opened at $8.22 on Friday. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.73 and a current ratio of 1.73. The firm’s 50 day moving average price is $8.90 and its 200-day moving average price is $8.86. DiamondRock Hospitality has a 52-week low of $7.74 and a 52-week high of $10.00. The company has a market cap of $1.71 billion, a PE ratio of 29.34, a P/E/G ratio of 2.06 and a beta of 1.57.

DiamondRock Hospitality Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, January 14th. Shareholders of record on Tuesday, December 31st were paid a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 15.58%. This is an increase from DiamondRock Hospitality’s previous quarterly dividend of $0.03. The ex-dividend date was Tuesday, December 31st. DiamondRock Hospitality’s dividend payout ratio (DPR) is 42.86%.

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.