State of New Jersey Common Pension Fund D Invests $2.32 Million in DiamondRock Hospitality (NYSE:DRH)

State of New Jersey Common Pension Fund D acquired a new position in shares of DiamondRock Hospitality (NYSE:DRH) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 226,200 shares of the real estate investment trust’s stock, valued at approximately $2,319,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Foundry Partners LLC increased its holdings in shares of DiamondRock Hospitality by 1,753.8% during the third quarter. Foundry Partners LLC now owns 825,109 shares of the real estate investment trust’s stock worth $8,457,000 after buying an additional 780,599 shares in the last quarter. Brinker Capital Inc. increased its holdings in shares of DiamondRock Hospitality by 9.8% in the third quarter. Brinker Capital Inc. now owns 82,792 shares of the real estate investment trust’s stock valued at $851,000 after purchasing an additional 7,372 shares in the last quarter. Smith Graham & Co. Investment Advisors LP increased its holdings in shares of DiamondRock Hospitality by 0.5% in the third quarter. Smith Graham & Co. Investment Advisors LP now owns 787,419 shares of the real estate investment trust’s stock valued at $8,071,000 after purchasing an additional 4,190 shares in the last quarter. Envestnet Asset Management Inc. increased its holdings in shares of DiamondRock Hospitality by 11.0% in the third quarter. Envestnet Asset Management Inc. now owns 86,834 shares of the real estate investment trust’s stock valued at $890,000 after purchasing an additional 8,623 shares in the last quarter. Finally, Nisa Investment Advisors LLC increased its holdings in shares of DiamondRock Hospitality by 74.8% in the third quarter. Nisa Investment Advisors LLC now owns 219,831 shares of the real estate investment trust’s stock valued at $2,253,000 after purchasing an additional 94,069 shares in the last quarter.

Shares of DiamondRock Hospitality stock opened at $10.25 on Friday. The firm has a 50 day simple moving average of $10.07 and a 200 day simple moving average of $10.10. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.49 and a quick ratio of 1.49. DiamondRock Hospitality has a fifty-two week low of $8.69 and a fifty-two week high of $11.22. The firm has a market cap of $2.09 billion, a P/E ratio of 10.05, a P/E/G ratio of 2.06 and a beta of 1.35.

DiamondRock Hospitality (NYSE:DRH) last released its earnings results on Monday, August 5th. The real estate investment trust reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.01. DiamondRock Hospitality had a net margin of 10.32% and a return on equity of 5.00%. The firm had revenue of $257.92 million during the quarter, compared to analyst estimates of $253.67 million. During the same quarter in the previous year, the business earned $0.32 EPS. The business’s quarterly revenue was up 8.4% compared to the same quarter last year. On average, sell-side analysts expect that DiamondRock Hospitality will post 1.01 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were issued a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a yield of 4.88%. The ex-dividend date was Friday, September 27th. DiamondRock Hospitality’s dividend payout ratio is presently 49.02%.

A number of analysts recently weighed in on the stock. ValuEngine lowered shares of DiamondRock Hospitality from a “hold” rating to a “sell” rating in a report on Wednesday. TheStreet lowered shares of DiamondRock Hospitality from a “b-” rating to a “c+” rating in a report on Thursday, August 1st. Wells Fargo & Co reissued a “market perform” rating and issued a $9.50 price target on shares of DiamondRock Hospitality in a report on Monday, August 19th. Zacks Investment Research lowered shares of DiamondRock Hospitality from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 18th. Finally, Barclays reissued a “hold” rating and issued a $10.00 price target on shares of DiamondRock Hospitality in a report on Tuesday, August 13th. Four research analysts have rated the stock with a sell rating and five have issued a hold rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $9.64.

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 top gateway markets and destination resort locations. The Company owns 31 premium quality hotels with over 10,000 rooms. The Company has strategically positioned its hotels to be operated both under leading global brand families such as Hilton and Marriott as well as unique boutique hotels in the lifestyle segment.

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Institutional Ownership by Quarter for DiamondRock Hospitality (NYSE:DRH)

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