Summit Global Investments Takes Position in DiamondRock Hospitality Company $DRH

Summit Global Investments acquired a new stake in DiamondRock Hospitality Company (NYSE:DRH) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 62,984 shares of the real estate investment trust’s stock, valued at approximately $590,000.

Several other large investors also recently added to or reduced their stakes in the stock. Allworth Financial LP increased its stake in shares of DiamondRock Hospitality by 146.0% in the 4th quarter. Allworth Financial LP now owns 2,859 shares of the real estate investment trust’s stock worth $26,000 after acquiring an additional 1,697 shares during the last quarter. First Horizon Corp boosted its position in shares of DiamondRock Hospitality by 54.9% during the 4th quarter. First Horizon Corp now owns 3,214 shares of the real estate investment trust’s stock valued at $29,000 after acquiring an additional 1,139 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of DiamondRock Hospitality by 77.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 3,436 shares of the real estate investment trust’s stock valued at $31,000 after acquiring an additional 1,498 shares during the last quarter. Danske Bank A S purchased a new stake in shares of DiamondRock Hospitality in the third quarter valued at about $33,000. Finally, Global Retirement Partners LLC grew its holdings in shares of DiamondRock Hospitality by 12,114.7% in the fourth quarter. Global Retirement Partners LLC now owns 4,153 shares of the real estate investment trust’s stock valued at $37,000 after purchasing an additional 4,119 shares during the period.

Insider Buying and Selling

In other news, Director Kathleen Merrill sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $11.88, for a total value of $237,600.00. Following the transaction, the director directly owned 84,335 shares in the company, valued at approximately $1,001,899.80. This represents a 19.17% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Michael A. Hartmeier sold 20,000 shares of the stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $10.46, for a total transaction of $209,200.00. Following the transaction, the director directly owned 95,354 shares of the company’s stock, valued at $997,402.84. The trade was a 17.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.90% of the stock is currently owned by insiders.

DiamondRock Hospitality Trading Down 0.5%

NYSE DRH opened at $12.90 on Thursday. The firm’s 50-day moving average is $11.72 and its two-hundred day moving average is $10.44. DiamondRock Hospitality Company has a 12 month low of $7.45 and a 12 month high of $13.05. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.64 and a quick ratio of 1.64. The stock has a market capitalization of $2.64 billion, a P/E ratio of 51.60, a PEG ratio of 4.50 and a beta of 0.98.

DiamondRock Hospitality Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 14th. Stockholders of record on Tuesday, June 30th were paid a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend was Tuesday, June 30th. DiamondRock Hospitality’s payout ratio is 76.60%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on DRH. Truist Financial lifted their target price on shares of DiamondRock Hospitality from $11.00 to $12.00 and gave the stock a “buy” rating in a research note on Tuesday, May 26th. Barclays increased their price target on shares of DiamondRock Hospitality from $10.00 to $12.00 and gave the company an “equal weight” rating in a research note on Monday, June 1st. Bank of America raised their price target on shares of DiamondRock Hospitality from $12.50 to $13.00 and gave the stock a “buy” rating in a report on Monday. Stifel Nicolaus set a $12.25 price target on shares of DiamondRock Hospitality in a research report on Thursday, June 4th. Finally, Citigroup upped their price objective on DiamondRock Hospitality from $11.00 to $13.00 and gave the company a “neutral” rating in a report on Wednesday. Four equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat.com, DiamondRock Hospitality presently has a consensus rating of “Hold” and a consensus target price of $12.03.

DiamondRock Hospitality 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.