DiamondRock Hospitality (NYSE:DRH) Short Interest Up 5.2% in November

DiamondRock Hospitality (NYSE:DRH) was the recipient of a significant increase in short interest in the month of November. As of November 30th, there was short interest totalling 19,060,000 shares, an increase of 5.2% from the November 15th total of 18,120,000 shares. Based on an average daily trading volume, of 2,120,000 shares, the days-to-cover ratio is currently 9.0 days. Currently, 9.4% of the company’s shares are sold short.

DiamondRock Hospitality Stock Performance

DRH stock opened at $9.65 on Monday. DiamondRock Hospitality has a 1-year low of $7.74 and a 1-year high of $10.00. The business has a 50-day moving average price of $9.11 and a 200 day moving average price of $8.66. The company has a market capitalization of $2.00 billion, a P/E ratio of 34.46, a PEG ratio of 5.65 and a beta of 1.60. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.73 and a quick ratio of 1.73.

DiamondRock Hospitality Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 14th. Stockholders of record on Tuesday, December 31st will be issued a $0.32 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $1.28 annualized dividend and a dividend yield of 13.26%. This is a positive change from DiamondRock Hospitality’s previous quarterly dividend of $0.03. DiamondRock Hospitality’s payout ratio is currently 42.86%.

Hedge Funds Weigh In On DiamondRock Hospitality

A number of hedge funds and other institutional investors have recently modified their holdings of DRH. State Street Corp lifted its stake in shares of DiamondRock Hospitality by 1.8% during the 3rd quarter. State Street Corp now owns 12,535,384 shares of the real estate investment trust’s stock worth $109,806,000 after purchasing an additional 221,219 shares during the last quarter. Pzena Investment Management LLC raised its holdings in DiamondRock Hospitality by 3.6% in the third quarter. Pzena Investment Management LLC now owns 9,153,018 shares of the real estate investment trust’s stock worth $79,906,000 after purchasing an additional 317,901 shares in the last quarter. Rush Island Management LP purchased a new stake in shares of DiamondRock Hospitality during the third quarter valued at about $51,726,000. Geode Capital Management LLC boosted its holdings in shares of DiamondRock Hospitality by 0.5% in the 3rd quarter. Geode Capital Management LLC now owns 5,350,283 shares of the real estate investment trust’s stock valued at $46,716,000 after buying an additional 28,391 shares in the last quarter. Finally, Wellington Management Group LLP grew its position in shares of DiamondRock Hospitality by 15.6% in the 3rd quarter. Wellington Management Group LLP now owns 4,925,093 shares of the real estate investment trust’s stock worth $42,996,000 after buying an additional 663,529 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on DRH. Truist Financial dropped their price objective on DiamondRock Hospitality from $11.00 to $10.00 and set a “hold” rating for the company in a report on Wednesday, September 4th. Stifel Nicolaus lowered shares of DiamondRock Hospitality from a “buy” rating to a “hold” rating and lowered their target price for the company from $10.75 to $10.25 in a research note on Friday, November 22nd. StockNews.com raised shares of DiamondRock Hospitality from a “sell” rating to a “hold” rating in a research note on Tuesday, November 12th. Evercore ISI cut shares of DiamondRock Hospitality from an “outperform” rating to an “inline” rating and set a $10.50 price objective for the company. in a research report on Friday, November 15th. Finally, Wells Fargo & Company raised their target price on shares of DiamondRock Hospitality from $10.00 to $10.50 and gave the stock an “equal weight” rating in a research report on Monday, December 9th. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, DiamondRock Hospitality has an average rating of “Hold” and an average price target of $10.38.

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 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.