Panagora Asset Management Inc., an institutional investor, has recently increased its holdings in DiamondRock Hospitality (NYSE:DRH) by 9.8% during the first quarter, according to a recent filing with the Securities and Exchange Commission (SEC). The company now owns 1,162,910 shares of the real estate investment trust’s stock, after acquiring an additional 104,190 shares in the quarter. At the end of the reporting period, Panagora Asset Management owned approximately 0.55% of DiamondRock Hospitality, with a total worth of $9.45 million.
For investors who are interested in knowing more about DRH and its position among other hedge funds, HoldingsChannel.com provides access to the latest 13F filings and insider trades related to DiamondRock Hospitality (NYSE:DRH).
The investment community has weighed in on DRH recently. Morgan Stanley commented on the company’s performance by reducing their price objective for DiamondRock Hospitality from $9.00 to $8.50 while maintaining an “equal weight” rating in their report published on August 25th. On July 12th, Wells Fargo & Company raised their price target for DRH from $9.00 to $10.00 in a research note. StockNews.com also shared their assessment of DiamondRock Hospitality by downgrading it from a “hold” rating to a “sell” rating on Wednesday.
Overall, according to data from Bloomberg.com, analysts have given varying ratings for DiamondRock Hospitality stock: one analyst labeled it as sell, two as hold, and two as buy. The current consensus rating for DRH is “Hold,” with a consensus target price of $9.70.
It is essential for investors to keep track of such reports and analysis provided by renowned institutions and experts to evaluate the prospects of their investments accurately. The portfolio adjustments made by institutional investors like Panagora Asset Management Inc., as well as recommendations from brokerages, can offer valuable insights into the performance and potential growth of a company like DiamondRock Hospitality.
Hedge Funds Show Interest in DiamondRock Hospitality as Company’s Financials Hold Steady
DiamondRock Hospitality, a prominent real estate investment trust (REIT), has garnered significant attention from hedge funds and other market players. This article delves into the recent activities of these hedge funds in relation to DiamondRock Hospitality’s stock, as well as provides an overview of the company’s financial standing.
Norges Bank, a Norwegian sovereign wealth fund, entered the fray during the fourth quarter of last year by purchasing a stake in DiamondRock Hospitality valued at approximately $16.55 million. State Street Corp also jumped into the mix, boosting its holdings in the company by 12.9% in the first quarter. State Street Corp now owns an impressive 13,538,478 shares of DiamondRock Hospitality’s stock worth around $136.74 million.
Furthermore, Cbre Investment Management Listed Real Assets LLC saw a notable growth in its position in DiamondRock Hospitality by 78% during the fourth quarter. The company now holds about 2,813,020 shares worth $23.04 million. Vanguard Group Inc., on the other hand, increased its stake by 3.2% during the third quarter and currently owns a staggering 36,970,154 shares of DiamondRock Hospitality’s stock valued at approximately $277.65 million.
FMR LLC added to this impressive lineup by lifting its holdings in DiamondRock Hospitality by 7.3% during the first quarter. The financial giant now possesses around 14,322,605 shares worth $116.44 million.
In terms of actual stock performance and value indicators as of September 3rd, 2023 – when this article is being written – shares of DiamondRock Hospitality opened at $8.07 on that particular Friday morning trading session. The company boasts a market capitalization of approximately $1.69 billion with a price-to-earnings ratio (P/E) standing at a relatively modest figure of 20.68.
DiamondRock Hospitality’s stock exhibits a beta of 1.64, indicative of its sensitivity to market fluctuations. While the company maintains a debt-to-equity ratio of 0.72, suggesting a prudent balance between debt and equity financing, it also projects solid liquidity with quick and current ratios both standing at 1.88.
It is worth noting that DiamondRock Hospitality has experienced some volatility in recent times, as reflected by its fifty-day moving average stock price of $8.02 and its two-hundred-day moving average stock price of $8.15. This oscillation between highs and lows comes alongside a one-year low of $7.14 and a one-year high of $10.02.
For interested parties seeking further insights into DiamondRock Hospitality’s position in the market and activities conducted by other hedge funds, HoldingsChannel.com offers up-to-date information on this subject matter, including the latest 13F filings and insider trades related to DiamondRock Hospitality’s stock (NYSE: DRH).
In conclusion, DiamondRock Hospitality stands as a self-advised REIT with an extensive portfolio encompassing 36 premium quality hotels boasting over 9,700 rooms. The company strategically positions its properties in both popular leisure destinations and top gateway markets to maximize their potential for success. With offerings ranging from globally recognized brand families to independent boutique hotels in the lifestyle segment, DiamondRock Hospitality aims to cater to diverse customer preferences and solidify its presence in the hospitality industry.
Disclaimer: The details provided in this article about hedge fund activities are based on publicly available information as per September 3rd, 2023.