Royal Bank of Canada Cuts DiamondRock Hospitality Stake by Nearly 98%
Royal Bank of Canada has significantly reduced its holdings in DiamondRock Hospitality Company (NYSE:DRH), selling 193,298 shares during the first quarter. According to a recent filing with the Securities and Exchange Commission (SEC), Royal Bank of Canada's holdings are now worth $49,000.
This reduction represents a 97.4% decrease in the bank's stake in DiamondRock Hospitality. The company owned 5,220 shares after selling off its majority position.
This news comes as part of a larger trend where other institutional investors have also adjusted their stakes in DRH. For example, Allworth Financial LP grew its stake by 146% during the fourth quarter, while EverSource Wealth Advisors LLC raised its position by 77.3%. Meanwhile, Global Retirement Partners LLC boosted its stake by an astonishing 12,114.7%.
The stock price of DiamondRock Hospitality has shown resilience, opening at $12.29 on Thursday and maintaining a market cap of $2.51 billion. Analysts have varied opinions, with some rating DRH as 'Strong Buy', while others assign it a 'Moderate Buy' rating.