Red Rock Resorts, Inc. (NASDAQ:RRR – Get Free Report) announced a quarterly dividend on Monday, February 12th, Wall Street Journal reports. Shareholders of record on Friday, March 15th will be paid a dividend of 0.25 per share on Friday, March 29th. This represents a $1.00 annualized dividend and a yield of 1.69%. The ex-dividend date is Thursday, March 14th.
Red Rock Resorts has increased its dividend by an average of 115.4% annually over the last three years. Red Rock Resorts has a payout ratio of 46.3% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Red Rock Resorts to earn $2.13 per share next year, which means the company should continue to be able to cover its $1.00 annual dividend with an expected future payout ratio of 46.9%.
Red Rock Resorts Price Performance
Red Rock Resorts stock traded up $0.33 during mid-day trading on Monday, hitting $59.19. 28,736 shares of the company traded hands, compared to its average volume of 446,822. Red Rock Resorts has a one year low of $37.82 and a one year high of $59.53. The stock has a market cap of $6.18 billion, a price-to-earnings ratio of 19.95, a price-to-earnings-growth ratio of 4.11 and a beta of 2.07. The company has a debt-to-equity ratio of 20.81, a quick ratio of 0.76 and a current ratio of 0.80. The stock has a fifty day moving average price of $51.81 and a 200-day moving average price of $46.13.
Wall Street Analysts Forecast Growth
Several research analysts have commented on the stock. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Red Rock Resorts from $54.00 to $62.00 and gave the stock a “buy” rating in a research note on Wednesday, January 24th. Macquarie raised shares of Red Rock Resorts from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $51.00 to $58.00 in a research note on Wednesday, January 17th. Stifel Nicolaus lifted their price target on shares of Red Rock Resorts from $47.00 to $54.00 and gave the stock a “hold” rating in a research note on Thursday, December 21st. JMP Securities lifted their price target on shares of Red Rock Resorts from $55.00 to $61.00 and gave the stock a “market outperform” rating in a research note on Thursday. Finally, Truist Financial lifted their target price on shares of Red Rock Resorts from $46.00 to $55.00 and gave the stock a “hold” rating in a research note on Wednesday, December 20th. Four investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, Red Rock Resorts currently has an average rating of “Moderate Buy” and an average target price of $59.10.
Institutional Trading of Red Rock Resorts
A number of hedge funds have recently modified their holdings of the business. UBS Group AG boosted its holdings in shares of Red Rock Resorts by 35.7% during the 4th quarter. UBS Group AG now owns 97,146 shares of the company’s stock valued at $5,181,000 after buying an additional 25,554 shares in the last quarter. American Century Companies Inc. boosted its stake in Red Rock Resorts by 67.9% in the 3rd quarter. American Century Companies Inc. now owns 56,371 shares of the company’s stock worth $2,311,000 after purchasing an additional 22,799 shares in the last quarter. Deutsche Bank AG boosted its stake in Red Rock Resorts by 15.6% in the 3rd quarter. Deutsche Bank AG now owns 24,888 shares of the company’s stock worth $1,020,000 after purchasing an additional 3,366 shares in the last quarter. Creative Planning boosted its stake in Red Rock Resorts by 53.6% in the 3rd quarter. Creative Planning now owns 10,338 shares of the company’s stock worth $424,000 after purchasing an additional 3,606 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in Red Rock Resorts by 27.6% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 24,812 shares of the company’s stock worth $1,017,000 after purchasing an additional 5,365 shares in the last quarter. Institutional investors own 51.21% of the company’s stock.
Red Rock Resorts Company Profile
Red Rock Resorts, Inc, through its interest in Station Holdco and Station LLC, develops and operates casino and entertainment properties in the United States. It operates through two segments, Las Vegas Operations and Native American Management. The company owns and operates 6 gaming and entertainment facilities, and 9 smaller casinos in the Las Vegas regional market.
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