Truist Financial Increases Red Rock Resorts (NASDAQ:RRR) Price Target to $60.00

Red Rock Resorts (NASDAQ:RRR) had its target price upped by Truist Financial from $58.00 to $60.00 in a report issued on Tuesday morning, Benzinga reports. They currently have a hold rating on the stock.

Several other equities analysts have also issued reports on the stock. Barclays lifted their price objective on shares of Red Rock Resorts from $62.00 to $64.00 and gave the company an overweight rating in a report on Friday, April 19th. Wells Fargo & Company lifted their price target on shares of Red Rock Resorts from $57.00 to $62.00 and gave the stock an overweight rating in a report on Thursday, February 8th. JPMorgan Chase & Co. lifted their price target on shares of Red Rock Resorts from $63.00 to $69.00 and gave the stock an overweight rating in a report on Monday, April 1st. 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 report on Wednesday, January 24th. Finally, Bank of America lifted their price target on shares of Red Rock Resorts from $52.00 to $57.00 and gave the stock a buy rating in a report on Monday, April 8th. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, Red Rock Resorts presently has an average rating of Moderate Buy and a consensus price target of $61.67.

Red Rock Resorts Stock Performance

Red Rock Resorts stock opened at $54.12 on Tuesday. The company has a 50 day moving average price of $58.27 and a 200-day moving average price of $51.75. The company has a debt-to-equity ratio of 13.54, a quick ratio of 0.76 and a current ratio of 0.81. Red Rock Resorts has a fifty-two week low of $37.82 and a fifty-two week high of $63.28. The company has a market capitalization of $5.69 billion, a PE ratio of 18.35, a P/E/G ratio of 3.04 and a beta of 2.06.

Red Rock Resorts (NASDAQ:RRR) last issued its quarterly earnings data on Wednesday, February 7th. The company reported $0.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.55. The company had revenue of $462.71 million for the quarter, compared to analyst estimates of $440.75 million. Red Rock Resorts had a net margin of 10.21% and a return on equity of 114.32%. Red Rock Resorts’s revenue was up 8.8% compared to the same quarter last year. During the same period last year, the company posted $1.00 earnings per share. As a group, equities analysts forecast that Red Rock Resorts will post 1.94 earnings per share for the current year.

Red Rock Resorts Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.00 annualized dividend and a dividend yield of 1.85%. Red Rock Resorts’s payout ratio is currently 33.90%.

Insider Transactions at Red Rock Resorts

In related news, CFO Stephen Lawrence Cootey sold 7,520 shares of the business’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $57.74, for a total transaction of $434,204.80. Following the completion of the transaction, the chief financial officer now directly owns 243,808 shares in the company, valued at $14,077,473.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 54.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. FMR LLC raised its position in shares of Red Rock Resorts by 46.4% in the third quarter. FMR LLC now owns 5,249,335 shares of the company’s stock worth $215,223,000 after acquiring an additional 1,663,839 shares during the period. Bamco Inc. NY raised its position in shares of Red Rock Resorts by 10.8% in the third quarter. Bamco Inc. NY now owns 9,856,963 shares of the company’s stock worth $404,135,000 after acquiring an additional 962,841 shares during the period. Vaughan Nelson Investment Management L.P. acquired a new position in shares of Red Rock Resorts in the fourth quarter worth about $40,331,000. Capital World Investors acquired a new position in shares of Red Rock Resorts in the fourth quarter worth about $24,897,000. Finally, Eminence Capital LP raised its position in shares of Red Rock Resorts by 21.1% in the fourth quarter. Eminence Capital LP now owns 2,373,556 shares of the company’s stock worth $126,582,000 after acquiring an additional 413,871 shares during the period. 47.84% of the stock is currently owned by institutional investors and hedge funds.

About Red Rock Resorts

Red Rock Resorts, Inc, through its interest in Station Casinos LLC, develops and operates casino and entertainment properties in the United States. The company owns and operates gaming and entertainment facilities, including Durango Casino & Resort and smaller casinos in the Las Vegas regional market.