Red Rock Resorts, Inc. (NASDAQ:RRR) Declares Quarterly Dividend of $0.25

Red Rock Resorts, Inc. (NASDAQ:RRRGet Free Report) announced a quarterly dividend on Monday, February 12th, Wall Street Journal reports. Stockholders of record on Friday, March 15th will be given a dividend of 0.25 per share on Friday, March 29th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.69%. The ex-dividend date of this dividend is Thursday, March 14th.

Red Rock Resorts has raised its dividend payment by an average of 115.4% annually over the last three years. Red Rock Resorts has a dividend 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

NASDAQ RRR traded up $0.33 during mid-day trading on Monday, hitting $59.19. The stock had a trading volume of 28,736 shares, compared to its average volume of 446,822. The firm’s 50 day moving average is $51.81 and its 200 day moving average is $46.13. Red Rock Resorts has a twelve month low of $37.82 and a twelve month high of $59.53. The company has a debt-to-equity ratio of 20.81, a current ratio of 0.80 and a quick ratio of 0.76. The stock has a market capitalization of $6.18 billion, a price-to-earnings ratio of 19.95, a PEG ratio of 4.11 and a beta of 2.07.

Red Rock Resorts (NASDAQ:RRRGet Free Report) last released its quarterly earnings results on Wednesday, February 7th. The company reported $0.95 earnings per share for the quarter, topping analysts’ consensus estimates of $0.40 by $0.55. The business had revenue of $462.71 million during the quarter, compared to analysts’ expectations of $440.75 million. Red Rock Resorts had a return on equity of 141.95% and a net margin of 10.21%. The company’s revenue was up 8.8% compared to the same quarter last year. During the same period in the prior year, the business posted $1.00 EPS. Equities research analysts forecast that Red Rock Resorts will post 1.86 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have issued reports on RRR. Deutsche Bank Aktiengesellschaft increased their price target on Red Rock Resorts from $54.00 to $62.00 and gave the company a “buy” rating in a research report on Wednesday, January 24th. JPMorgan Chase & Co. lifted their target price on Red Rock Resorts from $53.00 to $63.00 and gave the company an “overweight” rating in a research note on Thursday. Barclays lifted their price target on Red Rock Resorts from $60.00 to $62.00 and gave the company an “overweight” rating in a research note on Thursday. Macquarie raised Red Rock Resorts from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $51.00 to $58.00 in a report on Wednesday, January 17th. Finally, Stifel Nicolaus lifted their price objective on Red Rock Resorts from $47.00 to $54.00 and gave the stock a “hold” rating in a report on Thursday, December 21st. Four research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $59.10.

Get Our Latest Stock Report on RRR

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of RRR. Capital Research Global Investors acquired a new position in shares of Red Rock Resorts in the first quarter worth about $23,794,000. Norges Bank acquired a new position in shares of Red Rock Resorts in the fourth quarter worth about $17,769,000. Goldman Sachs Group Inc. lifted its stake in shares of Red Rock Resorts by 29.9% in the second quarter. Goldman Sachs Group Inc. now owns 1,361,285 shares of the company’s stock worth $45,412,000 after acquiring an additional 313,446 shares in the last quarter. Millennium Management LLC lifted its stake in shares of Red Rock Resorts by 965.1% in the fourth quarter. Millennium Management LLC now owns 316,815 shares of the company’s stock worth $12,676,000 after acquiring an additional 287,070 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in shares of Red Rock Resorts by 463.8% in the first quarter. JPMorgan Chase & Co. now owns 304,173 shares of the company’s stock worth $14,771,000 after acquiring an additional 250,227 shares in the last quarter. Institutional investors and hedge funds own 51.21% of the company’s stock.

Red Rock Resorts Company Profile

(Get Free Report)

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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Dividend History for Red Rock Resorts (NASDAQ:RRR)

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