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

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

A number of other research firms have also recently commented on RRR. Macquarie raised shares of Red Rock Resorts from a neutral rating to an outperform rating and boosted their price target for the stock from $51.00 to $58.00 in a research note on Wednesday, January 17th. JPMorgan Chase & Co. upped their price objective on shares of Red Rock Resorts from $63.00 to $69.00 and gave the company an overweight rating in a research note on Monday, April 1st. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Red Rock Resorts from $54.00 to $62.00 and gave the company a buy rating in a research note on Wednesday, January 24th. Morgan Stanley upped their price objective on shares of Red Rock Resorts from $51.00 to $53.00 and gave the company an equal weight rating in a research note on Tuesday, April 9th. Finally, Wells Fargo & Company upped their price objective on shares of Red Rock Resorts from $57.00 to $62.00 and gave the company an overweight rating in a research note on Thursday, February 8th. Four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, Red Rock Resorts presently has a consensus rating of Moderate Buy and a consensus target price of $61.67.

Red Rock Resorts Stock Performance

NASDAQ RRR opened at $59.23 on Tuesday. The company’s 50 day moving average is $58.36 and its 200-day moving average is $51.66. Red Rock Resorts has a 12-month low of $37.82 and a 12-month high of $63.28. The company has a quick ratio of 0.76, a current ratio of 0.81 and a debt-to-equity ratio of 13.54. The firm has a market cap of $6.23 billion, a P/E ratio of 20.08, a price-to-earnings-growth ratio of 3.07 and a beta of 2.06.

Red Rock Resorts (NASDAQ:RRR) last released its quarterly earnings results on Wednesday, February 7th. The company reported $0.95 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.55. Red Rock Resorts had a net margin of 10.21% and a return on equity of 114.32%. The business had revenue of $462.71 million during the quarter, compared to analysts’ expectations of $440.75 million. During the same quarter in the previous year, the company earned $1.00 EPS. The business’s quarterly revenue was up 8.8% compared to the same quarter last year. Sell-side analysts predict that Red Rock Resorts will post 1.94 earnings per share for the current year.

Red Rock Resorts Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were issued a $0.25 dividend. The ex-dividend date was Thursday, March 14th. This represents a $1.00 annualized dividend and a yield of 1.69%. Red Rock Resorts’s dividend payout ratio (DPR) is presently 33.90%.

Insiders Place Their Bets

In other Red Rock Resorts news, CFO Stephen Lawrence Cootey sold 7,520 shares of the company’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $57.74, for a total value 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 approximately $14,077,473.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 54.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of RRR. Coronation Fund Managers Ltd. increased its stake in shares of Red Rock Resorts by 2.8% in the 3rd quarter. Coronation Fund Managers Ltd. now owns 126,696 shares of the company’s stock worth $5,195,000 after acquiring an additional 3,486 shares in the last quarter. Bank of New York Mellon Corp grew its position in Red Rock Resorts by 1.1% during the 3rd quarter. Bank of New York Mellon Corp now owns 401,209 shares of the company’s stock valued at $16,450,000 after purchasing an additional 4,432 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Red Rock Resorts by 13.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,201 shares of the company’s stock valued at $459,000 after purchasing an additional 1,330 shares during the last quarter. TD Asset Management Inc grew its position in Red Rock Resorts by 5.3% during the 3rd quarter. TD Asset Management Inc now owns 35,606 shares of the company’s stock valued at $1,460,000 after purchasing an additional 1,800 shares during the last quarter. Finally, Malaga Cove Capital LLC purchased a new stake in Red Rock Resorts during the 3rd quarter valued at about $242,000. 47.84% of the stock is currently owned by institutional investors.

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.