Bank of America Corp DE Reduces Position in Red Rock Resorts, Inc. (NASDAQ:RRR)

Bank of America Corp DE cut its stake in shares of Red Rock Resorts, Inc. (NASDAQ:RRR - Free Report) by 51.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 87,090 shares of the company's stock after selling 91,823 shares during the quarter. Bank of America Corp DE owned approximately 0.08% of Red Rock Resorts worth $4,027,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Arizona State Retirement System increased its position in shares of Red Rock Resorts by 1.5% during the fourth quarter. Arizona State Retirement System now owns 14,707 shares of the company's stock worth $680,000 after acquiring an additional 216 shares during the period. CANADA LIFE ASSURANCE Co increased its holdings in Red Rock Resorts by 3.0% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 10,662 shares of the company's stock valued at $492,000 after buying an additional 314 shares during the period. KBC Group NV increased its holdings in Red Rock Resorts by 37.1% during the fourth quarter. KBC Group NV now owns 1,996 shares of the company's stock valued at $92,000 after buying an additional 540 shares during the period. Tower Research Capital LLC TRC increased its holdings in Red Rock Resorts by 47.7% during the fourth quarter. Tower Research Capital LLC TRC now owns 2,055 shares of the company's stock valued at $95,000 after buying an additional 664 shares during the period. Finally, Sterling Capital Management LLC increased its holdings in Red Rock Resorts by 654.7% during the fourth quarter. Sterling Capital Management LLC now owns 883 shares of the company's stock valued at $41,000 after buying an additional 766 shares during the period. 47.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on RRR shares. JMP Securities cut their price objective on shares of Red Rock Resorts from $59.00 to $55.00 and set a "market outperform" rating on the stock in a report on Thursday, April 17th. Susquehanna cut their price objective on shares of Red Rock Resorts from $61.00 to $52.00 and set a "positive" rating on the stock in a report on Wednesday, April 16th. Morgan Stanley cut their price objective on shares of Red Rock Resorts from $45.00 to $43.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 16th. Barclays cut their price objective on shares of Red Rock Resorts from $58.00 to $54.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Finally, Macquarie reissued an "outperform" rating and set a $58.00 price objective on shares of Red Rock Resorts in a report on Friday, May 2nd. Five equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $52.64.

Red Rock Resorts Stock Performance

NASDAQ RRR traded down $0.28 on Tuesday, reaching $49.09. 593,016 shares of the company's stock traded hands, compared to its average volume of 583,167. The firm has a market cap of $5.21 billion, a price-to-earnings ratio of 19.56, a P/E/G ratio of 4.32 and a beta of 1.64. The stock has a 50 day moving average price of $43.68 and a 200-day moving average price of $46.41. Red Rock Resorts, Inc. has a fifty-two week low of $35.09 and a fifty-two week high of $61.73. The company has a debt-to-equity ratio of 14.28, a quick ratio of 0.96 and a current ratio of 1.02.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) last posted its earnings results on Thursday, May 1st. The company reported $0.80 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.47 by $0.33. The company had revenue of $497.86 million during the quarter, compared to the consensus estimate of $499.12 million. Red Rock Resorts had a net margin of 7.94% and a return on equity of 71.00%. The firm's quarterly revenue was up 1.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.68 earnings per share. Equities research analysts predict that Red Rock Resorts, Inc. will post 1.76 EPS for the current fiscal year.

Red Rock Resorts Announces Dividend

The business also recently announced an annual dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be paid a dividend of $1.00 per share. The ex-dividend date of this dividend is Monday, June 16th. This represents a dividend yield of 2.29%. Red Rock Resorts's dividend payout ratio is currently 38.76%.

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.