Comerica Bank Raises Stock Position in Red Rock Resorts, Inc. $RRR

Key Points

• Comerica Bank has increased its stake in Red Rock Resorts, Inc. by 4.6%, now owning 377,976 shares valued at approximately $16.39 million as of the latest SEC filing.
• The company reported a significant earnings surprise for the last quarter, delivering $0.95 EPS against expectations of $0.40, with revenue reaching $526.27 million, surpassing analyst estimates.
• Red Rock Resorts has announced a quarterly dividend of $0.25 per share, reflecting a 1.6% yield, with the dividend payment scheduled for September 30th.

Comerica Bank grew its stake in Red Rock Resorts, Inc. (NASDAQ:RRR - Free Report) by 4.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 377,976 shares of the company's stock after acquiring an additional 16,496 shares during the quarter. Comerica Bank owned about 0.36% of Red Rock Resorts worth $16,393,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. CANADA LIFE ASSURANCE Co boosted its stake in Red Rock Resorts by 3.0% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 10,662 shares of the company's stock valued at $492,000 after acquiring an additional 314 shares in the last quarter. Mayfair Advisory Group LLC boosted its stake in Red Rock Resorts by 8.1% in the first quarter. Mayfair Advisory Group LLC now owns 4,861 shares of the company's stock valued at $211,000 after acquiring an additional 364 shares in the last quarter. Nisa Investment Advisors LLC boosted its stake in Red Rock Resorts by 3.0% in the first quarter. Nisa Investment Advisors LLC now owns 15,651 shares of the company's stock valued at $679,000 after acquiring an additional 456 shares in the last quarter. Tower Research Capital LLC TRC boosted its stake in Red Rock Resorts by 47.7% in the fourth quarter. Tower Research Capital LLC TRC now owns 2,055 shares of the company's stock valued at $95,000 after acquiring an additional 664 shares in the last quarter. Finally, TD Asset Management Inc boosted its stake in Red Rock Resorts by 2.1% in the first quarter. TD Asset Management Inc now owns 40,862 shares of the company's stock valued at $1,772,000 after acquiring an additional 856 shares in the last quarter. 47.84% of the stock is currently owned by hedge funds and other institutional investors.

Red Rock Resorts Price Performance

Shares of Red Rock Resorts stock traded down $1.09 on Friday, reaching $61.87. The company's stock had a trading volume of 617,190 shares, compared to its average volume of 834,449. The company has a market capitalization of $6.53 billion, a P/E ratio of 21.04, a PEG ratio of 2.50 and a beta of 1.66. Red Rock Resorts, Inc. has a 52-week low of $35.09 and a 52-week high of $63.60. The stock has a 50-day moving average price of $56.90 and a 200-day moving average price of $49.68. The company has a quick ratio of 0.84, a current ratio of 0.89 and a debt-to-equity ratio of 11.28.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The company reported $0.95 EPS for the quarter, beating analysts' consensus estimates of $0.40 by $0.55. The business had revenue of $526.27 million during the quarter, compared to analysts' expectations of $485.44 million. Red Rock Resorts had a return on equity of 59.97% and a net margin of 8.89%.The business's revenue was up 8.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.59 earnings per share. Analysts expect that Red Rock Resorts, Inc. will post 1.76 EPS for the current year.

Red Rock Resorts Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.6%. Red Rock Resorts's dividend payout ratio (DPR) is 34.01%.

Analyst Ratings Changes

RRR has been the subject of several research analyst reports. Barclays increased their price objective on shares of Red Rock Resorts from $62.00 to $65.00 and gave the company an "overweight" rating in a research report on Wednesday, July 30th. Susquehanna reissued a "positive" rating and issued a $68.00 price objective (up from $65.00) on shares of Red Rock Resorts in a report on Wednesday, July 30th. Mizuho increased their price objective on Red Rock Resorts from $59.00 to $62.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. JMP Securities increased their price objective on Red Rock Resorts from $57.00 to $64.00 and gave the company a "market outperform" rating in a report on Wednesday, July 30th. Finally, JPMorgan Chase & Co. initiated coverage on Red Rock Resorts in a report on Monday, June 23rd. They issued an "overweight" rating and a $62.00 price objective on the stock. Eight equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $60.73.

Insiders Place Their Bets

In other news, CFO Stephen Lawrence Cootey sold 121,400 shares of the company's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $60.04, for a total value of $7,288,856.00. Following the transaction, the chief financial officer directly owned 260,268 shares in the company, valued at approximately $15,626,490.72. This represents a 31.81% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Kord Nichols sold 37,075 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $61.03, for a total transaction of $2,262,687.25. Following the completion of the transaction, the chief operating officer owned 87,036 shares in the company, valued at approximately $5,311,807.08. This represents a 29.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 262,703 shares of company stock valued at $15,764,672 in the last three months. 53.81% of the stock is currently owned by insiders.

Red Rock Resorts Company Profile

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.