Red Rock Resorts, Inc. $RRR Shares Bought by Comerica Bank

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 raised its stake in shares of Red Rock Resorts, Inc. (NASDAQ:RRR - Free Report) by 4.6% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 377,976 shares of the company's stock after purchasing an additional 16,496 shares during the period. Comerica Bank owned 0.36% of Red Rock Resorts worth $16,393,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. GAMMA Investing LLC raised its position in shares of Red Rock Resorts by 7,978.4% during the 1st quarter. GAMMA Investing LLC now owns 8,240 shares of the company's stock valued at $357,000 after buying an additional 8,138 shares in the last quarter. Vaughan Nelson Investment Management L.P. raised its position in shares of Red Rock Resorts by 19.2% during the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 1,602,368 shares of the company's stock valued at $69,494,000 after buying an additional 258,310 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Red Rock Resorts during the 1st quarter valued at about $750,000. Malaga Cove Capital LLC raised its position in shares of Red Rock Resorts by 85.3% during the 1st quarter. Malaga Cove Capital LLC now owns 24,783 shares of the company's stock valued at $1,075,000 after buying an additional 11,406 shares in the last quarter. Finally, KBC Group NV raised its position in shares of Red Rock Resorts by 44.6% during the 1st quarter. KBC Group NV now owns 2,887 shares of the company's stock valued at $125,000 after buying an additional 891 shares in the last quarter. 47.84% of the stock is currently owned by hedge funds and other institutional investors.

Red Rock Resorts Trading Down 0.0%

Shares of NASDAQ:RRR traded down $0.01 during trading on Thursday, reaching $62.96. 689,998 shares of the company were exchanged, compared to its average volume of 903,891. The company has a debt-to-equity ratio of 11.28, a current ratio of 0.89 and a quick ratio of 0.84. The business's fifty day simple moving average is $56.67 and its 200-day simple moving average is $49.62. Red Rock Resorts, Inc. has a 12-month low of $35.09 and a 12-month high of $63.60. The firm has a market capitalization of $6.64 billion, a PE ratio of 21.41, a P/E/G ratio of 2.54 and a beta of 1.66.

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

Red Rock Resorts Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be paid a dividend of $0.25 per share. The ex-dividend date 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 currently 34.01%.

Insider Activity

In other news, COO Kord Nichols sold 42,325 shares of the stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $58.61, for a total transaction of $2,480,668.25. Following the transaction, the chief operating officer directly owned 129,361 shares in the company, valued at approximately $7,581,848.21. This trade represents a 24.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Jeffrey T. Welch sold 56,653 shares of the stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $60.23, for a total transaction of $3,412,210.19. Following the transaction, the executive vice president owned 314,767 shares in the company, valued at approximately $18,958,416.41. This represents a 15.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 262,703 shares of company stock worth $15,764,672. Corporate insiders own 53.81% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on RRR. Citigroup restated an "outperform" rating on shares of Red Rock Resorts in a research report on Friday, July 18th. JPMorgan Chase & Co. began coverage on shares of Red Rock Resorts in a research report on Monday, June 23rd. They set an "overweight" rating and a $62.00 target price on the stock. JMP Securities upped their target price on shares of Red Rock Resorts from $57.00 to $64.00 and gave the company a "market outperform" rating in a research report on Wednesday, July 30th. Macquarie reissued an "outperform" rating and issued a $58.00 price objective on shares of Red Rock Resorts in a research report on Friday, May 2nd. Finally, Morgan Stanley increased their price objective on shares of Red Rock Resorts from $49.00 to $53.00 and gave the stock an "equal weight" rating in a research report on Wednesday, August 6th. Eight analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $60.73.

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.