Deutsche Bank AG Sells 4,496 Shares of Red Rock Resorts, Inc. $RRR

Key Points

• Deutsche Bank AG has reduced its stake in Red Rock Resorts, selling 4,496 shares, bringing its total ownership to 37,292 shares, valued at approximately $1.6 million.
• Several institutional investors have increased their holdings in Red Rock Resorts, with Wells Fargo raising its stake by 16.2%, and Envestnet Asset Management increasing theirs by a staggering 250%.
• Red Rock Resorts announced a quarterly dividend of $0.25 per share, with an annualized dividend yield of 1.6%, set to be paid on September 30th to stockholders of record on September 15th.

Deutsche Bank AG decreased its position in shares of Red Rock Resorts, Inc. (NASDAQ:RRR - Free Report) by 10.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 37,292 shares of the company's stock after selling 4,496 shares during the period. Deutsche Bank AG's holdings in Red Rock Resorts were worth $1,617,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in RRR. Sterling Capital Management LLC grew its stake in shares of Red Rock Resorts by 654.7% during the fourth quarter. Sterling Capital Management LLC now owns 883 shares of the company's stock worth $41,000 after buying an additional 766 shares during the last quarter. US Bancorp DE increased its holdings in shares of Red Rock Resorts by 1,664.4% during the first quarter. US Bancorp DE now owns 1,041 shares of the company's stock worth $45,000 after buying an additional 982 shares in the last quarter. New Age Alpha Advisors LLC acquired a new position in shares of Red Rock Resorts during the first quarter worth $89,000. Tower Research Capital LLC TRC increased its holdings in shares of 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 worth $95,000 after buying an additional 664 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its holdings in shares of Red Rock Resorts by 51.1% during the first quarter. PNC Financial Services Group Inc. now owns 2,854 shares of the company's stock worth $124,000 after buying an additional 965 shares in the last quarter. Institutional investors and hedge funds own 47.84% of the company's stock.

Insider Buying and Selling

In related news, CFO Stephen Lawrence Cootey sold 121,400 shares of Red Rock Resorts stock in a transaction on Friday, August 1st. The shares were sold at an average price of $60.04, for a total transaction of $7,288,856.00. Following the completion of the transaction, the chief financial officer owned 260,268 shares of the company's stock, valued at $15,626,490.72. This trade represents a 31.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Kord Nichols sold 42,325 shares of Red Rock Resorts stock in a transaction on Tuesday, August 12th. The stock was 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 of the company's stock, valued at $7,581,848.21. This represents a 24.65% decrease in their position. The disclosure for this sale can be found here. Insiders sold 262,703 shares of company stock valued at $15,764,672 over the last quarter. Insiders own 53.81% of the company's stock.

Wall Street Analysts Forecast Growth

RRR has been the subject of several research reports. Macquarie reiterated an "outperform" rating and issued a $58.00 target price on shares of Red Rock Resorts in a research report on Friday, May 2nd. Truist Financial upgraded Red Rock Resorts from a "hold" rating to a "buy" rating and increased their target price for the company from $45.00 to $67.00 in a research report on Wednesday, July 16th. Morgan Stanley increased their target price on Red Rock Resorts from $49.00 to $53.00 and gave the company an "equal weight" rating in a research report on Wednesday, August 6th. Barclays increased their target price on Red Rock Resorts from $62.00 to $65.00 and gave the company an "overweight" rating in a research report on Wednesday, July 30th. Finally, Susquehanna reiterated a "positive" rating and issued a $68.00 target price (up from $65.00) on shares of Red Rock Resorts in a research report on Wednesday, July 30th. Eight research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $60.73.

Red Rock Resorts Trading Down 0.0%

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

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

Red Rock Resorts Announces Dividend

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

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.