Deutsche Bank AG Has $1.62 Million Stake in 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 cut its holdings in shares of Red Rock Resorts, Inc. (NASDAQ:RRR - Free Report) by 10.8% during the 1st quarter, according to the company in its most recent disclosure 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.

A number of other large investors have also bought and sold shares of the business. Bamco Inc. NY increased its holdings in Red Rock Resorts by 6.9% during the 4th quarter. Bamco Inc. NY now owns 11,356,201 shares of the company's stock worth $525,111,000 after purchasing an additional 732,917 shares in the last quarter. Eminence Capital LP boosted its position in shares of Red Rock Resorts by 36.1% during the fourth quarter. Eminence Capital LP now owns 2,056,588 shares of the company's stock worth $95,097,000 after buying an additional 546,047 shares during the period. Vaughan Nelson Investment Management L.P. grew its holdings in shares of Red Rock Resorts by 19.2% during the first quarter. Vaughan Nelson Investment Management L.P. now owns 1,602,368 shares of the company's stock worth $69,494,000 after buying an additional 258,310 shares in the last quarter. D. E. Shaw & Co. Inc. raised its position in Red Rock Resorts by 537.7% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 215,397 shares of the company's stock valued at $9,960,000 after buying an additional 181,619 shares during the last quarter. Finally, Millennium Management LLC lifted its stake in Red Rock Resorts by 74.1% in the 4th quarter. Millennium Management LLC now owns 275,311 shares of the company's stock valued at $12,730,000 after acquiring an additional 117,199 shares in the last quarter. 47.84% of the stock is owned by institutional investors.

Insider Buying and Selling at Red Rock Resorts

In other news, COO Kord Nichols sold 37,075 shares of the stock in a transaction 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 sale, the chief operating officer directly owned 87,036 shares of the company's stock, valued at approximately $5,311,807.08. This represents a 29.87% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Jeffrey T. Welch sold 56,653 shares of the firm's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $60.23, for a total value of $3,412,210.19. Following the completion of the transaction, the executive vice president owned 314,767 shares in the company, valued at $18,958,416.41. The trade was a 15.25% 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 in the last quarter. Company insiders own 53.28% of the company's stock.

Red Rock Resorts Stock Performance

Shares of RRR stock traded up $0.49 during trading on Monday, reaching $61.93. 477,087 shares of the company's stock were exchanged, compared to its average volume of 963,881. The stock has a market capitalization of $6.53 billion, a PE ratio of 20.55, a PEG ratio of 2.48 and a beta of 1.66. The firm's fifty day moving average price is $55.70 and its 200-day moving average price is $49.26. Red Rock Resorts, Inc. has a twelve month low of $35.09 and a twelve month high of $62.50. 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 announced its earnings results on Tuesday, July 29th. The company reported $0.95 EPS for the quarter, topping the consensus estimate of $0.40 by $0.55. The business had revenue of $526.27 million during the quarter, compared to the consensus estimate 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 firm posted $0.59 EPS. As a group, sell-side analysts anticipate that Red Rock Resorts, Inc. will post 1.76 EPS for the current year.

Red Rock Resorts Dividend Announcement

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

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Stifel Nicolaus set a $60.00 price target on shares of Red Rock Resorts and gave the stock a "hold" rating in a research note on Wednesday, July 30th. Barclays raised their target price 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 reiterated a "positive" rating and issued a $68.00 price target (up from $65.00) on shares of Red Rock Resorts in a research note on Wednesday, July 30th. JMP Securities increased their price objective on shares of Red Rock Resorts from $57.00 to $64.00 and gave the stock a "market outperform" rating in a research note on Wednesday, July 30th. Finally, Truist Financial upgraded Red Rock Resorts from a "hold" rating to a "buy" rating and raised their price objective for the company from $45.00 to $67.00 in a report on Wednesday, July 16th. Eight analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price 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.