Red Rock Resorts, Inc. (NASDAQ:RRR) Plans Quarterly Dividend of $0.25

Key Points

• Red Rock Resorts, Inc. has declared a quarterly dividend of $0.25 per share, with an annualized dividend of $1.00, reflecting a dividend yield of 1.82%.
• The company’s dividend payout ratio stands at 56.5%, suggesting it is comfortably able to cover the dividend with its earnings, projected to be $1.91 per share next year.
• Red Rock Resorts' stock increased by 0.5% to $55.01 on Tuesday, with recent analyst upgrades indicating a "Moderate Buy" consensus rating and a target price of $56.64.

Red Rock Resorts, Inc. (NASDAQ:RRR - Get Free Report) declared a quarterly dividend on Tuesday, July 29th, RTT News reports. Stockholders of record on Friday, September 5th will be given a dividend of 0.25 per share on Monday, September 15th. This represents a $1.00 annualized dividend and a dividend yield of 1.82%.

Red Rock Resorts has a dividend payout ratio of 56.5% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Red Rock Resorts to earn $1.91 per share next year, which means the company should continue to be able to cover its $1.00 annual dividend with an expected future payout ratio of 52.4%.

Red Rock Resorts Stock Up 0.5%

Shares of RRR traded up $0.29 during trading hours on Tuesday, hitting $55.01. The company had a trading volume of 692,231 shares, compared to its average volume of 688,225. The firm has a fifty day moving average price of $51.60 and a 200-day moving average price of $47.71. The company has a debt-to-equity ratio of 9.04, a quick ratio of 0.87 and a current ratio of 0.92. The stock has a market capitalization of $5.83 billion, a price-to-earnings ratio of 21.32, a P/E/G ratio of 3.54 and a beta of 1.62. Red Rock Resorts has a 52-week low of $35.09 and a 52-week high of $58.74.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The company reported $0.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.57. Red Rock Resorts had a return on equity of 56.45% and a net margin of 8.01%. On average, equities research analysts forecast that Red Rock Resorts will post 1.76 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Citigroup restated an "outperform" rating on shares of Red Rock Resorts in a research note on Friday, July 18th. Morgan Stanley upped their target price on shares of Red Rock Resorts from $47.00 to $49.00 and gave the company an "equal weight" rating in a research note on Friday, July 11th. Truist Financial upgraded shares of Red Rock Resorts from a "hold" rating to a "buy" rating and upped their target price for the company from $45.00 to $67.00 in a research note on Wednesday, July 16th. JPMorgan Chase & Co. began coverage on shares of Red Rock Resorts in a research note on Monday, June 23rd. They issued an "overweight" rating and a $62.00 price objective on the stock. Finally, Susquehanna increased their price objective on shares of Red Rock Resorts from $52.00 to $65.00 and gave the stock a "positive" rating in a research note on Thursday, July 24th. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $56.64.

Institutional Investors Weigh In On Red Rock Resorts

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Red Rock Resorts by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,272 shares of the company's stock valued at $1,270,000 after buying an additional 1,282 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Red Rock Resorts by 4.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 106,275 shares of the company's stock worth $4,609,000 after buying an additional 4,699 shares during the last quarter. AQR Capital Management LLC bought a new stake in Red Rock Resorts in the first quarter worth $308,000. Finally, Millennium Management LLC lifted its position in Red Rock Resorts by 56.2% in the first quarter. Millennium Management LLC now owns 430,150 shares of the company's stock worth $18,656,000 after buying an additional 154,839 shares during the last quarter. Institutional investors own 47.84% of the company's stock.

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.

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