Truist Financial Corp Acquires New Shares in Red Rock Resorts, Inc. (NASDAQ:RRR)

Truist Financial Corp acquired a new stake in Red Rock Resorts, Inc. (NASDAQ:RRRGet Rating) during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 21,707 shares of the company’s stock, valued at approximately $744,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Nelson Van Denburg & Campbell Wealth Management Group LLC bought a new position in shares of Red Rock Resorts during the 1st quarter valued at $30,000. Quantbot Technologies LP purchased a new stake in shares of Red Rock Resorts in the 2nd quarter worth $92,000. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Red Rock Resorts in the 2nd quarter worth $100,000. Nisa Investment Advisors LLC increased its stake in shares of Red Rock Resorts by 16.6% in the 2nd quarter. Nisa Investment Advisors LLC now owns 4,910 shares of the company’s stock worth $164,000 after purchasing an additional 700 shares in the last quarter. Finally, Creative Planning increased its stake in shares of Red Rock Resorts by 5.3% in the 2nd quarter. Creative Planning now owns 6,048 shares of the company’s stock worth $202,000 after purchasing an additional 305 shares in the last quarter. 52.45% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

RRR has been the subject of several analyst reports. ING Group initiated coverage on Red Rock Resorts in a research note on Thursday, October 20th. They issued a “hold” rating and a $44.00 price objective for the company. JMP Securities upped their price objective on Red Rock Resorts from $50.00 to $51.00 and gave the stock a “market outperform” rating in a research note on Friday. StockNews.com cut Red Rock Resorts from a “buy” rating to a “hold” rating in a report on Saturday, November 5th. Truist Financial lowered Red Rock Resorts from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $46.00 to $45.00 in a research note on Wednesday, January 11th. Finally, Morgan Stanley started coverage on Red Rock Resorts in a research note on Monday, November 21st. They set an “overweight” rating and a $52.00 target price on the stock. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, Red Rock Resorts currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.50.

Red Rock Resorts Stock Up 3.5 %

Shares of RRR opened at $44.28 on Friday. The stock has a market capitalization of $4.60 billion, a price-to-earnings ratio of 14.01, a price-to-earnings-growth ratio of 6.69 and a beta of 2.16. Red Rock Resorts, Inc. has a 1 year low of $30.98 and a 1 year high of $54.29. The business’s 50 day simple moving average is $42.80 and its 200-day simple moving average is $39.95. The company has a debt-to-equity ratio of 352.28, a current ratio of 0.74 and a quick ratio of 0.69.

Red Rock Resorts (NASDAQ:RRRGet Rating) last issued its quarterly earnings data on Thursday, October 27th. The company reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.35. The business had revenue of $414.44 million for the quarter, compared to analysts’ expectations of $407.55 million. Red Rock Resorts had a return on equity of 753.52% and a net margin of 15.80%. As a group, equities analysts expect that Red Rock Resorts, Inc. will post 1.69 earnings per share for the current fiscal year.

Red Rock Resorts Cuts Dividend

The business also recently announced a None dividend, which was paid on Friday, December 9th. Stockholders of record on Wednesday, November 30th were given a dividend of $1.00 per share. This represents a dividend yield of 9.41%. The ex-dividend date of this dividend was Tuesday, November 29th. Red Rock Resorts’s dividend payout ratio is currently 31.65%.

Red Rock Resorts Profile

(Get Rating)

Red Rock Resorts, Inc, through its interest in Station Holdco and Station LLC, develops and operates casino and entertainment properties in the United States. It operates through two segments, Las Vegas Operations and Native American Management. The company owns and operates 9 gaming and entertainment facilities, and 10 smaller casinos in the Las Vegas regional market.

Further Reading

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Institutional Ownership by Quarter for Red Rock Resorts (NASDAQ:RRR)

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