PNC Financial Services Group Inc. Grows Position in Red Rock Resorts, Inc. $RRR

PNC Financial Services Group Inc. lifted its position in Red Rock Resorts, Inc. (NASDAQ:RRR) by 51.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,854 shares of the company’s stock after purchasing an additional 965 shares during the period. PNC Financial Services Group Inc.’s holdings in Red Rock Resorts were worth $124,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in RRR. Wells Fargo & Company MN lifted its stake in shares of Red Rock Resorts by 16.2% in the 4th quarter. Wells Fargo & Company MN now owns 34,520 shares of the company’s stock valued at $1,596,000 after purchasing an additional 4,822 shares during the period. Envestnet Asset Management Inc. lifted its stake in shares of Red Rock Resorts by 250.0% in the 4th quarter. Envestnet Asset Management Inc. now owns 14,437 shares of the company’s stock valued at $668,000 after purchasing an additional 10,312 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Red Rock Resorts in the 4th quarter valued at $292,000. Sterling Capital Management LLC lifted its stake in shares of Red Rock Resorts by 654.7% in the 4th quarter. Sterling Capital Management LLC now owns 883 shares of the company’s stock valued at $41,000 after purchasing an additional 766 shares during the period. Finally, Barclays PLC lifted its stake in shares of Red Rock Resorts by 15.2% in the 4th quarter. Barclays PLC now owns 90,909 shares of the company’s stock valued at $4,204,000 after purchasing an additional 11,977 shares during the period. 47.84% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. JPMorgan Chase & Co. initiated coverage on shares of Red Rock Resorts in a research note on Monday, June 23rd. They issued an “overweight” rating and a $62.00 target price for the company. Citigroup restated an “outperform” rating on shares of Red Rock Resorts in a research report on Friday, July 18th. Stifel Nicolaus set a $60.00 price objective on shares of Red Rock Resorts and gave the stock a “hold” rating in a research report on Wednesday, July 30th. Morgan Stanley upped 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. Finally, Susquehanna restated a “positive” rating and set a $68.00 price objective (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 issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $60.73.

Insiders Place Their Bets

In other news, EVP Jeffrey T. Welch sold 56,653 shares of the stock in a transaction dated 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 sale, the executive vice president owned 314,767 shares of the company’s stock, valued at approximately $18,958,416.41. This represents a 15.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Kord Nichols sold 42,325 shares of the stock in a transaction dated 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 sale, the chief operating officer directly owned 129,361 shares in the company, 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 a total of 225,628 shares of company stock valued at $13,501,984 over the last 90 days. 53.28% of the stock is owned by company insiders.

Red Rock Resorts Price Performance

Red Rock Resorts stock opened at $60.22 on Wednesday. Red Rock Resorts, Inc. has a 52-week low of $35.09 and a 52-week high of $62.00. The firm has a market capitalization of $6.35 billion, a price-to-earnings ratio of 20.48, a PEG ratio of 2.40 and a beta of 1.66. The company has a fifty day simple moving average of $54.98 and a 200-day simple moving average of $49.01. 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) last announced 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 during the quarter, compared to analyst estimates of $485.44 million. During the same quarter in the prior year, the firm posted $0.59 earnings per share. Red Rock Resorts’s quarterly revenue was up 8.2% on a year-over-year basis. On average, equities analysts anticipate that Red Rock Resorts, Inc. will post 1.76 EPS for the current fiscal year.

Red Rock Resorts Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Monday, September 15th. Red Rock Resorts’s dividend payout ratio (DPR) is 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.