Truist Financial Issues Positive Forecast for Red Rock Resorts (NASDAQ:RRR) Stock Price

Red Rock Resorts (NASDAQ:RRR) had its target price increased by Truist Financial from $68.00 to $75.00 in a report issued on Monday morning,Benzinga reports. Truist Financial currently has a buy rating on the stock.

RRR has been the topic of a number of other research reports. Zacks Research downgraded Red Rock Resorts from a “hold” rating to a “strong sell” rating in a research report on Wednesday, May 6th. Weiss Ratings raised Red Rock Resorts from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, July 10th. JPMorgan Chase & Co. lifted their target price on Red Rock Resorts from $66.00 to $72.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. Citizens Jmp decreased their target price on Red Rock Resorts from $71.00 to $67.00 and set a “market outperform” rating on the stock in a report on Thursday, April 30th. Finally, Stifel Nicolaus set a $70.00 price target on Red Rock Resorts in a research note on Friday, May 29th. Fourteen investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $70.24.

Red Rock Resorts Stock Up 0.3%

Red Rock Resorts stock opened at $64.94 on Monday. The firm has a market capitalization of $6.82 billion, a PE ratio of 20.88, a P/E/G ratio of 4.90 and a beta of 1.35. The company’s 50-day moving average is $60.16 and its 200-day moving average is $59.66. Red Rock Resorts has a fifty-two week low of $50.52 and a fifty-two week high of $68.99. The company has a debt-to-equity ratio of 14.42, a current ratio of 0.81 and a quick ratio of 0.76.

Red Rock Resorts (NASDAQ:RRR) last issued its earnings results on Wednesday, April 29th. The company reported $0.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.17). Red Rock Resorts had a net margin of 9.21% and a return on equity of 61.67%. The firm had revenue of $507.32 million during the quarter, compared to the consensus estimate of $505.63 million. During the same period in the previous year, the company posted $0.75 earnings per share. The firm’s revenue for the quarter was up 1.9% compared to the same quarter last year. Sell-side analysts anticipate that Red Rock Resorts will post 1.53 earnings per share for the current year.

Red Rock Resorts Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend was Monday, June 15th. Red Rock Resorts’s dividend payout ratio (DPR) is presently 33.44%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Valeo Financial Advisors LLC grew its holdings in shares of Red Rock Resorts by 4.7% during the second quarter. Valeo Financial Advisors LLC now owns 5,201 shares of the company’s stock worth $338,000 after purchasing an additional 234 shares during the last quarter. GAMMA Investing LLC raised its holdings in Red Rock Resorts by 53.8% in the 4th quarter. GAMMA Investing LLC now owns 752 shares of the company’s stock valued at $47,000 after buying an additional 263 shares during the last quarter. Commonwealth Equity Services LLC boosted its position in Red Rock Resorts by 3.2% during the 4th quarter. Commonwealth Equity Services LLC now owns 10,383 shares of the company’s stock worth $643,000 after buying an additional 324 shares during the period. California State Teachers Retirement System boosted its position in Red Rock Resorts by 0.7% during the 2nd quarter. California State Teachers Retirement System now owns 46,720 shares of the company’s stock worth $2,431,000 after buying an additional 343 shares during the period. Finally, CANADA LIFE ASSURANCE Co grew its holdings in Red Rock Resorts by 3.9% during the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 10,022 shares of the company’s stock worth $628,000 after acquiring an additional 378 shares during the last quarter. 47.84% of the stock is owned by institutional investors and hedge funds.

About Red Rock Resorts

Red Rock Resorts, Inc (NASDAQ: RRR) is a publicly traded gaming and hospitality company headquartered in Summerlin, Nevada. The company owns and operates a diversified portfolio of full-service casino resorts and neighborhood gaming properties in the Las Vegas valley. Its core business activities include resort hotel accommodations, casino gaming, food and beverage operations, entertainment and convention services designed to meet the needs of both leisure and business travelers.

The company’s flagship resort, Red Rock Casino Resort & Spa, features a full range of table games, slot machines, a luxury spa, convention space, multiple signature restaurants and live entertainment venues.