Red Rock Resorts, Inc. (RRR) to Issue Quarterly Dividend of $0.25 on June 28th

Red Rock Resorts, Inc. (NASDAQ:RRR) declared a quarterly dividend on Tuesday, May 7th, Zacks reports. Investors of record on Friday, June 14th will be given a dividend of 0.25 per share on Friday, June 28th. This represents a $1.00 dividend on an annualized basis and a yield of 1.97%. The ex-dividend date is Friday, June 14th.

Red Rock Resorts has increased its dividend payment by an average of 115.4% annually over the last three years. Red Rock Resorts has a payout ratio of 35.0% indicating that its dividend is sufficiently covered by earnings. Analysts expect Red Rock Resorts to earn $2.11 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 47.4%.

Red Rock Resorts Trading Down 0.1 %

NASDAQ:RRR opened at $50.65 on Wednesday. The firm has a market cap of $5.35 billion, a PE ratio of 17.59, a price-to-earnings-growth ratio of 2.42 and a beta of 2.00. The stock has a fifty day moving average price of $54.25 and a 200 day moving average price of $53.96. Red Rock Resorts has a 12-month low of $37.82 and a 12-month high of $63.28. The company has a current ratio of 0.90, a quick ratio of 0.85 and a debt-to-equity ratio of 18.49.

Red Rock Resorts (NASDAQ:RRR) last released its earnings results on Tuesday, May 7th. The company reported $0.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.18. The firm had revenue of $488.90 million during the quarter, compared to analyst estimates of $490.49 million. Red Rock Resorts had a return on equity of 98.44% and a net margin of 9.79%. Red Rock Resorts’s revenue was up 12.7% compared to the same quarter last year. During the same period last year, the business posted $0.75 earnings per share. Sell-side analysts anticipate that Red Rock Resorts will post 1.82 earnings per share for the current fiscal year.

Insider Transactions at Red Rock Resorts

In other news, CEO Frank J. Fertitta III sold 800,000 shares of the firm’s stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $50.39, for a total transaction of $40,312,000.00. Following the completion of the sale, the chief executive officer now directly owns 45,847,301 shares in the company, valued at $2,310,245,497.39. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 53.28% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on RRR shares. Mizuho reduced their target price on Red Rock Resorts from $69.00 to $66.00 and set a “buy” rating for the company in a report on Wednesday, May 8th. Barclays reduced their target price on Red Rock Resorts from $64.00 to $63.00 and set an “overweight” rating for the company in a report on Wednesday, May 8th. JPMorgan Chase & Co. boosted their target price on Red Rock Resorts from $63.00 to $69.00 and gave the company an “overweight” rating in a report on Monday, April 1st. Bank of America upgraded Red Rock Resorts from an “underperform” rating to a “neutral” rating and dropped their price target for the company from $57.00 to $55.00 in a research report on Monday, May 13th. Finally, Wells Fargo & Company dropped their price target on Red Rock Resorts from $66.00 to $63.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 8th. Five research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, Red Rock Resorts presently has an average rating of “Moderate Buy” and an average target price of $61.58.

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.