Truist Financial Corp Has $1.51 Million Stake in Red Rock Resorts, Inc. (NASDAQ:RRR)

Truist Financial Corp raised its stake in shares of Red Rock Resorts, Inc. (NASDAQ:RRR) by 0.9% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 27,545 shares of the company’s stock after purchasing an additional 241 shares during the quarter. Truist Financial Corp’s holdings in Red Rock Resorts were worth $1,513,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in the stock. Covestor Ltd lifted its position in Red Rock Resorts by 16,666.7% in the first quarter. Covestor Ltd now owns 503 shares of the company’s stock worth $30,000 after purchasing an additional 500 shares during the period. Headlands Technologies LLC acquired a new position in shares of Red Rock Resorts in the 1st quarter valued at $78,000. Point72 DIFC Ltd bought a new position in shares of Red Rock Resorts during the 2nd quarter worth about $98,000. nVerses Capital LLC acquired a new stake in shares of Red Rock Resorts during the 2nd quarter valued at about $154,000. Finally, Virtu Financial LLC bought a new stake in Red Rock Resorts in the fourth quarter valued at about $212,000. Institutional investors and hedge funds own 47.84% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on RRR. Truist Financial decreased their price objective on Red Rock Resorts from $64.00 to $63.00 and set a “hold” rating on the stock in a report on Wednesday, July 24th. JPMorgan Chase & Co. upped their price target on Red Rock Resorts from $62.00 to $69.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Susquehanna lifted their price objective on Red Rock Resorts from $63.00 to $70.00 and gave the company a “positive” rating in a report on Wednesday, July 24th. Macquarie upped their target price on shares of Red Rock Resorts from $62.00 to $65.00 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. Finally, Barclays lifted their price target on shares of Red Rock Resorts from $63.00 to $65.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Five investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $63.50.

Red Rock Resorts Stock Performance

Shares of Red Rock Resorts stock opened at $52.54 on Friday. The company has a debt-to-equity ratio of 15.15, a current ratio of 0.94 and a quick ratio of 0.89. The firm has a 50 day simple moving average of $54.69 and a 200 day simple moving average of $54.96. Red Rock Resorts, Inc. has a fifty-two week low of $37.82 and a fifty-two week high of $63.28. The firm has a market cap of $5.55 billion, a P/E ratio of 18.24, a P/E/G ratio of 5.48 and a beta of 2.04.

Red Rock Resorts (NASDAQ:RRR) last released its earnings results on Tuesday, July 23rd. The company reported $0.59 EPS for the quarter, beating the consensus estimate of $0.43 by $0.16. Red Rock Resorts had a return on equity of 83.84% and a net margin of 9.21%. The company had revenue of $486.40 million during the quarter, compared to analysts’ expectations of $475.80 million. During the same period last year, the firm earned $0.65 EPS. The business’s revenue for the quarter was up 16.9% on a year-over-year basis. Sell-side analysts predict that Red Rock Resorts, Inc. will post 1.66 earnings per share for the current fiscal year.

Red Rock Resorts Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were given a dividend of $0.25 per share. The ex-dividend date was Monday, September 16th. This represents a $1.00 dividend on an annualized basis and a yield of 1.90%. Red Rock Resorts’s payout ratio is presently 34.72%.

Insider Activity

In other Red Rock Resorts news, VP Lorenzo J. Fertitta acquired 33,000 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The shares were acquired at an average cost of $49.77 per share, for a total transaction of $1,642,410.00. Following the completion of the acquisition, the vice president now directly owns 47,546,301 shares of the company’s stock, valued at approximately $2,366,379,400.77. This represents a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Frank J. Fertitta III bought 67,000 shares of Red Rock Resorts stock in a transaction on Thursday, August 1st. The shares were purchased at an average price of $54.49 per share, for a total transaction of $3,650,830.00. Following the completion of the acquisition, the chief executive officer now owns 45,914,301 shares in the company, valued at approximately $2,501,870,261.49. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Lorenzo J. Fertitta purchased 33,000 shares of the stock in a transaction dated Monday, August 5th. The stock was bought at an average cost of $49.77 per share, with a total value of $1,642,410.00. Following the completion of the purchase, the vice president now owns 47,546,301 shares in the company, valued at $2,366,379,400.77. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 200,000 shares of company stock valued at $10,426,000. 53.28% of the stock is currently owned by insiders.

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.