Truist Financial Corp Increases Stake in Wynn Resorts, Limited (NASDAQ:WYNN)

Truist Financial Corp raised its holdings in shares of Wynn Resorts, Limited (NASDAQ:WYNN) by 43.7% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 22,057 shares of the casino operator’s stock after buying an additional 6,711 shares during the quarter. Truist Financial Corp’s holdings in Wynn Resorts were worth $1,974,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. International Assets Investment Management LLC acquired a new position in Wynn Resorts during the second quarter worth $25,000. Register Financial Advisors LLC purchased a new position in Wynn Resorts during the first quarter worth about $37,000. Neo Ivy Capital Management acquired a new position in Wynn Resorts in the 4th quarter valued at about $40,000. Versant Capital Management Inc purchased a new stake in shares of Wynn Resorts in the 2nd quarter valued at approximately $51,000. Finally, Covestor Ltd increased its holdings in shares of Wynn Resorts by 421.7% during the 1st quarter. Covestor Ltd now owns 626 shares of the casino operator’s stock worth $64,000 after buying an additional 506 shares during the last quarter. 68.87% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently weighed in on WYNN shares. Deutsche Bank Aktiengesellschaft lowered their price objective on Wynn Resorts from $131.00 to $122.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Macquarie reissued an “outperform” rating and set a $126.00 price objective on shares of Wynn Resorts in a research report on Wednesday, August 7th. Susquehanna increased their target price on shares of Wynn Resorts from $92.00 to $122.00 and gave the stock a “positive” rating in a research note on Friday. Stifel Nicolaus reduced their price target on shares of Wynn Resorts from $121.00 to $103.00 and set a “buy” rating on the stock in a research note on Friday, September 13th. Finally, Jefferies Financial Group lowered their price objective on shares of Wynn Resorts from $111.00 to $96.00 and set a “hold” rating for the company in a research report on Thursday, July 11th. Four analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $115.20.

Insider Activity at Wynn Resorts

In other Wynn Resorts news, Director Patricia Mulroy sold 2,650 shares of the firm’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $78.73, for a total transaction of $208,634.50. Following the transaction, the director now owns 5,689 shares of the company’s stock, valued at approximately $447,894.97. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.52% of the company’s stock.

Wynn Resorts Trading Up 1.0 %

Shares of WYNN opened at $104.75 on Friday. The firm’s fifty day simple moving average is $82.92 and its 200-day simple moving average is $89.45. The firm has a market capitalization of $11.63 billion, a price-to-earnings ratio of 14.21, a PEG ratio of 2.68 and a beta of 1.81. Wynn Resorts, Limited has a twelve month low of $71.63 and a twelve month high of $110.38.

Wynn Resorts (NASDAQ:WYNN) last announced its quarterly earnings results on Tuesday, August 6th. The casino operator reported $1.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.14 by ($0.02). Wynn Resorts had a negative return on equity of 53.84% and a net margin of 12.22%. The business had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.74 billion. During the same period last year, the firm earned $0.91 earnings per share. The firm’s quarterly revenue was up 8.4% on a year-over-year basis. On average, analysts predict that Wynn Resorts, Limited will post 5.44 earnings per share for the current fiscal year.

Wynn Resorts Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Monday, August 19th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 0.95%. The ex-dividend date of this dividend was Monday, August 19th. Wynn Resorts’s payout ratio is 13.57%.

Wynn Resorts Company Profile

Wynn Resorts, Limited designs, develops, and operates integrated resorts. The company operates through four segments: Wynn Palace, Wynn Macau, Las Vegas Operations, and Encore Boston Harbor. The Wynn Palace segment operates private gaming salons and sky casinos; a luxury hotel tower with suites, and villas, including a health club, spa, salon, and pool; food and beverage outlets; retail space; meeting and convention space; and performance lake and floral art displays.