Red Rock Resorts, Inc. (NASDAQ:RRR) to Issue $0.25 Quarterly Dividend

Red Rock Resorts, Inc. (NASDAQ:RRR) announced a quarterly dividend on Tuesday, May 7th, Zacks reports. Stockholders 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 annualized dividend and a dividend yield of 1.96%. The ex-dividend date of this dividend is Friday, June 14th.

Red Rock Resorts has increased its dividend by an average of 115.4% per year over the last three years. Red Rock Resorts has a payout ratio of 33.2% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Red Rock Resorts to earn $2.14 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 46.7%.

Red Rock Resorts Price Performance

NASDAQ:RRR traded up $0.91 on Thursday, reaching $51.13. The stock had a trading volume of 423,156 shares, compared to its average volume of 443,316. The company has a quick ratio of 0.76, a current ratio of 0.81 and a debt-to-equity ratio of 13.54. The company has a market capitalization of $5.38 billion, a P/E ratio of 17.77, a price-to-earnings-growth ratio of 2.81 and a beta of 2.08. Red Rock Resorts has a 1-year low of $37.82 and a 1-year high of $63.28. The stock has a fifty day moving average price of $57.69 and a 200-day moving average price of $52.50.

Red Rock Resorts (NASDAQ:RRR) last posted its quarterly earnings data on Tuesday, May 7th. The company reported $0.68 EPS for the quarter, topping analysts’ consensus estimates of $0.50 by $0.18. Red Rock Resorts had a return on equity of 114.32% and a net margin of 10.21%. The company had revenue of $488.90 million for the quarter, compared to analyst estimates of $490.49 million. During the same quarter in the previous year, the firm earned $0.75 earnings per share. The business’s revenue was up 12.7% on a year-over-year basis. Research analysts forecast that Red Rock Resorts will post 1.92 EPS for the current year.

Insider Activity

In related news, CFO Stephen Lawrence Cootey sold 7,520 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $57.74, for a total transaction of $434,204.80. Following the transaction, the chief financial officer now directly owns 243,808 shares of the company’s stock, valued at approximately $14,077,473.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 53.28% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on RRR. Wells Fargo & Company cut their target price on shares of Red Rock Resorts from $66.00 to $63.00 and set an “overweight” rating on the stock in a research report on Wednesday. JPMorgan Chase & Co. lifted their price target on shares of Red Rock Resorts from $63.00 to $69.00 and gave the stock an “overweight” rating in a research report on Monday, April 1st. Morgan Stanley raised their price objective on Red Rock Resorts from $51.00 to $53.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 9th. Truist Financial lifted their target price on Red Rock Resorts from $58.00 to $60.00 and gave the company a “hold” rating in a research report on Tuesday, April 23rd. Finally, Deutsche Bank Aktiengesellschaft raised their target price on shares of Red Rock Resorts from $54.00 to $62.00 and gave the company a “buy” rating in a research report on Wednesday, January 24th. Four investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Red Rock Resorts currently has an average rating of “Moderate Buy” and a consensus target price of $61.75.

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.