Red Rock Resorts, Inc. (NASDAQ:RRR) Plans $0.26 Quarterly Dividend

Red Rock Resorts, Inc. (NASDAQ:RRR) announced a quarterly dividend on Tuesday, August 4th. Shareholders of record on Tuesday, September 15th will be paid a dividend of 0.26 per share on Wednesday, September 30th. This represents a c) annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend is Tuesday, September 15th.

Red Rock Resorts has raised its dividend by an average of 0.8%per year over the last three years. Red Rock Resorts has a payout ratio of 58.8% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Red Rock Resorts to earn $1.87 per share next year, which means the company should continue to be able to cover its $1.04 annual dividend with an expected future payout ratio of 55.6%.

Red Rock Resorts Trading Up 2.0%

Shares of NASDAQ:RRR opened at $65.57 on Wednesday. The company has a market capitalization of $6.89 billion, a PE ratio of 21.08, a P/E/G ratio of 4.82 and a beta of 1.36. The company has a current ratio of 0.81, a quick ratio of 0.76 and a debt-to-equity ratio of 14.42. Red Rock Resorts has a 12-month low of $50.52 and a 12-month high of $68.99. The business’s fifty day simple moving average is $62.69 and its 200-day simple moving average is $59.84.

Red Rock Resorts (NASDAQ:RRR) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.51 by $0.16. Red Rock Resorts had a return on equity of 61.67% and a net margin of 9.21%.The company had revenue of $510.26 million for the quarter, compared to the consensus estimate of $500.08 million. During the same quarter last year, the company earned $0.95 earnings per share. The firm’s revenue for the quarter was down 3.0% compared to the same quarter last year. As a group, equities research analysts predict that Red Rock Resorts will post 1.52 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently weighed in on RRR. Stifel Nicolaus set a $70.00 price target on shares of Red Rock Resorts in a report on Friday, May 29th. Citizens Jmp lowered their target price on shares of Red Rock Resorts from $71.00 to $67.00 and set a “market outperform” rating for the company in a research note on Thursday, April 30th. Weiss Ratings raised Red Rock Resorts from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, July 10th. Wells Fargo & Company raised Red Rock Resorts from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $55.00 to $75.00 in a research report on Tuesday, July 14th. Finally, Wall Street Zen upgraded Red Rock Resorts from a “sell” rating to a “hold” rating in a research note on Sunday, July 12th. Fourteen research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $71.29.

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.