Red Rock Resorts (NASDAQ:RRR) Rating Increased to Buy at Truist Financial

Truist Financial upgraded shares of Red Rock Resorts (NASDAQ:RRR) from a hold rating to a buy rating in a report issued on Wednesday morning, MarketBeat.com reports. They currently have $67.00 price objective on the stock, up from their prior price objective of $45.00.

Several other research analysts also recently weighed in on RRR. Stifel Nicolaus dropped their price target on Red Rock Resorts from $54.00 to $44.00 and set a “hold” rating for the company in a research note on Friday, May 2nd. JMP Securities dropped their price objective on shares of Red Rock Resorts from $59.00 to $55.00 and set a “market outperform” rating for the company in a report on Thursday, April 17th. Macquarie reissued an “outperform” rating and set a $58.00 price target on shares of Red Rock Resorts in a research note on Friday, May 2nd. Barclays lowered their target price on Red Rock Resorts from $58.00 to $54.00 and set an “overweight” rating for the company in a research report on Tuesday, April 22nd. Finally, Susquehanna lowered their price target on shares of Red Rock Resorts from $61.00 to $52.00 and set a “positive” rating for the company in a report on Wednesday, April 16th. Four research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, Red Rock Resorts has an average rating of “Moderate Buy” and an average target price of $55.45.

Red Rock Resorts Stock Performance

Shares of NASDAQ RRR opened at $54.88 on Wednesday. The firm has a 50 day moving average of $50.75 and a 200 day moving average of $47.27. The company has a current ratio of 0.92, a quick ratio of 0.87 and a debt-to-equity ratio of 9.04. The firm has a market capitalization of $5.82 billion, a price-to-earnings ratio of 21.27, a price-to-earnings-growth ratio of 3.62 and a beta of 1.62. Red Rock Resorts has a 12-month low of $35.09 and a 12-month high of $61.08.

Red Rock Resorts (NASDAQ:RRR) last announced its quarterly earnings data on Thursday, May 1st. The company reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.47 by $0.33. The company had revenue of $497.86 million during the quarter, compared to the consensus estimate of $499.12 million. Red Rock Resorts had a return on equity of 56.45% and a net margin of 8.01%. The firm’s revenue was up 1.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.68 EPS. On average, research analysts anticipate that Red Rock Resorts will post 1.76 earnings per share for the current year.

Red Rock Resorts Announces Dividend

The firm also recently declared an annual dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 16th were paid a $1.00 dividend. This represents a dividend yield of 2.29%. The ex-dividend date of this dividend was Monday, June 16th. Red Rock Resorts’s dividend payout ratio is currently 38.76%.

Hedge Funds Weigh In On Red Rock Resorts

A number of institutional investors have recently added to or reduced their stakes in the stock. CANADA LIFE ASSURANCE Co raised its holdings in shares of Red Rock Resorts by 3.0% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 10,662 shares of the company’s stock valued at $492,000 after buying an additional 314 shares during the period. Mayfair Advisory Group LLC increased its stake in Red Rock Resorts by 8.1% during the first quarter. Mayfair Advisory Group LLC now owns 4,861 shares of the company’s stock worth $211,000 after purchasing an additional 364 shares during the period. Nisa Investment Advisors LLC increased its stake in Red Rock Resorts by 3.0% during the first quarter. Nisa Investment Advisors LLC now owns 15,651 shares of the company’s stock worth $679,000 after purchasing an additional 456 shares during the period. Tower Research Capital LLC TRC increased its stake in Red Rock Resorts by 47.7% during the 4th quarter. Tower Research Capital LLC TRC now owns 2,055 shares of the company’s stock worth $95,000 after buying an additional 664 shares during the period. Finally, Truist Financial Corp increased its stake in Red Rock Resorts by 2.7% during the 2nd quarter. Truist Financial Corp now owns 28,733 shares of the company’s stock worth $1,495,000 after buying an additional 751 shares during the period. Hedge funds and other institutional investors own 47.84% of the company’s stock.

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.