PNC Financial Services Group Inc. Buys 1,045 Shares of Wynn Resorts, Limited (NASDAQ:WYNN)

PNC Financial Services Group Inc. grew its stake in shares of Wynn Resorts, Limited (NASDAQ:WYNN) by 9.4% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 12,193 shares of the casino operator’s stock after purchasing an additional 1,045 shares during the period. PNC Financial Services Group Inc.’s holdings in Wynn Resorts were worth $1,018,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in WYNN. Jericho Capital Asset Management L.P. bought a new stake in Wynn Resorts during the 4th quarter worth approximately $101,375,000. DAVENPORT & Co LLC bought a new stake in Wynn Resorts during the 1st quarter worth approximately $49,476,000. Barrow Hanley Mewhinney & Strauss LLC increased its holdings in Wynn Resorts by 18.4% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 3,125,668 shares of the casino operator’s stock worth $269,308,000 after purchasing an additional 485,204 shares in the last quarter. Deutsche Bank AG increased its holdings in Wynn Resorts by 108.5% during the 4th quarter. Deutsche Bank AG now owns 848,636 shares of the casino operator’s stock worth $73,118,000 after purchasing an additional 441,558 shares in the last quarter. Finally, Alyeska Investment Group L.P. increased its holdings in Wynn Resorts by 712.1% during the 4th quarter. Alyeska Investment Group L.P. now owns 481,459 shares of the casino operator’s stock worth $41,483,000 after purchasing an additional 422,174 shares in the last quarter. 88.64% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on WYNN shares. Citigroup reaffirmed a “neutral” rating and issued a $114.00 target price (up from $108.00) on shares of Wynn Resorts in a report on Wednesday, July 9th. Barclays upped their target price on Wynn Resorts from $101.00 to $127.00 and gave the company an “overweight” rating in a report on Friday, July 18th. UBS Group reaffirmed a “neutral” rating and issued a $101.00 target price (up from $83.00) on shares of Wynn Resorts in a report on Tuesday, July 8th. The Goldman Sachs Group started coverage on Wynn Resorts in a report on Monday, July 7th. They issued a “buy” rating and a $122.00 target price for the company. Finally, JPMorgan Chase & Co. started coverage on Wynn Resorts in a report on Monday, June 23rd. They issued an “overweight” rating and a $109.00 target price for the company. Four research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, Wynn Resorts has a consensus rating of “Moderate Buy” and an average price target of $116.57.

Insider Activity

In other Wynn Resorts news, Director Patricia Mulroy sold 2,262 shares of the stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $92.12, for a total transaction of $208,375.44. Following the sale, the director owned 3,066 shares in the company, valued at $282,439.92. This represents a 42.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.52% of the stock is currently owned by corporate insiders.

Wynn Resorts Trading Down 0.8%

Shares of NASDAQ WYNN opened at $106.41 on Monday. The stock has a fifty day simple moving average of $99.81 and a two-hundred day simple moving average of $89.76. Wynn Resorts, Limited has a 1-year low of $65.25 and a 1-year high of $112.36. The firm has a market cap of $11.06 billion, a price-to-earnings ratio of 31.96, a price-to-earnings-growth ratio of 2.94 and a beta of 1.41.

Wynn Resorts (NASDAQ:WYNN) last announced its quarterly earnings data on Thursday, August 7th. The casino operator reported $1.09 earnings per share for the quarter, missing the consensus estimate of $1.20 by ($0.11). Wynn Resorts had a net margin of 5.51% and a negative return on equity of 56.78%. The firm had revenue of $1.74 billion for the quarter, compared to the consensus estimate of $1.74 billion. During the same period last year, the company posted $1.12 earnings per share. Wynn Resorts’s revenue for the quarter was up .6% on a year-over-year basis. Analysts forecast that Wynn Resorts, Limited will post 5.17 EPS for the current year.

Wynn Resorts Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Monday, August 18th will be given a dividend of $0.25 per share. The ex-dividend date is Monday, August 18th. This represents a $1.00 annualized dividend and a dividend yield of 0.9%. Wynn Resorts’s dividend payout ratio is currently 30.03%.

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.