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

Red Rock Resorts, Inc. (NASDAQ:RRR) announced a quarterly dividend on Tuesday, May 7th, Zacks reports. Investors of record on Friday, June 14th will be paid a dividend of 0.25 per share on Friday, June 28th. This represents a $1.00 annualized dividend and a yield of 1.96%. The ex-dividend date 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 dividend payout ratio of 33.2% meaning 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 Stock Up 1.8 %

Shares of NASDAQ:RRR traded up $0.91 during trading on Thursday, reaching $51.13. 423,156 shares of the stock traded hands, compared to its average volume of 443,316. Red Rock Resorts has a 52-week low of $37.82 and a 52-week high of $63.28. The stock has a market cap 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. The stock has a 50-day moving average of $57.69 and a two-hundred day moving average of $52.50. The company has a debt-to-equity ratio of 13.54, a quick ratio of 0.76 and a current ratio of 0.81.

Red Rock Resorts (NASDAQ:RRR) last announced its quarterly earnings results on Tuesday, May 7th. The company reported $0.68 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $488.90 million for the quarter, compared to the consensus estimate of $490.49 million. During the same period in the prior year, the company posted $0.75 earnings per share. The company’s quarterly revenue was up 12.7% on a year-over-year basis. As a group, sell-side analysts expect that Red Rock Resorts will post 1.92 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

RRR has been the topic of several research reports. Susquehanna raised their target price on shares of Red Rock Resorts from $52.00 to $66.00 and gave the stock a “positive” rating in a report on Thursday, February 8th. Truist Financial raised their target price on Red Rock Resorts from $58.00 to $60.00 and gave the stock a “hold” rating in a research report on Tuesday, April 23rd. Bank of America boosted their target price on shares of Red Rock Resorts from $52.00 to $57.00 and gave the company a “buy” rating in a research report on Monday, April 8th. Mizuho cut their price objective on shares of Red Rock Resorts from $69.00 to $66.00 and set a “buy” rating for the company in a research report on Wednesday. Finally, JMP Securities lowered their target price on Red Rock Resorts from $66.00 to $65.00 and set a “market outperform” rating on the stock in a research report on Wednesday. Four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $61.75.

Insider Transactions at Red Rock Resorts

In related news, CFO Stephen Lawrence Cootey sold 7,520 shares of the stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $57.74, for a total value of $434,204.80. Following the completion of the transaction, the chief financial officer now owns 243,808 shares of the company’s stock, valued at approximately $14,077,473.92. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 53.28% of the company’s stock.

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.