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

Red Rock Resorts, Inc. (NASDAQ:RRR) announced a quarterly dividend on Tuesday, February 10th. Stockholders of record on Monday, March 16th will be paid a dividend of 0.26 per share on Tuesday, March 31st. This represents a c) dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend is Monday, March 16th.

Red Rock Resorts has increased its dividend payment by an average of 0.4%annually over the last three years. Red Rock Resorts has a dividend payout ratio of 58.8% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Red Rock Resorts to earn $1.91 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 54.5%.

Red Rock Resorts Price Performance

Shares of Red Rock Resorts stock traded down $1.78 during trading on Wednesday, hitting $65.01. 869,193 shares of the stock traded hands, compared to its average volume of 625,397. The company has a quick ratio of 0.70, a current ratio of 0.75 and a debt-to-equity ratio of 10.11. Red Rock Resorts has a 52 week low of $35.09 and a 52 week high of $68.99. The firm’s fifty day moving average is $61.92 and its 200-day moving average is $60.01. The stock has a market cap of $6.88 billion, a price-to-earnings ratio of 20.68, a PEG ratio of 2.79 and a beta of 1.49.

Red Rock Resorts (NASDAQ:RRR) last posted its earnings results on Tuesday, February 10th. The company reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.34. Red Rock Resorts had a return on equity of 59.86% and a net margin of 9.52%.The firm had revenue of $511.78 million for the quarter, compared to analysts’ expectations of $500.90 million. During the same period in the previous year, the firm earned $0.76 earnings per share. The business’s revenue was up 3.2% compared to the same quarter last year. Research analysts expect that Red Rock Resorts will post 1.76 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on RRR shares. Macquarie Infrastructure increased their price target on shares of Red Rock Resorts from $67.00 to $68.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 29th. Susquehanna lifted their target price on Red Rock Resorts from $69.00 to $77.00 and gave the stock a “positive” rating in a report on Wednesday. UBS Group set a $73.00 price objective on shares of Red Rock Resorts in a research report on Wednesday, December 24th. Truist Financial restated a “buy” rating and set a $80.00 price target (up previously from $75.00) on shares of Red Rock Resorts in a report on Wednesday. Finally, Citigroup reaffirmed an “outperform” rating on shares of Red Rock Resorts in a research note on Wednesday. Eleven research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, Red Rock Resorts presently has an average rating of “Moderate Buy” and an average price target of $69.64.

Red Rock Resorts Company Profile

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.