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

Red Rock Resorts, Inc. (NASDAQ:RRR) declared 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) dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend is Tuesday, September 15th.

Red Rock Resorts has increased its dividend by an average of 0.8%per year 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. 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 Down 2.0%

RRR stock opened at $64.27 on Wednesday. The company has a market capitalization of $6.75 billion, a PE ratio of 20.67, a price-to-earnings-growth ratio of 4.82 and a beta of 1.36. The company has a debt-to-equity ratio of 14.42, a quick ratio of 0.76 and a current ratio of 0.81. Red Rock Resorts has a one year low of $50.52 and a one year high of $68.99. The company’s 50 day moving average price is $62.69 and its two-hundred day moving average price is $59.84.

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

Analysts Set New Price Targets

RRR has been the subject of several analyst reports. JPMorgan Chase & Co. upped their price target on shares of Red Rock Resorts from $66.00 to $72.00 and gave the company an “overweight” rating in a research report on Wednesday, July 15th. The Goldman Sachs Group reissued a “buy” rating and issued a $73.00 target price on shares of Red Rock Resorts in a research note on Wednesday, July 15th. Susquehanna dropped their target price on Red Rock Resorts from $77.00 to $70.00 and set a “positive” rating for the company in a report on Thursday, April 30th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Red Rock Resorts in a research note on Thursday, July 2nd. Finally, Citizens Jmp dropped their price objective on 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. Fourteen investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $71.29.

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.