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

Red Rock Resorts, Inc. (NASDAQ:RRR) announced a quarterly dividend on Tuesday, November 3rd. Stockholders of record on Tuesday, December 15th will be given a dividend of $0.26 per share on Thursday, December 31st. This represents a $1.04 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Tuesday, December 15th.

Red Rock Resorts has raised its dividend by an average of 0.8% per year over the last three years. Red Rock Resorts has a payout ratio of 58.8% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Red Rock Resorts to earn $1.81 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 57.5%.

Red Rock Resorts Price Performance

Shares of NASDAQ:RRR opened at $48.45 on Wednesday. The firm’s 50 day moving average price is $52.18 and its 200-day moving average price is $58.06. Red Rock Resorts has a twelve month low of $47.42 and a twelve month high of $68.99. The company has a quick ratio of 0.63, a current ratio of 0.68 and a debt-to-equity ratio of 12.33. The stock has a market capitalization of $5.09 billion, a PE ratio of 17.12, a price-to-earnings-growth ratio of 4.25 and a beta of 1.42.

Red Rock Resorts (NASDAQ:RRR) last announced its earnings results on Tuesday, November 3rd. The company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by ($0.62). Red Rock Resorts had a net margin of 8.43% and a return on equity of 56.19%. The business had revenue of $488.70 million for the quarter, compared to the consensus estimate of $478.13 million. During the same quarter last year, the firm posted $0.68 earnings per share. The business’s quarterly revenue was up 2.8% compared to the same quarter last year. Equities research analysts expect that Red Rock Resorts will post 1.54 EPS for the current year.

Insider Transactions at Red Rock Resorts

In related news, President Scott Kreeger sold 31,159 shares of the firm’s stock in a transaction on Friday, August 7th. The shares were sold at an average price of $61.78, for a total transaction of $1,925,003.02. Following the completion of the transaction, the president directly owned 203,881 shares of the company’s stock, valued at approximately $12,595,768.18. This trade represents a 13.26% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 54.34% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Red Rock Resorts

A number of hedge funds have recently made changes to their positions in RRR. State of Wyoming lifted its position in Red Rock Resorts by 92.8% during the third quarter. State of Wyoming now owns 2,367 shares of the company’s stock valued at $117,000 after purchasing an additional 1,139 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al raised its position in shares of Red Rock Resorts by 6.5% during the 3rd quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 52,700 shares of the company’s stock valued at $2,611,000 after buying an additional 3,200 shares in the last quarter. Signaturefd LLC raised its position in shares of Red Rock Resorts by 326.4% during the 3rd quarter. Signaturefd LLC now owns 1,130 shares of the company’s stock valued at $56,000 after buying an additional 865 shares in the last quarter. Sterling Capital Management LLC lifted its holdings in shares of Red Rock Resorts by 839.6% in the 3rd quarter. Sterling Capital Management LLC now owns 1,588 shares of the company’s stock valued at $79,000 after acquiring an additional 1,419 shares during the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in shares of Red Rock Resorts by 96.7% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 6,896 shares of the company’s stock valued at $342,000 after acquiring an additional 3,390 shares during the last quarter. 47.84% of the stock is currently owned by hedge funds and other institutional investors.

About Red Rock Resorts

Red Rock Resorts, Inc is a gaming, entertainment and hospitality company based in Las Vegas, Nevada. Through its principal operating subsidiary, Station Casinos, the company develops, owns and operates casino resorts and other gaming properties, primarily serving the Las Vegas locals market.

Its portfolio includes destination-style properties such as Red Rock Casino Resort & Spa, Green Valley Ranch Resort Spa and Casino, and Durango Casino & Resort, along with neighborhood casinos including Palace Station, Boulder Station, Santa Fe Station and several Wildfire locations.