Fifth Third Bancorp Boosts Stake in Red Rock Resorts, Inc. $RRR

Fifth Third Bancorp grew its holdings in shares of Red Rock Resorts, Inc. (NASDAQ:RRR) by 68,444.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 34,272 shares of the company’s stock after acquiring an additional 34,222 shares during the period. Fifth Third Bancorp’s holdings in Red Rock Resorts were worth $1,829,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of RRR. Hsbc Holdings PLC boosted its holdings in Red Rock Resorts by 168.3% in the first quarter. Hsbc Holdings PLC now owns 86,798 shares of the company’s stock valued at $4,642,000 after purchasing an additional 54,443 shares during the last quarter. MQS Management LLC purchased a new stake in Red Rock Resorts during the 1st quarter worth approximately $310,000. Louisiana State Employees Retirement System purchased a new stake in Red Rock Resorts during the 1st quarter worth approximately $1,147,000. Vaughan Nelson Investment Management L.P. raised its position in shares of Red Rock Resorts by 6.6% in the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 650,943 shares of the company’s stock valued at $34,734,000 after purchasing an additional 40,295 shares in the last quarter. Finally, Baron Wealth Management LLC raised its position in shares of Red Rock Resorts by 3.0% in the 1st quarter. Baron Wealth Management LLC now owns 15,718 shares of the company’s stock valued at $839,000 after purchasing an additional 452 shares in the last quarter. 47.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

RRR has been the subject of a number of recent analyst reports. Morgan Stanley set a $61.00 price target on shares of Red Rock Resorts in a research report on Wednesday. Barclays upped their price target on shares of Red Rock Resorts from $65.00 to $72.00 and gave the company an “overweight” rating in a report on Thursday, July 9th. Citizens Jmp decreased their price objective on shares of Red Rock Resorts from $71.00 to $67.00 and set a “market outperform” rating for the company in a report on Thursday, April 30th. Stifel Nicolaus set a $70.00 target price on shares of Red Rock Resorts in a research report on Friday, May 29th. Finally, Zacks Research cut Red Rock Resorts from a “hold” rating to a “strong sell” rating in a research note on Wednesday, May 6th. Fourteen research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $71.24.

Red Rock Resorts Price Performance

Shares of NASDAQ:RRR opened at $63.89 on Thursday. The company has a quick ratio of 0.76, a current ratio of 0.81 and a debt-to-equity ratio of 14.42. Red Rock Resorts, Inc. has a fifty-two week low of $50.52 and a fifty-two week high of $68.99. The firm has a 50-day simple moving average of $60.64 and a 200 day simple moving average of $59.69. The company has a market cap of $6.71 billion, a PE ratio of 20.54, a P/E/G ratio of 4.66 and a beta of 1.35.

Red Rock Resorts (NASDAQ:RRR) last issued its earnings results on Wednesday, April 29th. The company reported $0.73 EPS for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.17). The company had revenue of $507.32 million during the quarter, compared to analyst estimates of $505.63 million. Red Rock Resorts had a net margin of 9.21% and a return on equity of 61.67%. The business’s revenue was up 1.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.75 earnings per share. On average, sell-side analysts anticipate that Red Rock Resorts, Inc. will post 1.53 EPS for the current year.

Red Rock Resorts Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date was Monday, June 15th. Red Rock Resorts’s dividend payout ratio is presently 33.44%.

Red Rock Resorts 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.