Comerica Bank Trims Stock Position in Wynn Resorts, Limited $WYNN

Comerica Bank lowered its holdings in shares of Wynn Resorts, Limited (NASDAQ:WYNN) by 82.5% in the 4th quarter, Holdings Channel.com reports. The firm owned 39,419 shares of the casino operator’s stock after selling 186,197 shares during the quarter. Comerica Bank’s holdings in Wynn Resorts were worth $4,743,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Root Financial Partners LLC purchased a new stake in shares of Wynn Resorts during the 3rd quarter valued at about $26,000. Steigerwald Gordon & Koch Inc. bought a new position in shares of Wynn Resorts during the 3rd quarter valued at approximately $31,000. Atlantic Edge Private Wealth Management LLC grew its stake in shares of Wynn Resorts by 400.0% during the 3rd quarter. Atlantic Edge Private Wealth Management LLC now owns 250 shares of the casino operator’s stock valued at $32,000 after acquiring an additional 200 shares during the period. Cromwell Holdings LLC grew its stake in shares of Wynn Resorts by 68.2% during the 4th quarter. Cromwell Holdings LLC now owns 254 shares of the casino operator’s stock valued at $31,000 after acquiring an additional 103 shares during the period. Finally, MUFG Securities EMEA plc bought a new position in shares of Wynn Resorts during the 2nd quarter valued at approximately $25,000. Hedge funds and other institutional investors own 88.64% of the company’s stock.

Wynn Resorts Price Performance

WYNN stock opened at $105.98 on Friday. Wynn Resorts, Limited has a 1-year low of $80.86 and a 1-year high of $134.72. The company has a market capitalization of $11.03 billion, a price-to-earnings ratio of 35.33, a PEG ratio of 5.94 and a beta of 1.01. The business has a 50 day simple moving average of $103.97 and a two-hundred day simple moving average of $114.60.

Wynn Resorts (NASDAQ:WYNN) last posted its quarterly earnings results on Thursday, February 12th. The casino operator reported $1.17 earnings per share for the quarter, missing the consensus estimate of $1.33 by ($0.16). Wynn Resorts had a negative return on equity of 39.05% and a net margin of 4.59%.The business had revenue of $1.87 billion during the quarter, compared to the consensus estimate of $1.85 billion. During the same quarter in the previous year, the company earned $2.42 earnings per share. The company’s revenue for the quarter was up 1.5% compared to the same quarter last year. Sell-side analysts anticipate that Wynn Resorts, Limited will post 4.93 EPS for the current fiscal year.

Wynn Resorts Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 4th. Shareholders of record on Monday, February 23rd were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.9%. The ex-dividend date was Monday, February 23rd. Wynn Resorts’s dividend payout ratio is presently 33.33%.

Analyst Ratings Changes

A number of brokerages recently issued reports on WYNN. Mizuho boosted their price objective on Wynn Resorts from $131.00 to $134.00 and gave the company an “outperform” rating in a research note on Tuesday, February 17th. Morgan Stanley cut their price objective on Wynn Resorts from $139.00 to $136.00 and set an “overweight” rating for the company in a research note on Wednesday, February 25th. Texas Capital upgraded Wynn Resorts to a “strong-buy” rating in a research note on Thursday, January 8th. Barclays boosted their price objective on Wynn Resorts from $141.00 to $143.00 and gave the company an “overweight” rating in a research note on Friday, January 16th. Finally, Susquehanna cut their price objective on Wynn Resorts from $133.00 to $127.00 and set a “positive” rating for the company in a research note on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, Wynn Resorts has a consensus rating of “Moderate Buy” and an average price target of $137.93.

Wynn Resorts Company Profile

Wynn Resorts, Limited (NASDAQ: WYNN) is a global developer and operator of luxury resorts and casinos, renowned for its premium hospitality offerings and integrated entertainment experiences. The company specializes in high-end hotel accommodations, gaming operations, fine dining restaurants, retail outlets, meeting and convention spaces, and live entertainment venues. Its properties are designed to cater to both leisure and business travelers seeking upscale environments and world-class service.

Founded in 2002 by hospitality entrepreneur Steve Wynn, the company opened its flagship property, Wynn Las Vegas, on the Las Vegas Strip in 2005, followed by Encore Las Vegas in 2008.