Monarch Casino & Resort, Inc. (NASDAQ:MCRI) Plans Quarterly Dividend of $0.30

Monarch Casino & Resort, Inc. (NASDAQ:MCRI) announced a quarterly dividend on Wednesday, February 12th,Wall Street Journal reports. Stockholders of record on Saturday, March 1st will be given a dividend of 0.30 per share on Saturday, March 15th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.30%. The ex-dividend date of this dividend is Friday, February 28th.

Monarch Casino & Resort has a dividend payout ratio of 23.8% meaning its dividend is sufficiently covered by earnings. Research analysts expect Monarch Casino & Resort to earn $5.01 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 24.0%.

Monarch Casino & Resort Stock Performance

MCRI opened at $92.57 on Thursday. The business’s 50-day simple moving average is $82.73 and its 200 day simple moving average is $79.48. Monarch Casino & Resort has a 52-week low of $64.50 and a 52-week high of $93.38. The firm has a market capitalization of $1.70 billion, a PE ratio of 20.48 and a beta of 1.74.

Monarch Casino & Resort (NASDAQ:MCRI) last announced its quarterly earnings data on Tuesday, February 11th. The company reported $1.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.23. Monarch Casino & Resort had a return on equity of 17.06% and a net margin of 16.82%. During the same quarter in the previous year, the company posted $1.03 EPS. On average, research analysts forecast that Monarch Casino & Resort will post 4.73 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have commented on MCRI. StockNews.com cut shares of Monarch Casino & Resort from a “strong-buy” rating to a “buy” rating in a research note on Wednesday. Truist Financial upgraded shares of Monarch Casino & Resort from a “hold” rating to a “buy” rating and raised their target price for the company from $82.00 to $100.00 in a research note on Tuesday, January 14th. Wells Fargo & Company boosted their price target on Monarch Casino & Resort from $79.00 to $82.00 and gave the stock an “underweight” rating in a research report on Wednesday. Jefferies Financial Group raised their price objective on Monarch Casino & Resort from $73.00 to $88.00 and gave the company a “hold” rating in a research report on Friday, January 3rd. Finally, Stifel Nicolaus boosted their target price on Monarch Casino & Resort from $80.00 to $90.00 and gave the stock a “hold” rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, Monarch Casino & Resort currently has an average rating of “Hold” and an average price target of $87.20.

Insider Buying and Selling at Monarch Casino & Resort

In related news, CEO John Farahi sold 1,000 shares of the business’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $77.70, for a total value of $77,700.00. Following the completion of the sale, the chief executive officer now directly owns 528,436 shares in the company, valued at $41,059,477.20. The trade was a 0.19 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 24.94% of the company’s stock.

Monarch Casino & Resort Company Profile

Monarch Casino & Resort, Inc engages in the ownership and operation of the Atlantis Casino Resort Spa, a hotel and casino facility in Reno, Nevada, and the Monarch Black Hawk Casino in Black Hawk, Colorado. The company was founded in 1993 and is headquartered in Reno, NV.