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

Monarch Casino & Resort, Inc. (NASDAQ:MCRI) announced a quarterly dividend on Wednesday, April 17th, Zacks reports. Investors of record on Saturday, June 1st will be given a dividend of 0.30 per share on Saturday, June 15th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.80%. The ex-dividend date is Friday, May 31st.

Monarch Casino & Resort has a dividend payout ratio of 26.1% meaning its dividend is sufficiently covered by earnings. Analysts expect Monarch Casino & Resort to earn $4.69 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 25.6%.

Monarch Casino & Resort Price Performance

Shares of NASDAQ MCRI opened at $66.54 on Friday. Monarch Casino & Resort has a 52 week low of $56.25 and a 52 week high of $77.19. The business’s 50 day moving average price is $70.75 and its 200 day moving average price is $67.04. The company has a quick ratio of 0.55, a current ratio of 0.61 and a debt-to-equity ratio of 0.01. The firm has a market cap of $1.25 billion, a P/E ratio of 15.73 and a beta of 1.66.

Monarch Casino & Resort (NASDAQ:MCRI) last released its quarterly earnings data on Wednesday, February 14th. The company reported $0.93 EPS for the quarter, missing the consensus estimate of $1.04 by ($0.11). The business had revenue of $128.19 million during the quarter, compared to analysts’ expectations of $119.33 million. Monarch Casino & Resort had a net margin of 16.40% and a return on equity of 17.22%. On average, sell-side analysts expect that Monarch Casino & Resort will post 4.55 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on MCRI shares. StockNews.com raised Monarch Casino & Resort from a “hold” rating to a “buy” rating in a research report on Saturday, March 9th. Truist Financial lifted their price target on Monarch Casino & Resort from $72.00 to $74.00 and gave the company a “hold” rating in a research report on Thursday, February 15th. Macquarie raised their price objective on shares of Monarch Casino & Resort from $75.00 to $76.00 and gave the stock a “neutral” rating in a research note on Thursday. Finally, Stifel Nicolaus restated a “hold” rating and set a $70.00 price target on shares of Monarch Casino & Resort in a research report on Friday, January 5th.

Institutional Trading of Monarch Casino & Resort

Institutional investors and hedge funds have recently modified their holdings of the stock. The Manufacturers Life Insurance Company boosted its stake in shares of Monarch Casino & Resort by 3.0% in the second quarter. The Manufacturers Life Insurance Company now owns 5,553 shares of the company’s stock worth $391,000 after acquiring an additional 162 shares during the last quarter. Credit Suisse AG boosted its stake in Monarch Casino & Resort by 1.0% during the 4th quarter. Credit Suisse AG now owns 18,228 shares of the company’s stock worth $1,402,000 after purchasing an additional 177 shares during the last quarter. Fuller & Thaler Asset Management Inc. grew its holdings in shares of Monarch Casino & Resort by 0.5% during the first quarter. Fuller & Thaler Asset Management Inc. now owns 36,495 shares of the company’s stock worth $3,183,000 after buying an additional 185 shares in the last quarter. Legal & General Group Plc raised its position in shares of Monarch Casino & Resort by 0.6% in the second quarter. Legal & General Group Plc now owns 31,231 shares of the company’s stock valued at $1,832,000 after buying an additional 195 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky lifted its stake in shares of Monarch Casino & Resort by 5.3% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 3,991 shares of the company’s stock worth $281,000 after buying an additional 200 shares in the last quarter. Hedge funds and other institutional investors own 62.37% of the company’s stock.

Monarch Casino & Resort Company Profile

Monarch Casino & Resort, Inc, through its subsidiaries, owns and operates the Atlantis Casino Resort Spa, a hotel and casino in Reno, Nevada. It also owns and operates the Monarch Casino Resort Spa Black Hawk in Black Hawk, Colorado. The company was incorporated in 1993 and is based in Reno, Nevada.