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

Monarch Casino & Resort, Inc. (NASDAQ:MCRI) declared a quarterly dividend on Monday, February 6th, 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 annualized dividend and a dividend yield of 1.32%. The ex-dividend date of this dividend is Friday, February 28th.

Monarch Casino & Resort has a dividend payout ratio of 23.3% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Monarch Casino & Resort to earn $5.29 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 22.7%.

Monarch Casino & Resort Price Performance

Shares of Monarch Casino & Resort stock opened at $90.61 on Wednesday. The stock has a market capitalization of $1.67 billion, a P/E ratio of 18.31 and a beta of 1.74. Monarch Casino & Resort has a 12 month low of $64.50 and a 12 month high of $96.11. The business has a 50 day simple moving average of $83.92 and a two-hundred day simple moving average of $80.64.

Monarch Casino & Resort (NASDAQ:MCRI) last issued its quarterly earnings results 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 net margin of 18.01% and a return on equity of 18.27%. During the same quarter last year, the firm earned $1.03 EPS. As a group, research analysts anticipate that Monarch Casino & Resort will post 5.13 EPS for the current fiscal year.

Analyst Ratings Changes

MCRI has been the topic of a number of research reports. Wells Fargo & Company raised their target price on shares of Monarch Casino & Resort from $79.00 to $82.00 and gave the stock an “underweight” rating in a research report on Wednesday, February 12th. StockNews.com lowered shares of Monarch Casino & Resort from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, February 12th. Truist Financial upgraded shares of Monarch Casino & Resort from a “hold” rating to a “buy” rating and lifted their price target for the company from $82.00 to $100.00 in a research report on Tuesday, January 14th. Stifel Nicolaus upped their price target on Monarch Casino & Resort from $80.00 to $90.00 and gave the stock a “hold” rating in a report on Wednesday, February 12th. Finally, Jefferies Financial Group lifted their price objective on Monarch Casino & Resort from $73.00 to $88.00 and gave the stock a “hold” rating in a report on Friday, January 3rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, Monarch Casino & Resort has an average rating of “Hold” and an average target price of $87.20.

Insider Buying and Selling

In other Monarch Casino & Resort news, CEO John Farahi sold 1,000 shares of the stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $77.70, for a total transaction of $77,700.00. Following the sale, the chief executive officer now owns 528,436 shares in the company, valued at approximately $41,059,477.20. This represents a 0.19 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 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.