Monarch Casino & Resort, Inc. (MCRI) to Issue Quarterly Dividend of $0.30 on March 15th

Monarch Casino & Resort, Inc. (NASDAQ:MCRI) declared a quarterly dividend on Monday, February 6th, Wall Street Journal reports. Shareholders of record on Saturday, March 1st will be paid a dividend of 0.30 per share on Saturday, March 15th. This represents a $1.20 annualized dividend and a yield of 1.32%. The ex-dividend date is Friday, February 28th.

Monarch Casino & Resort has a payout ratio of 23.3% meaning 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

MCRI opened at $90.61 on Wednesday. The stock has a 50-day moving average price of $83.92 and a 200-day moving average price of $80.64. The firm has a market cap of $1.67 billion, a PE ratio of 18.31 and a beta of 1.74. Monarch Casino & Resort has a 1 year low of $64.50 and a 1 year high of $96.11.

Monarch Casino & Resort (NASDAQ:MCRI) last announced its earnings results on Tuesday, February 11th. The company reported $1.36 earnings per share for the quarter, beating 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 posted $1.03 earnings per share. As a group, sell-side analysts anticipate that Monarch Casino & Resort will post 5.13 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. 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 raised Monarch Casino & Resort from a “hold” rating to a “buy” rating and raised their target price for the stock from $82.00 to $100.00 in a report on Tuesday, January 14th. Stifel Nicolaus lifted their target price on Monarch Casino & Resort from $80.00 to $90.00 and gave the company a “hold” rating in a research report on Wednesday, February 12th. Jefferies Financial Group upped their price target on Monarch Casino & Resort from $73.00 to $88.00 and gave the stock a “hold” rating in a research report on Friday, January 3rd. Finally, Wells Fargo & Company lifted their price objective on Monarch Casino & Resort from $79.00 to $82.00 and gave the company an “underweight” rating in a research report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Monarch Casino & Resort has an average rating of “Hold” and a consensus target price of $87.20.

Insider Transactions at Monarch Casino & Resort

In other news, CEO John Farahi sold 1,000 shares of the business’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $77.70, for a total transaction of $77,700.00. Following the completion of the sale, the chief executive officer now directly owns 528,436 shares of the company’s stock, valued at approximately $41,059,477.20. The trade was a 0.19 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 24.94% of the company’s stock.

About Monarch Casino & Resort

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.