Monarch Casino & Resort, Inc. (NASDAQ:MCRI) to Issue 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 is Friday, February 28th.

Monarch Casino & Resort has a dividend payout ratio of 23.8% indicating that 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 Price Performance

Shares of NASDAQ: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 1 year low of $64.50 and a 1 year high of $93.38. The company has a market capitalization of $1.70 billion, a P/E ratio of 20.48 and a beta of 1.74.

Monarch Casino & Resort (NASDAQ:MCRI) last issued its quarterly earnings results on Tuesday, February 11th. The company reported $1.36 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 period in the previous year, the company earned $1.03 EPS. On average, sell-side analysts anticipate that Monarch Casino & Resort will post 4.73 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Stifel Nicolaus lifted their price objective on shares of Monarch Casino & Resort from $80.00 to $90.00 and gave the company a “hold” rating in a research note on Wednesday. Truist Financial raised Monarch Casino & Resort from a “hold” rating to a “buy” rating and boosted their price target for the stock from $82.00 to $100.00 in a report on Tuesday, January 14th. Jefferies Financial Group lifted their target price 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. Wells Fargo & Company boosted their target price on Monarch Casino & Resort from $79.00 to $82.00 and gave the stock an “underweight” rating in a research note on Wednesday. Finally, StockNews.com lowered shares of Monarch Casino & Resort from a “strong-buy” rating to a “buy” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, Monarch Casino & Resort has a consensus rating of “Hold” and an average price target of $87.20.

Insider Transactions at Monarch Casino & Resort

In other news, CEO John Farahi sold 1,000 shares of the stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $77.70, for a total transaction of $77,700.00. Following the transaction, the chief executive officer now owns 528,436 shares of the company’s stock, valued at $41,059,477.20. This represents a 0.19 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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.