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

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

Monarch Casino & Resort has a payout ratio of 26.1% indicating that its dividend is sufficiently covered by earnings. Equities research 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.

Institutional Trading of Monarch Casino & Resort

A number of hedge funds have recently bought and sold shares of the business. State of Wyoming acquired a new position in shares of Monarch Casino & Resort during the 4th quarter worth approximately $28,000. UBS Group AG boosted its position in shares of Monarch Casino & Resort by 214.2% during the 3rd quarter. UBS Group AG now owns 1,458 shares of the company’s stock valued at $82,000 after acquiring an additional 994 shares during the last quarter. Steward Partners Investment Advisory LLC acquired a new position in shares of Monarch Casino & Resort during the 4th quarter valued at about $108,000. Captrust Financial Advisors grew its holdings in shares of Monarch Casino & Resort by 30.0% in the first quarter. Captrust Financial Advisors now owns 1,593 shares of the company’s stock valued at $139,000 after purchasing an additional 368 shares during the period. Finally, PNC Financial Services Group Inc. increased its position in Monarch Casino & Resort by 190.5% during the first quarter. PNC Financial Services Group Inc. now owns 2,167 shares of the company’s stock worth $189,000 after purchasing an additional 1,421 shares during the last quarter. Institutional investors and hedge funds own 62.37% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on MCRI. StockNews.com raised shares of Monarch Casino & Resort from a “hold” rating to a “buy” rating in a report on Saturday, March 9th. Macquarie boosted their price objective on Monarch Casino & Resort from $75.00 to $76.00 and gave the company a “neutral” rating in a report on Thursday. 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. Finally, Stifel Nicolaus restated a “hold” rating and issued a $70.00 price objective on shares of Monarch Casino & Resort in a research report on Friday, January 5th.

About Monarch Casino & Resort

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.