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

Monarch Casino & Resort, Inc. (NASDAQ:MCRI) declared a quarterly dividend on Wednesday, July 24th, Zacks reports. Shareholders of record on Sunday, September 1st will be given a dividend of 0.30 per share on Sunday, September 15th. This represents a $1.20 dividend on an annualized basis and a yield of 1.57%. The ex-dividend date is Friday, August 30th.

Monarch Casino & Resort has a payout ratio of 25.9% meaning its dividend is sufficiently covered by earnings. Analysts expect Monarch Casino & Resort to earn $4.67 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 25.7%.

Monarch Casino & Resort Trading Up 11.3 %

Shares of MCRI stock opened at $76.52 on Friday. The company’s fifty day moving average price is $67.70 and its 200-day moving average price is $68.90. The stock has a market cap of $1.43 billion, a PE ratio of 18.09 and a beta of 1.74. Monarch Casino & Resort has a 12 month low of $56.25 and a 12 month high of $77.50.

Insider Buying and Selling at Monarch Casino & Resort

In other news, CEO John Farahi sold 2,000 shares of the stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $68.00, for a total value of $136,000.00. Following the transaction, the chief executive officer now owns 525,310 shares in the company, valued at approximately $35,721,080. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 24.94% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on MCRI. Macquarie reaffirmed a “neutral” rating and set a $76.00 price target on shares of Monarch Casino & Resort in a report on Thursday. Truist Financial lifted their target price on shares of Monarch Casino & Resort from $74.00 to $75.00 and gave the stock a “hold” rating in a research report on Thursday.

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.