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

Monarch Casino & Resort, Inc. (NASDAQ:MCRI) announced a quarterly dividend on Monday, February 6th,Zacks Dividends reports. Stockholders of record on Sunday, December 1st will be paid a dividend of 0.30 per share on Sunday, December 15th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.43%. The ex-dividend date of this dividend is Friday, November 29th.

Monarch Casino & Resort has a dividend payout ratio of 24.6% meaning its dividend is sufficiently covered by earnings. Analysts expect Monarch Casino & Resort to earn $4.93 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 24.3%.

Monarch Casino & Resort Stock Performance

MCRI opened at $83.99 on Thursday. The stock has a market capitalization of $1.54 billion, a price-to-earnings ratio of 18.58 and a beta of 1.73. The company has a fifty day moving average of $79.13 and a 200 day moving average of $73.60. Monarch Casino & Resort has a fifty-two week low of $62.03 and a fifty-two week high of $86.68.

Monarch Casino & Resort (NASDAQ:MCRI) last posted its earnings results on Wednesday, October 23rd. The company reported $1.47 earnings per share for the quarter, beating the consensus estimate of $1.37 by $0.10. The company had revenue of $137.87 million during the quarter, compared to analysts’ expectations of $134.50 million. Monarch Casino & Resort had a net margin of 16.82% and a return on equity of 17.06%. During the same period last year, the company posted $1.38 earnings per share. On average, equities research analysts forecast that Monarch Casino & Resort will post 4.72 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on MCRI. Stifel Nicolaus raised their target price on shares of Monarch Casino & Resort from $72.00 to $77.00 and gave the company a “hold” rating in a research note on Thursday, October 24th. Truist Financial raised their target price on shares of Monarch Casino & Resort from $75.00 to $82.00 and gave the company a “hold” rating in a research note on Wednesday, October 23rd. Finally, StockNews.com cut shares of Monarch Casino & Resort from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, November 6th.

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.