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

Monarch Casino & Resort, Inc. (NASDAQ:MCRI) announced a quarterly dividend on Wednesday, February 12th,Wall Street Journal reports. Investors 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 annualized dividend 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. 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 Trading Up 7.9 %

NASDAQ MCRI traded up $6.76 during trading on Wednesday, reaching $92.57. The company’s stock had a trading volume of 230,467 shares, compared to its average volume of 93,572. The business has a 50-day moving average price of $82.62 and a 200-day moving average price of $79.39. Monarch Casino & Resort has a 1-year low of $64.50 and a 1-year high of $93.38. The stock has a market capitalization of $1.70 billion, a PE ratio of 20.48 and a beta of 1.74.

Monarch Casino & Resort (NASDAQ:MCRI) last posted its quarterly earnings data 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 last year, the firm earned $1.03 EPS. As a group, analysts expect that Monarch Casino & Resort will post 4.73 earnings per share for the current year.

Insiders Place Their Bets

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

Analysts Set New Price Targets

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

Monarch Casino & Resort Company Profile

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.