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

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 dividend payout ratio of 26.1% meaning its dividend is sufficiently covered by earnings. 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 Trading Down 4.4 %

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 stock has a market cap of $1.25 billion, a price-to-earnings ratio of 15.73 and a beta of 1.66. 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 business has a 50-day moving average price of $70.75 and a 200-day moving average price of $67.04.

Monarch Casino & Resort (NASDAQ:MCRI) last announced its quarterly earnings results on Wednesday, February 14th. The company reported $0.93 earnings per share for the quarter, missing the consensus estimate of $1.04 by ($0.11). The company had revenue of $128.19 million for 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%. Equities analysts predict that Monarch Casino & Resort will post 4.55 EPS for the current year.

Institutional Trading of Monarch Casino & Resort

Several institutional investors have recently bought and sold shares of the business. The Manufacturers Life Insurance Company grew its holdings in Monarch Casino & Resort by 3.0% in the second quarter. The Manufacturers Life Insurance Company now owns 5,553 shares of the company’s stock valued at $391,000 after purchasing an additional 162 shares during the period. Credit Suisse AG grew its holdings in Monarch Casino & Resort by 1.0% in the fourth quarter. Credit Suisse AG now owns 18,228 shares of the company’s stock valued at $1,402,000 after purchasing an additional 177 shares during the period. Fuller & Thaler Asset Management Inc. grew its holdings in Monarch Casino & Resort by 0.5% in the first quarter. Fuller & Thaler Asset Management Inc. now owns 36,495 shares of the company’s stock valued at $3,183,000 after purchasing an additional 185 shares during the period. Legal & General Group Plc grew its holdings in Monarch Casino & Resort by 0.6% in the second quarter. Legal & General Group Plc now owns 31,231 shares of the company’s stock valued at $1,832,000 after purchasing an additional 195 shares during the period. Finally, Teachers Retirement System of The State of Kentucky grew its holdings in Monarch Casino & Resort by 5.3% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 3,991 shares of the company’s stock valued at $281,000 after purchasing an additional 200 shares during the period. 62.37% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

MCRI has been the subject of several recent research reports. StockNews.com upgraded Monarch Casino & Resort from a “hold” rating to a “buy” rating in a research report on Saturday, March 9th. Stifel Nicolaus reiterated a “hold” rating and set a $70.00 price target on shares of Monarch Casino & Resort in a research report on Friday, January 5th. 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, Macquarie lifted their price target on Monarch Casino & Resort from $75.00 to $76.00 and gave the company a “neutral” rating in a research report on Thursday.

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.