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

Monarch Casino & Resort, Inc. (NASDAQ:MCRI) announced a quarterly dividend on Wednesday, April 17th, Zacks reports. Stockholders of record on Saturday, June 1st will be given 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 of this dividend is Friday, May 31st.

Monarch Casino & Resort has a dividend payout ratio of 26.1% meaning its dividend is sufficiently covered by earnings. Equities 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 Stock Performance

Shares of Monarch Casino & Resort stock opened at $66.54 on Friday. The stock has a market capitalization of $1.25 billion, a price-to-earnings ratio of 15.73 and a beta of 1.66. The firm’s fifty day simple moving average is $70.75 and its 200-day simple moving average is $67.04. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.61 and a quick ratio of 0.55. Monarch Casino & Resort has a 12 month low of $56.25 and a 12 month high of $77.19.

Monarch Casino & Resort (NASDAQ:MCRI) last posted its quarterly earnings data on Wednesday, February 14th. The company reported $0.93 EPS for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.11). Monarch Casino & Resort had a net margin of 16.40% and a return on equity of 17.22%. The business had revenue of $128.19 million during the quarter, compared to analyst estimates of $119.33 million. As a group, equities analysts forecast that Monarch Casino & Resort will post 4.55 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on MCRI shares. Macquarie upped their price objective on Monarch Casino & Resort from $75.00 to $76.00 and gave the company a “neutral” rating in a research note on Thursday. StockNews.com raised Monarch Casino & Resort from a “hold” rating to a “buy” rating in a report on Saturday, March 9th. Stifel Nicolaus reaffirmed a “hold” rating and set a $70.00 price target on shares of Monarch Casino & Resort in a report on Friday, January 5th. Finally, Truist Financial lifted their price objective on shares of Monarch Casino & Resort from $72.00 to $74.00 and gave the company a “hold” rating in a research report on Thursday, February 15th.

Institutional Investors Weigh In On Monarch Casino & Resort

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

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.