Monarch Casino & Resort, Inc. (NASDAQ:MCRI) Declares $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 paid a dividend of 0.30 per share on Saturday, June 15th. This represents a $1.20 dividend on an annualized basis 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 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 MCRI opened at $66.54 on Friday. The firm’s 50 day simple moving average is $70.75 and its 200 day simple moving average is $67.04. The company has a market capitalization of $1.25 billion, a P/E ratio of 15.73 and a beta of 1.66. 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 1-year low of $56.25 and a 1-year high of $77.19.

Monarch Casino & Resort (NASDAQ:MCRI) last announced its earnings results on Wednesday, February 14th. The company reported $0.93 earnings per share for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.11). The company had revenue of $128.19 million during 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%. Sell-side analysts forecast that Monarch Casino & Resort will post 4.55 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in MCRI. State of Wyoming purchased a new position in shares of Monarch Casino & Resort during the fourth quarter worth approximately $28,000. UBS Group AG raised its stake in shares of 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 in the last quarter. Steward Partners Investment Advisory LLC purchased a new position in shares of Monarch Casino & Resort during the fourth quarter worth approximately $108,000. Captrust Financial Advisors grew its holdings in shares of 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 purchasing an additional 368 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its holdings in shares of 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 worth $189,000 after purchasing an additional 1,421 shares during the last quarter. 62.37% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MCRI has been the topic of a number of recent analyst reports. Truist Financial raised their target price on shares of Monarch Casino & Resort from $72.00 to $74.00 and gave the company a “hold” rating in a research note on Thursday, February 15th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $70.00 target price on shares of Monarch Casino & Resort in a research note on Friday, January 5th. StockNews.com raised shares of Monarch Casino & Resort from a “hold” rating to a “buy” rating in a research note on Saturday, March 9th. Finally, Macquarie lifted their price target on shares of Monarch Casino & Resort from $75.00 to $76.00 and gave the stock a “neutral” rating in a research note 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.