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

Monarch Casino & Resort, Inc. (NASDAQ:MCRI) announced a quarterly dividend on Tuesday, April 21st. Stockholders of record on Monday, June 1st will be given a dividend of 0.30 per share on Monday, June 15th. This represents a c) annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend is Monday, June 1st.

Monarch Casino & Resort has a dividend payout ratio of 23.1% meaning its dividend is sufficiently covered by earnings. Research analysts expect Monarch Casino & Resort to earn $6.14 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 19.5%.

Monarch Casino & Resort Price Performance

NASDAQ:MCRI opened at $98.58 on Wednesday. The firm has a market capitalization of $1.75 billion, a price-to-earnings ratio of 18.15 and a beta of 1.30. Monarch Casino & Resort has a 1 year low of $74.39 and a 1 year high of $113.88. The business has a 50 day simple moving average of $97.14 and a 200-day simple moving average of $95.69.

Monarch Casino & Resort (NASDAQ:MCRI) last posted its quarterly earnings data on Tuesday, April 21st. The company reported $1.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.37. The business had revenue of $136.55 million during the quarter, compared to analyst estimates of $128.49 million. Monarch Casino & Resort had a return on equity of 18.68% and a net margin of 18.60%.The firm’s revenue was up 8.9% compared to the same quarter last year. As a group, analysts expect that Monarch Casino & Resort will post 5.95 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Wells Fargo & Company raised their price objective on Monarch Casino & Resort from $93.00 to $97.00 and gave the company an “equal weight” rating in a research note on Thursday, April 16th. Stifel Nicolaus raised their price objective on Monarch Casino & Resort from $97.00 to $102.00 and gave the company a “hold” rating in a research note on Wednesday. Jefferies Financial Group reaffirmed a “hold” rating and issued a $112.00 price objective on shares of Monarch Casino & Resort in a research note on Wednesday, December 24th. Zacks Research lowered Monarch Casino & Resort from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 6th. Finally, Truist Financial raised their price target on Monarch Casino & Resort from $120.00 to $125.00 and gave the stock a “buy” rating in a research note on Wednesday. Two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $105.60.

Monarch Casino & Resort Company Profile

Monarch Casino & Resort, Inc is a publicly traded owner and operator of an integrated casino resort in Reno, Nevada. The company’s flagship property, the Atlantis Casino Resort Spa, features a full-service casino floor with table games, slot machines, and sports betting, complemented by a diverse portfolio of amenities. Guests can choose from over 800 rooms and suites, dine at multiple on-site restaurants and bars, unwind at the full-service spa and salon, or enjoy live entertainment in the property’s showroom.

Monarch’s revenue streams are diversified across gaming operations, hotel accommodations, food and beverage services, and convention and meeting facilities.