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

Monarch Casino & Resort, Inc. (NASDAQ:MCRI) announced a quarterly dividend on Wednesday, October 23rd, Zacks reports. Stockholders of record on Sunday, December 1st will be given a dividend of 0.30 per share on Sunday, December 15th. This represents a $1.20 annualized dividend and a dividend yield of 1.53%. The ex-dividend date of this dividend is Friday, November 29th.

Monarch Casino & Resort has a payout ratio of 24.7% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Monarch Casino & Resort to earn $4.94 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 24.3%.

Monarch Casino & Resort Stock Performance

MCRI stock opened at $78.43 on Friday. Monarch Casino & Resort has a fifty-two week low of $57.88 and a fifty-two week high of $80.22. The company has a market capitalization of $1.47 billion, a price-to-earnings ratio of 18.54 and a beta of 1.73. The business’s 50 day moving average price is $75.90 and its two-hundred day moving average price is $71.52.

Monarch Casino & Resort (NASDAQ:MCRI) last announced its earnings results on Wednesday, October 23rd. The company reported $1.47 EPS for the quarter, beating analysts’ consensus estimates of $1.37 by $0.10. Monarch Casino & Resort had a net margin of 16.31% and a return on equity of 17.05%. During the same quarter in the previous year, the firm posted $1.38 EPS. Sell-side analysts forecast that Monarch Casino & Resort will post 4.62 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have issued reports on MCRI. Truist Financial boosted their price target on Monarch Casino & Resort from $75.00 to $82.00 and gave the company a “hold” rating in a research note on Wednesday. StockNews.com raised shares of Monarch Casino & Resort from a “buy” rating to a “strong-buy” rating in a research note on Monday. Macquarie reiterated a “neutral” rating and issued a $76.00 price target on shares of Monarch Casino & Resort in a research note on Thursday, July 25th. Finally, Stifel Nicolaus increased their target price on Monarch Casino & Resort from $72.00 to $77.00 and gave the stock a “hold” 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.