Monarch Casino & Resort, Inc. (MCRI) to Issue Quarterly Dividend of $0.30 on June 15th

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 is Friday, May 31st.

Monarch Casino & Resort has a dividend payout ratio of 26.1% indicating that 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 Price Performance

Shares of NASDAQ MCRI opened at $66.54 on Friday. 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. The company’s 50-day moving average is $70.75 and its 200 day moving average is $67.04. The stock has a market capitalization of $1.25 billion, a P/E ratio of 15.73 and a beta of 1.66.

Monarch Casino & Resort (NASDAQ:MCRI) last posted 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 firm had revenue of $128.19 million for the quarter, compared to analysts’ expectations of $119.33 million. Monarch Casino & Resort had a return on equity of 17.22% and a net margin of 16.40%. On average, sell-side analysts expect that Monarch Casino & Resort will post 4.55 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Advisor Group Holdings Inc. raised its holdings in shares of Monarch Casino & Resort by 31.6% during the first quarter. Advisor Group Holdings Inc. now owns 2,808 shares of the company’s stock valued at $245,000 after purchasing an additional 675 shares during the last quarter. Bank of New York Mellon Corp boosted its position in Monarch Casino & Resort by 5.6% in the first quarter. Bank of New York Mellon Corp now owns 130,546 shares of the company’s stock worth $11,387,000 after purchasing an additional 6,972 shares during the last quarter. US Bancorp DE grew its position in Monarch Casino & Resort by 11.9% during the first quarter. US Bancorp DE now owns 3,292 shares of the company’s stock valued at $286,000 after buying an additional 349 shares during the period. Citigroup Inc. increased its stake in shares of Monarch Casino & Resort by 11.6% in the 1st quarter. Citigroup Inc. now owns 11,323 shares of the company’s stock worth $988,000 after purchasing an additional 1,181 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its stake 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 buying an additional 1,421 shares during the period. Hedge funds and other institutional investors own 62.37% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.