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

Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Get Free Report) announced a quarterly dividend on Wednesday, July 16th, RTT News reports. Shareholders of record on Monday, September 1st will be given a dividend of 0.30 per share on Monday, September 15th. This represents a $1.20 annualized dividend and a yield of 1.14%. The ex-dividend date is Friday, August 29th.

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 $5.29 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 22.7%.

Monarch Casino & Resort Stock Up 0.3%

Shares of NASDAQ MCRI traded up $0.32 during midday trading on Friday, hitting $105.15. The stock had a trading volume of 327,013 shares, compared to its average volume of 112,718. The business's 50 day moving average is $85.83 and its 200-day moving average is $83.55. Monarch Casino & Resort has a 52 week low of $67.14 and a 52 week high of $113.88. The company has a market cap of $1.94 billion, a P/E ratio of 19.77 and a beta of 1.54.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last released its quarterly earnings results on Wednesday, July 16th. The company reported $1.44 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.22. Monarch Casino & Resort had a return on equity of 18.99% and a net margin of 18.70%. The firm had revenue of $136.91 million for the quarter, compared to analysts' expectations of $129.76 million. As a group, analysts expect that Monarch Casino & Resort will post 5.13 EPS for the current fiscal year.

Hedge Funds Weigh In On Monarch Casino & Resort

A hedge fund recently raised its stake in Monarch Casino & Resort stock. AQR Capital Management LLC increased its position in shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Free Report) by 36.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 57,731 shares of the company's stock after purchasing an additional 15,295 shares during the period. AQR Capital Management LLC owned 0.31% of Monarch Casino & Resort worth $4,489,000 at the end of the most recent quarter. 62.37% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Wall Street Zen raised shares of Monarch Casino & Resort from a "hold" rating to a "buy" rating in a research note on Sunday, July 13th. Truist Financial raised their price target on Monarch Casino & Resort from $100.00 to $105.00 and gave the company a "buy" rating in a report on Wednesday. Stifel Nicolaus lifted their price objective on Monarch Casino & Resort from $81.00 to $92.00 and gave the stock a "hold" rating in a research note on Thursday. Macquarie reiterated a "neutral" rating and set a $92.00 target price on shares of Monarch Casino & Resort in a research report on Wednesday, April 23rd. Finally, Wells Fargo & Company upgraded shares of Monarch Casino & Resort from an "underweight" rating to an "equal weight" rating and boosted their price target for the stock from $83.00 to $89.00 in a research report on Thursday. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Monarch Casino & Resort currently has an average rating of "Hold" and a consensus target price of $93.20.

About Monarch Casino & Resort

Monarch Casino & Resort, Inc engages in the ownership and operation of the Atlantis Casino Resort Spa, a hotel and casino facility in Reno, Nevada, and the Monarch Black Hawk Casino in Black Hawk, Colorado. The company was founded in 1993 and is headquartered in Reno, NV.