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

Key Points

• Monarch Casino & Resort, Inc. has declared a quarterly dividend of $0.30 per share, with stockholders of record receiving it on December 15th; this results in an annualized dividend yield of 1.2%.
• The company reported earnings per share (EPS) of $1.69 in its latest quarterly results, surpassing estimates, with revenues recorded at $142.81 million.
• Analysts have mixed ratings on the stock, with a current consensus of "Hold" and a target price averaging $93.20; Wells Fargo upgraded the stock from "underweight" to "equal weight."

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

Monarch Casino & Resort has a payout ratio of 23.1% meaning its dividend is sufficiently covered by earnings. 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 Performance

NASDAQ:MCRI opened at $97.21 on Wednesday. Monarch Casino & Resort has a 1 year low of $69.99 and a 1 year high of $113.88. The stock has a market cap of $1.78 billion, a price-to-earnings ratio of 18.27 and a beta of 1.49. The business has a fifty day moving average of $101.66 and a 200-day moving average of $91.50.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last released its quarterly earnings results on Tuesday, October 21st. The company reported $1.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.63 by $0.06. Monarch Casino & Resort had a return on equity of 18.99% and a net margin of 18.70%.The company had revenue of $142.81 million during the quarter, compared to analysts' expectations of $145.54 million. On average, equities research analysts predict that Monarch Casino & Resort will post 5.13 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently commented on MCRI shares. Wells Fargo & Company raised Monarch Casino & Resort from an "underweight" rating to an "equal weight" rating and boosted their price objective for the stock from $83.00 to $89.00 in a research note on Thursday, July 17th. Zacks Research downgraded Monarch Casino & Resort from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 15th. Wall Street Zen raised Monarch Casino & Resort from a "hold" rating to a "buy" rating in a research note on Sunday, July 13th. Stifel Nicolaus boosted 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, July 17th. Finally, Truist Financial boosted their price objective on Monarch Casino & Resort from $100.00 to $105.00 and gave the stock a "buy" rating in a research note on Wednesday, July 16th. Two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, Monarch Casino & Resort currently has a consensus 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.

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