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

Key Points

• Monarch Casino & Resort announced a quarterly dividend of $0.30 per share, payable on September 15 to shareholders of record on September 1. The dividend implies an annualized yield of about 1.0%.
• The company’s dividend appears well covered, with a 23.1% payout ratio, and analysts expect future earnings to support continued payments with an estimated 15.7% future payout ratio.
• Monarch Casino & Resort also reported solid quarterly results, posting $1.78 EPS versus the $1.67 consensus estimate, while revenue came in roughly in line with expectations at $142.6 million.

Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Get Free Report) announced a quarterly dividend on Monday, July 20th. Investors of record on Tuesday, September 1st will be paid a dividend of 0.30 per share on Tuesday, September 15th. This represents a c) annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend is Tuesday, September 1st.

Monarch Casino & Resort has a dividend payout ratio of 23.1% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Monarch Casino & Resort to earn $7.64 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 15.7%.

Monarch Casino & Resort Stock Up 1.1%

Shares of MCRI stock opened at $124.38 on Tuesday. Monarch Casino & Resort has a 52 week low of $88.13 and a 52 week high of $135.93. The stock has a market capitalization of $2.21 billion, a PE ratio of 21.08 and a beta of 1.29. The firm has a 50 day moving average of $124.41 and a two-hundred day moving average of $107.60.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last posted its quarterly earnings data on Monday, July 20th. The company reported $1.78 earnings per share for the quarter, topping analysts' consensus estimates of $1.67 by $0.11. The business had revenue of $142.60 million for the quarter, compared to analyst estimates of $142.51 million. Monarch Casino & Resort had a return on equity of 19.98% and a net margin of 19.62%. Analysts expect that Monarch Casino & Resort will post 7.07 EPS for the current fiscal year.

Insider Activity

In related news, CEO John Farahi sold 5,000 shares of the stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $120.84, for a total value of $604,200.00. Following the transaction, the chief executive officer directly owned 616,556 shares of the company's stock, valued at $74,504,627.04. This trade represents a 0.80% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 26.34% of the company's stock.

Hedge Funds Weigh In On Monarch Casino & Resort

Large investors have recently bought and sold shares of the stock. GAMMA Investing LLC grew its holdings in shares of Monarch Casino & Resort by 7.6% during the second quarter. GAMMA Investing LLC now owns 1,791 shares of the company's stock worth $236,000 after purchasing an additional 126 shares during the last quarter. Pacer Advisors Inc. boosted its position in shares of Monarch Casino & Resort by 2.2% in the 1st quarter. Pacer Advisors Inc. now owns 51,439 shares of the company's stock valued at $4,918,000 after purchasing an additional 1,128 shares during the period. Empowered Funds LLC acquired a new stake in shares of Monarch Casino & Resort in the 1st quarter valued at about $209,000. Bank of America Corp DE boosted its position in shares of Monarch Casino & Resort by 7.4% in the 1st quarter. Bank of America Corp DE now owns 48,819 shares of the company's stock valued at $4,667,000 after purchasing an additional 3,362 shares during the period. Finally, Amundi purchased a new position in Monarch Casino & Resort during the 1st quarter worth approximately $415,000. Institutional investors and hedge funds own 62.37% of the company's stock.

About Monarch Casino & Resort

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.

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