MGM Resorts International (NYSE:MGM) Plans Dividend Increase – $0.12 Per Share

MGM Resorts International (NYSE:MGM) declared a quarterly dividend on Tuesday, February 20th, RTT News reports. Shareholders of record on Friday, March 9th will be given a dividend of 0.12 per share on Thursday, March 15th. This represents a $0.48 dividend on an annualized basis and a yield of 1.37%. The ex-dividend date of this dividend is Thursday, March 8th. This is a boost from MGM Resorts International’s previous quarterly dividend of $0.11.

MGM Resorts International has a dividend payout ratio of 40.4% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect MGM Resorts International to earn $1.84 per share next year, which means the company should continue to be able to cover its $0.44 annual dividend with an expected future payout ratio of 23.9%.

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Shares of MGM Resorts International stock traded up $0.92 during trading hours on Thursday, reaching $35.02. The company’s stock had a trading volume of 7,139,878 shares, compared to its average volume of 8,237,153. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.73 and a current ratio of 0.77. MGM Resorts International has a one year low of $27.00 and a one year high of $38.41. The company has a market cap of $19,743.57, a P/E ratio of 10.30, a PEG ratio of 1.66 and a beta of 1.45.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Tuesday, February 20th. The company reported $0.11 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.07 by $0.04. MGM Resorts International had a net margin of 17.92% and a return on equity of 5.78%. The company had revenue of $2.60 billion for the quarter, compared to the consensus estimate of $2.51 billion. During the same period last year, the firm posted $0.11 EPS. The company’s revenue for the quarter was up 5.5% on a year-over-year basis. sell-side analysts predict that MGM Resorts International will post 1.39 earnings per share for the current year.

In other MGM Resorts International news, Director William A. Bible sold 6,260 shares of the firm’s stock in a transaction dated Tuesday, March 6th. The shares were sold at an average price of $34.47, for a total transaction of $215,782.20. Following the transaction, the director now owns 27,081 shares of the company’s stock, valued at approximately $933,482.07. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Corey Ian Sanders sold 23,134 shares of the firm’s stock in a transaction dated Monday, March 12th. The shares were sold at an average price of $36.68, for a total transaction of $848,555.12. Following the transaction, the insider now directly owns 203,425 shares in the company, valued at approximately $7,461,629. The disclosure for this sale can be found here. In the last three months, insiders have acquired 46,000 shares of company stock worth $49,000 and have sold 142,646 shares worth $5,104,710. 12.20% of the stock is currently owned by company insiders.

A number of research analysts have recently issued reports on MGM shares. JPMorgan Chase & Co. restated an “overweight” rating and issued a $44.00 price target (up from $41.00) on shares of MGM Resorts International in a research report on Tuesday, January 9th. Jefferies Group started coverage on shares of MGM Resorts International in a research report on Thursday, January 18th. They issued a “buy” rating and a $43.00 price target on the stock. Zacks Investment Research upgraded shares of MGM Resorts International from a “hold” rating to a “buy” rating and set a $40.00 price target on the stock in a research report on Monday, February 5th. Stifel Nicolaus restated a “hold” rating and issued a $37.00 price target (up from $36.00) on shares of MGM Resorts International in a research report on Wednesday, February 21st. Finally, Bank of America raised their price target on shares of MGM Resorts International from $38.00 to $39.00 and gave the stock a “buy” rating in a research report on Wednesday, February 21st. Six analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. MGM Resorts International presently has an average rating of “Buy” and a consensus price target of $38.38.

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MGM Resorts International Company Profile

MGM Resorts International is a holding company. The Company, through its subsidiaries, owns and operates casino resorts. The Company operates in two segments: domestic resorts and MGM China. Its domestic resorts segment consists of non-gaming operations, including hotel, food and beverage, entertainment and other non-gaming amenities.

Dividend History for MGM Resorts International (NYSE:MGM)

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