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%.
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.
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.
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