MGM Resorts International (NYSE:MGM) Plans Dividend Increase – $0.15 Per Share

MGM Resorts International (NYSE:MGM) announced a quarterly dividend on Wednesday, February 12th, Zacks reports. Stockholders of record on Tuesday, March 10th will be paid a dividend of 0.15 per share on Monday, March 16th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.93%. The ex-dividend date of this dividend is Monday, March 9th. This is a positive change from MGM Resorts International’s previous quarterly dividend of $0.13.

MGM Resorts International has raised its dividend payment by an average of 10.9% per year over the last three years and has increased its dividend every year for the last 2 years. MGM Resorts International has a payout ratio of 42.3% meaning its dividend is sufficiently covered by earnings. Research analysts expect MGM Resorts International to earn $1.49 per share next year, which means the company should continue to be able to cover its $0.60 annual dividend with an expected future payout ratio of 40.3%.

MGM Resorts International stock traded down $0.73 during midday trading on Friday, hitting $31.07. 474,231 shares of the stock were exchanged, compared to its average volume of 6,042,897. The stock has a market capitalization of $16.36 billion, a PE ratio of -3,114.00, a P/E/G ratio of 2.14 and a beta of 1.50. The company has a fifty day simple moving average of $32.66 and a two-hundred day simple moving average of $30.35. The company has a quick ratio of 0.84, a current ratio of 0.87 and a debt-to-equity ratio of 1.47. MGM Resorts International has a 52 week low of $23.68 and a 52 week high of $34.63.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, February 12th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.24 by ($0.16). MGM Resorts International had a net margin of 0.11% and a return on equity of 4.10%. The business had revenue of $3.19 billion during the quarter, compared to the consensus estimate of $3.21 billion. During the same period in the previous year, the firm posted ($0.06) EPS. The company’s revenue was up 4.4% compared to the same quarter last year. As a group, equities research analysts anticipate that MGM Resorts International will post 0.88 EPS for the current fiscal year.

A number of research firms have issued reports on MGM. Roth Capital reissued a “buy” rating on shares of MGM Resorts International in a research report on Thursday, October 31st. Morgan Stanley cut their price target on shares of MGM Resorts International from $36.00 to $34.00 and set an “equal weight” rating for the company in a research note on Thursday. Zacks Investment Research raised shares of MGM Resorts International from a “hold” rating to a “buy” rating and set a $34.00 price target on the stock in a report on Friday, February 7th. Cfra cut shares of MGM Resorts International to a “sell” rating in a research report on Friday, February 7th. Finally, Barclays lifted their price objective on shares of MGM Resorts International from $37.00 to $40.00 and gave the stock an “overweight” rating in a report on Thursday, January 23rd. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $32.92.

MGM Resorts International Company Profile

MGM Resorts International, through its subsidiaries, owns and operates integrated casino, hotel, and entertainment resorts in the United States and Macau. The company operates through three segments: Las Vegas Strip Resorts, Regional Operations, and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities.

Further Reading: What is a dividend reinvestment plan?

Dividend History for MGM Resorts International (NYSE:MGM)

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