Monarch Casino & Resort (NASDAQ:MCRI) Reaches New 52-Week High at $79.44

Monarch Casino & Resort, Inc. (NASDAQ:MCRI)’s share price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $79.44 and last traded at $79.44, with a volume of 21531 shares changing hands. The stock had previously closed at $78.58.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Macquarie reiterated a “neutral” rating and set a $76.00 price target on shares of Monarch Casino & Resort in a research note on Thursday, July 25th. Truist Financial increased their price target on shares of Monarch Casino & Resort from $74.00 to $75.00 and gave the stock a “hold” rating in a research note on Thursday, July 25th.

Monarch Casino & Resort Stock Performance

The stock’s fifty day moving average price is $68.37 and its 200-day moving average price is $69.20. The firm has a market cap of $1.47 billion, a PE ratio of 18.51 and a beta of 1.74.

Monarch Casino & Resort Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Sunday, September 15th. Shareholders of record on Sunday, September 1st will be issued a dividend of $0.30 per share. The ex-dividend date is Friday, August 30th. This represents a $1.20 annualized dividend and a yield of 1.53%. Monarch Casino & Resort’s dividend payout ratio (DPR) is currently 28.37%.

Insider Buying and Selling at Monarch Casino & Resort

In other news, insider Paul Andrews 3,100 shares of the business’s stock in a transaction that occurred on Tuesday, July 30th. The was disclosed in a document filed with the SEC, which is accessible through this link. In other news, insider Paul Andrews 3,100 shares of the business’s stock in a transaction that occurred on Tuesday, July 30th. The was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO John Farahi sold 2,000 shares of the firm’s stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $68.00, for a total transaction of $136,000.00. Following the sale, the chief executive officer now directly owns 525,310 shares in the company, valued at $35,721,080. The disclosure for this sale can be found here. 24.94% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Monarch Casino & Resort

Several hedge funds have recently modified their holdings of the stock. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Monarch Casino & Resort by 81.9% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,712 shares of the company’s stock worth $185,000 after acquiring an additional 1,221 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Monarch Casino & Resort by 0.8% in the second quarter. Bank of New York Mellon Corp now owns 178,727 shares of the company’s stock worth $12,177,000 after acquiring an additional 1,400 shares during the last quarter. Tributary Capital Management LLC boosted its position in shares of Monarch Casino & Resort by 0.3% in the second quarter. Tributary Capital Management LLC now owns 276,426 shares of the company’s stock worth $18,833,000 after acquiring an additional 827 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of Monarch Casino & Resort in the second quarter worth approximately $751,000. Finally, Annex Advisory Services LLC boosted its position in shares of Monarch Casino & Resort by 12.0% in the second quarter. Annex Advisory Services LLC now owns 15,768 shares of the company’s stock worth $1,074,000 after acquiring an additional 1,690 shares during the last quarter. 62.37% of the stock is owned by institutional investors and hedge funds.

About Monarch Casino & Resort

Monarch Casino & Resort, Inc, through its subsidiaries, owns and operates the Atlantis Casino Resort Spa, a hotel and casino in Reno, Nevada. It also owns and operates the Monarch Casino Resort Spa Black Hawk in Black Hawk, Colorado. The company was incorporated in 1993 and is based in Reno, Nevada.