Monarch Casino & Resort (NASDAQ:MCRI) Price Target Raised to $82.00

Monarch Casino & Resort (NASDAQ:MCRI) had its price target hoisted by Wells Fargo & Company from $79.00 to $82.00 in a research note published on Wednesday,Benzinga reports. They currently have an underweight rating on the stock.

Other equities research analysts have also issued reports about the company. Truist Financial raised Monarch Casino & Resort from a “hold” rating to a “buy” rating and lifted their target price for the company from $82.00 to $100.00 in a research report on Tuesday, January 14th. Jefferies Financial Group increased their target price on shares of Monarch Casino & Resort from $73.00 to $88.00 and gave the stock a “hold” rating in a report on Friday, January 3rd. StockNews.com lowered shares of Monarch Casino & Resort from a “strong-buy” rating to a “buy” rating in a report on Wednesday. Finally, Stifel Nicolaus increased their price objective on shares of Monarch Casino & Resort from $72.00 to $77.00 and gave the company a “hold” rating in a research note on Thursday, October 24th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $87.20.

Monarch Casino & Resort Trading Up 0.3 %

NASDAQ:MCRI opened at $94.47 on Wednesday. The stock has a fifty day simple moving average of $83.07 and a 200-day simple moving average of $79.70. The company has a market cap of $1.74 billion, a price-to-earnings ratio of 20.90 and a beta of 1.74. Monarch Casino & Resort has a twelve month low of $64.50 and a twelve month high of $96.11.

Monarch Casino & Resort (NASDAQ:MCRI) last released its quarterly earnings data on Tuesday, February 11th. The company reported $1.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.23. Monarch Casino & Resort had a net margin of 16.82% and a return on equity of 17.06%. During the same period in the previous year, the business posted $1.03 earnings per share. As a group, equities research analysts predict that Monarch Casino & Resort will post 4.73 EPS for the current fiscal year.

Monarch Casino & Resort Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Saturday, March 15th. Stockholders of record on Saturday, March 1st will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.27%. The ex-dividend date is Friday, February 28th. Monarch Casino & Resort’s payout ratio is currently 24.24%.

Insider Activity at Monarch Casino & Resort

In other news, CEO John Farahi sold 1,000 shares of the company’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $77.70, for a total transaction of $77,700.00. Following the transaction, the chief executive officer now directly owns 528,436 shares of the company’s stock, valued at approximately $41,059,477.20. This represents a 0.19 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 24.94% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Alliancebernstein L.P. grew its holdings in shares of Monarch Casino & Resort by 0.8% during the fourth quarter. Alliancebernstein L.P. now owns 15,381 shares of the company’s stock valued at $1,214,000 after buying an additional 121 shares during the last quarter. Trust Point Inc. lifted its position in Monarch Casino & Resort by 1.5% during the 3rd quarter. Trust Point Inc. now owns 11,008 shares of the company’s stock worth $873,000 after acquiring an additional 162 shares during the period. GAMMA Investing LLC increased its holdings in shares of Monarch Casino & Resort by 61.0% in the third quarter. GAMMA Investing LLC now owns 470 shares of the company’s stock valued at $37,000 after purchasing an additional 178 shares during the period. Heritage Family Offices LLP raised its stake in shares of Monarch Casino & Resort by 7.0% in the fourth quarter. Heritage Family Offices LLP now owns 2,993 shares of the company’s stock worth $236,000 after purchasing an additional 196 shares during the last quarter. Finally, New York State Teachers Retirement System lifted its holdings in shares of Monarch Casino & Resort by 0.9% during the fourth quarter. New York State Teachers Retirement System now owns 24,706 shares of the company’s stock worth $1,949,000 after purchasing an additional 210 shares during the period. 62.37% of the stock is currently owned by hedge funds and other institutional investors.

About Monarch Casino & Resort

Monarch Casino & Resort, Inc engages in the ownership and operation of the Atlantis Casino Resort Spa, a hotel and casino facility in Reno, Nevada, and the Monarch Black Hawk Casino in Black Hawk, Colorado. The company was founded in 1993 and is headquartered in Reno, NV.