Monarch Casino & Resort (NASDAQ:MCRI) Announces Earnings Results

Monarch Casino & Resort (NASDAQ:MCRI) posted its quarterly earnings results on Wednesday. The company reported $0.96 earnings per share for the quarter, missing the consensus estimate of $0.98 by ($0.02), Yahoo Finance reports. The company had revenue of $121.66 million during the quarter, compared to the consensus estimate of $122.13 million. Monarch Casino & Resort had a net margin of 16.40% and a return on equity of 17.22%. During the same period last year, the firm posted $0.90 earnings per share.

Monarch Casino & Resort Price Performance

Shares of MCRI traded up $0.61 during mid-day trading on Friday, reaching $67.15. 31,544 shares of the stock traded hands, compared to its average volume of 115,216. The company has a market cap of $1.26 billion, a price-to-earnings ratio of 15.81 and a beta of 1.66. Monarch Casino & Resort has a 1 year low of $56.25 and a 1 year high of $75.52. The firm has a fifty day moving average price of $70.75 and a 200 day moving average price of $67.04. The company has a current ratio of 0.61, a quick ratio of 0.55 and a debt-to-equity ratio of 0.01.

Monarch Casino & Resort Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Saturday, June 15th. Investors of record on Saturday, June 1st will be paid a dividend of $0.30 per share. The ex-dividend date is Friday, May 31st. This represents a $1.20 annualized dividend and a yield of 1.79%. Monarch Casino & Resort’s dividend payout ratio is currently 28.37%.

Institutional Trading of Monarch Casino & Resort

Several institutional investors and hedge funds have recently made changes to their positions in MCRI. Advisor Group Holdings Inc. raised its position in Monarch Casino & Resort by 31.6% in the 1st quarter. Advisor Group Holdings Inc. now owns 2,808 shares of the company’s stock worth $245,000 after purchasing an additional 675 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Monarch Casino & Resort by 5.6% during the first quarter. Bank of New York Mellon Corp now owns 130,546 shares of the company’s stock valued at $11,387,000 after purchasing an additional 6,972 shares during the period. US Bancorp DE increased its stake in shares of Monarch Casino & Resort by 11.9% in the first quarter. US Bancorp DE now owns 3,292 shares of the company’s stock worth $286,000 after buying an additional 349 shares during the period. Citigroup Inc. raised its holdings in Monarch Casino & Resort by 11.6% during the 1st quarter. Citigroup Inc. now owns 11,323 shares of the company’s stock valued at $988,000 after buying an additional 1,181 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its holdings in Monarch Casino & Resort by 190.5% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,167 shares of the company’s stock valued at $189,000 after buying an additional 1,421 shares during the last quarter. Hedge funds and other institutional investors own 62.37% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on MCRI shares. Stifel Nicolaus restated a “hold” rating and set a $70.00 price target on shares of Monarch Casino & Resort in a research note on Friday, January 5th. Macquarie raised their price target on shares of Monarch Casino & Resort from $75.00 to $76.00 and gave the company a “neutral” rating in a research report on Thursday. StockNews.com raised Monarch Casino & Resort from a “hold” rating to a “buy” rating in a report on Saturday, March 9th. Finally, Truist Financial lifted their target price on Monarch Casino & Resort from $72.00 to $74.00 and gave the company a “hold” rating in a research report on Thursday, February 15th.

Monarch Casino & Resort Company Profile

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.