Monarch Casino & Resort (NASDAQ:MCRI) Given New $82.00 Price Target at Wells Fargo & Company

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

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

Monarch Casino & Resort Stock Up 7.9 %

Shares of MCRI stock opened at $92.57 on Wednesday. Monarch Casino & Resort has a twelve month low of $64.50 and a twelve month high of $93.38. The business has a fifty day simple moving average of $82.73 and a 200 day simple moving average of $79.48. The company has a market cap of $1.70 billion, a P/E ratio of 20.48 and a beta of 1.74.

Monarch Casino & Resort (NASDAQ:MCRI) last posted its earnings results on Tuesday, February 11th. The company reported $1.36 EPS for the quarter, topping analysts’ consensus estimates 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 company earned $1.03 earnings per share. As a group, equities research analysts anticipate that Monarch Casino & Resort will post 4.73 earnings per share for the current fiscal year.

Monarch Casino & Resort Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Saturday, March 15th. Investors of record on Saturday, March 1st will be issued a $0.30 dividend. The ex-dividend date is Friday, February 28th. This represents a $1.20 dividend on an annualized basis and a yield of 1.30%. Monarch Casino & Resort’s payout ratio is 26.55%.

Insiders Place Their Bets

In other Monarch Casino & Resort news, CEO John Farahi sold 1,000 shares of the stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $77.70, for a total transaction of $77,700.00. Following the completion of the sale, the chief executive officer now owns 528,436 shares of the company’s stock, valued at approximately $41,059,477.20. This represents a 0.19 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 24.94% of the company’s stock.

Institutional Investors Weigh In On Monarch Casino & Resort

A number of institutional investors have recently modified their holdings of MCRI. HighTower Advisors LLC acquired a new position in Monarch Casino & Resort in the third quarter valued at $258,000. Barclays PLC raised its position in shares of Monarch Casino & Resort by 108.2% in the 3rd quarter. Barclays PLC now owns 33,508 shares of the company’s stock worth $2,656,000 after acquiring an additional 17,413 shares in the last quarter. Wellington Management Group LLP lifted its stake in shares of Monarch Casino & Resort by 3.9% in the 3rd quarter. Wellington Management Group LLP now owns 219,625 shares of the company’s stock valued at $17,410,000 after purchasing an additional 8,283 shares during the period. Ritholtz Wealth Management acquired a new position in shares of Monarch Casino & Resort in the 4th quarter valued at about $254,000. Finally, Versor Investments LP bought a new stake in shares of Monarch Casino & Resort during the 3rd quarter valued at about $230,000. 62.37% of the stock is owned by institutional investors.

Monarch Casino & Resort Company Profile

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.