Monarch Casino & Resort (NASDAQ:MCRI) Price Target Raised to $144.00

Monarch Casino & Resort (NASDAQ:MCRI) had its price objective increased by Truist Financial from $125.00 to $144.00 in a research note issued to investors on Monday morning,Benzinga reports. They currently have a buy rating on the stock.

MCRI has been the topic of several other reports. Stifel Nicolaus raised their target price on Monarch Casino & Resort from $97.00 to $102.00 and gave the stock a “hold” rating in a research report on Wednesday, April 22nd. Zacks Research lowered shares of Monarch Casino & Resort from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 22nd. Weiss Ratings reiterated a “buy (b)” rating on shares of Monarch Casino & Resort in a research note on Wednesday, May 27th. Wells Fargo & Company raised their price objective on shares of Monarch Casino & Resort from $99.00 to $116.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 14th. Finally, UBS Group set a $124.00 price objective on shares of Monarch Casino & Resort in a report on Thursday, July 2nd. Two equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $124.40.

Monarch Casino & Resort Price Performance

NASDAQ MCRI opened at $118.27 on Monday. The stock has a market capitalization of $2.10 billion, a price-to-earnings ratio of 18.95 and a beta of 1.29. Monarch Casino & Resort has a 1-year low of $88.13 and a 1-year high of $135.93. The business’s fifty day moving average price is $124.48 and its 200-day moving average price is $107.91.

Monarch Casino & Resort (NASDAQ:MCRI) last issued its quarterly earnings data on Monday, July 20th. The company reported $1.78 EPS for the quarter, topping the consensus estimate of $1.68 by $0.10. The company had revenue of $142.60 million during the quarter, compared to analyst estimates of $142.85 million. Monarch Casino & Resort had a return on equity of 20.63% and a net margin of 20.40%.The business’s revenue was up 4.2% compared to the same quarter last year. Equities research analysts anticipate that Monarch Casino & Resort will post 7.07 EPS for the current year.

Monarch Casino & Resort Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $1.20 dividend on an annualized basis and a yield of 1.0%. Monarch Casino & Resort’s dividend payout ratio (DPR) is currently 19.23%.

Insider Activity at Monarch Casino & Resort

In other news, CEO John Farahi sold 5,000 shares of the company’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $120.84, for a total value of $604,200.00. Following the completion of the transaction, the chief executive officer owned 616,556 shares of the company’s stock, valued at $74,504,627.04. This represents a 0.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 26.34% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Kestra Advisory Services LLC purchased a new stake in Monarch Casino & Resort during the 4th quarter valued at approximately $40,000. Osaic Holdings Inc. raised its position in shares of Monarch Casino & Resort by 210.0% during the second quarter. Osaic Holdings Inc. now owns 465 shares of the company’s stock valued at $40,000 after buying an additional 315 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of Monarch Casino & Resort by 12.1% in the fourth quarter. GAMMA Investing LLC now owns 984 shares of the company’s stock worth $94,000 after buying an additional 106 shares in the last quarter. Parallel Advisors LLC lifted its holdings in shares of Monarch Casino & Resort by 191.3% in the first quarter. Parallel Advisors LLC now owns 1,136 shares of the company’s stock worth $109,000 after buying an additional 746 shares in the last quarter. Finally, Tower Research Capital LLC TRC boosted its position in shares of Monarch Casino & Resort by 69.8% during the second quarter. Tower Research Capital LLC TRC now owns 1,275 shares of the company’s stock worth $110,000 after acquiring an additional 524 shares during the last quarter. 62.37% of the stock is owned by hedge funds and other institutional investors.

About Monarch Casino & Resort

Monarch Casino & Resort, Inc is a publicly traded owner and operator of an integrated casino resort in Reno, Nevada. The company’s flagship property, the Atlantis Casino Resort Spa, features a full-service casino floor with table games, slot machines, and sports betting, complemented by a diverse portfolio of amenities. Guests can choose from over 800 rooms and suites, dine at multiple on-site restaurants and bars, unwind at the full-service spa and salon, or enjoy live entertainment in the property’s showroom.

Monarch’s revenue streams are diversified across gaming operations, hotel accommodations, food and beverage services, and convention and meeting facilities.