Macquarie Reaffirms Neutral Rating for Monarch Casino & Resort (NASDAQ:MCRI)

Macquarie reiterated their neutral rating on shares of Monarch Casino & Resort (NASDAQ:MCRI) in a research report released on Thursday, Benzinga reports. Macquarie currently has a $76.00 price objective on the stock.

Separately, Truist Financial upped their price objective on Monarch Casino & Resort from $74.00 to $75.00 and gave the company a hold rating in a research report on Thursday.

Monarch Casino & Resort Stock Up 1.7 %

Monarch Casino & Resort stock opened at $77.83 on Thursday. The company’s 50-day moving average price is $67.91 and its 200-day moving average price is $69.01. The company has a market cap of $1.46 billion, a PE ratio of 18.40 and a beta of 1.74. Monarch Casino & Resort has a twelve month low of $56.25 and a twelve month high of $78.35.

Monarch Casino & Resort Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Sunday, September 15th. Stockholders of record on Sunday, September 1st will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 1.54%. The ex-dividend date is Friday, August 30th. Monarch Casino & Resort’s dividend payout ratio is currently 28.37%.

Insider Transactions at Monarch Casino & Resort

In related news, CEO John Farahi sold 2,000 shares of the company’s stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $68.00, for a total transaction of $136,000.00. Following the transaction, the chief executive officer now directly owns 525,310 shares in the company, valued at approximately $35,721,080. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 24.94% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Diversified Trust Co purchased a new stake in shares of Monarch Casino & Resort in the first quarter worth approximately $203,000. ProShare Advisors LLC purchased a new stake in Monarch Casino & Resort in the first quarter worth $204,000. Choate Investment Advisors purchased a new stake in Monarch Casino & Resort in the first quarter worth $225,000. Windham Capital Management LLC bought a new stake in shares of Monarch Casino & Resort during the fourth quarter worth $209,000. Finally, Quadrature Capital Ltd purchased a new stake in shares of Monarch Casino & Resort during the first quarter valued at $239,000. Hedge funds and other institutional investors own 62.37% of the company’s stock.

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.