The Manufacturers Life Insurance Company Buys New Position in Monarch Casino & Resort, Inc. $MCRI

The Manufacturers Life Insurance Company purchased a new position in shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 5,149 shares of the company’s stock, valued at approximately $678,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Allworth Financial LP purchased a new stake in shares of Monarch Casino & Resort during the second quarter valued at approximately $41,000. Kestra Advisory Services LLC purchased a new position in shares of Monarch Casino & Resort in the fourth quarter valued at $40,000. Global Retirement Partners LLC acquired a new stake in Monarch Casino & Resort during the 2nd quarter valued at $57,000. Osaic Holdings Inc. grew its holdings in Monarch Casino & Resort by 210.0% during the 2nd quarter. Osaic Holdings Inc. now owns 465 shares of the company’s stock valued at $40,000 after purchasing an additional 315 shares in the last quarter. Finally, Globeflex Capital L P purchased a new stake in Monarch Casino & Resort during the 2nd quarter worth $97,000. Hedge funds and other institutional investors own 62.37% of the company’s stock.

Monarch Casino & Resort Price Performance

Shares of NASDAQ:MCRI opened at $121.52 on Monday. The firm has a 50-day simple moving average of $123.89 and a 200 day simple moving average of $114.58. The company has a market cap of $2.18 billion, a PE ratio of 19.47 and a beta of 1.31. Monarch Casino & Resort, Inc. has a fifty-two week low of $88.13 and a fifty-two week high of $135.93.

Monarch Casino & Resort (NASDAQ:MCRI) last announced its quarterly earnings results on Monday, July 20th. The company reported $1.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.68 by $0.10. Monarch Casino & Resort had a return on equity of 20.63% and a net margin of 20.40%.The business had revenue of $142.60 million for the quarter, compared to the consensus estimate of $142.85 million. The business’s revenue for the quarter was up 4.2% on a year-over-year basis. As a group, research analysts forecast that Monarch Casino & Resort, Inc. will post 6.98 EPS for the current fiscal year.

Monarch Casino & Resort Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of brokerages have commented on MCRI. Weiss Ratings reiterated a “buy (b)” rating on shares of Monarch Casino & Resort in a report on Monday, August 24th. Zacks Research downgraded Monarch Casino & Resort from a “hold” rating to a “strong sell” rating in a research note on Wednesday, July 22nd. Jefferies Financial Group reaffirmed a “hold” rating on shares of Monarch Casino & Resort in a research report on Thursday, July 2nd. Stifel Nicolaus boosted their price target on Monarch Casino & Resort from $102.00 to $128.00 and gave the stock a “hold” rating in a research note on Tuesday, July 21st. Finally, Wells Fargo & Company reduced their price target on Monarch Casino & Resort from $116.00 to $114.00 and set an “equal weight” rating for the company in a report on Tuesday, July 21st. Two research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Monarch Casino & Resort presently has an average rating of “Hold” and a consensus target price of $124.40.

Monarch Casino & Resort Company Profile

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.