Brokerages Set Monarch Casino & Resort, Inc. (NASDAQ:MCRI) Price Target at $124.40

Monarch Casino & Resort, Inc. (NASDAQ:MCRI) has earned an average rating of “Moderate Buy” from the seven research firms that are currently covering the firm, MarketBeat.com reports. Four analysts have rated the stock with a hold recommendation, two have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $124.40.

Several analysts have recently issued reports on MCRI shares. Stifel Nicolaus upped their target price on shares of Monarch Casino & Resort from $102.00 to $128.00 and gave the stock a “hold” rating in a research note on Tuesday, July 21st. Zacks Research raised shares of Monarch Casino & Resort from a “strong sell” rating to a “hold” rating in a research report on Friday, September 18th. UBS Group set a $124.00 price target on shares of Monarch Casino & Resort in a report on Thursday, July 2nd. Wall Street Zen downgraded shares of Monarch Casino & Resort from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Finally, Wells Fargo & Company decreased their price objective on shares of Monarch Casino & Resort from $116.00 to $114.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 21st.

Monarch Casino & Resort Stock Down 2.2%

MCRI stock opened at $117.24 on Friday. Monarch Casino & Resort has a twelve month low of $88.13 and a twelve month high of $135.93. The stock’s 50 day moving average is $122.25 and its 200-day moving average is $116.70. The firm has a market capitalization of $2.10 billion, a PE ratio of 18.79 and a beta of 1.31.

Monarch Casino & Resort (NASDAQ:MCRI) last released its quarterly earnings results on Monday, July 20th. The company reported $1.78 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $142.85 million. Monarch Casino & Resort’s revenue was up 4.2% compared to the same quarter last year. On average, equities research analysts anticipate that Monarch Casino & Resort will post 6.98 earnings per share for the current fiscal year.

Monarch Casino & Resort Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st were issued a $0.30 dividend. The ex-dividend date of this dividend was Tuesday, September 1st. This represents a $1.20 annualized dividend and a dividend yield of 1.0%. Monarch Casino & Resort’s dividend payout ratio is currently 19.23%.

Insider Activity at Monarch Casino & Resort

In related news, CEO John Farahi sold 5,000 shares of Monarch Casino & Resort stock in a transaction on Thursday, September 17th. The stock was sold at an average price of $124.00, for a total transaction of $620,000.00. Following the sale, the chief executive officer directly owned 611,556 shares in the company, valued at approximately $75,832,944. This trade represents a 0.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 26.34% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. WINTON GROUP Ltd bought a new stake in shares of Monarch Casino & Resort during the 2nd quarter worth $237,000. Integrated Wealth Concepts LLC bought a new position in Monarch Casino & Resort during the second quarter valued at about $73,000. IFP Advisors Inc grew its position in Monarch Casino & Resort by 267.6% during the second quarter. IFP Advisors Inc now owns 261 shares of the company’s stock valued at $34,000 after buying an additional 190 shares during the period. Allworth Financial LP increased its holdings in Monarch Casino & Resort by 46.7% during the second quarter. Allworth Financial LP now owns 311 shares of the company’s stock worth $41,000 after buying an additional 99 shares during the last quarter. Finally, Corient Private Wealth LP purchased a new stake in Monarch Casino & Resort during the second quarter worth about $211,000. Institutional investors own 62.37% of the company’s stock.

Monarch Casino & Resort Company Profile

Monarch Casino & Resort, Inc is a gaming and hospitality company that owns and operates casino resorts in Nevada and Colorado. Its properties combine casino gaming with hotel accommodations, dining, entertainment, and other resort amenities.

The company operates Atlantis Casino Resort Spa in Reno, Nevada, which offers casino games, hotel rooms, restaurants, entertainment, and spa services. In Black Hawk, Colorado, Monarch operates Monarch Casino Resort Spa, a destination featuring gaming, lodging, dining, entertainment, and wellness facilities.

Monarch Casino & Resort has expanded its presence through the development and acquisition of casino resort properties, including its Black Hawk operations.