Monarch Casino & Resort (NASDAQ:MCRI) Sets New 1-Year High Following Better-Than-Expected Earnings

Shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI) hit a new 52-week high on Wednesday following a better than expected earnings announcement. The company traded as high as $93.36 and last traded at $91.06, with a volume of 21472 shares traded. The stock had previously closed at $85.81.

The company reported $1.36 EPS for the quarter, beating the consensus estimate of $1.13 by $0.23. Monarch Casino & Resort had a return on equity of 17.06% and a net margin of 16.82%. During the same quarter last year, the company earned $1.03 EPS.

Monarch Casino & Resort Dividend Announcement

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

Analysts Set New Price Targets

Several equities analysts recently issued reports on MCRI shares. Stifel Nicolaus lifted their price objective on shares of Monarch Casino & Resort from $80.00 to $90.00 and gave the company a “hold” rating in a report on Wednesday. Truist Financial upgraded Monarch Casino & Resort from a “hold” rating to a “buy” rating and lifted their price target for the company from $82.00 to $100.00 in a report on Tuesday, January 14th. Wells Fargo & Company boosted their price target on Monarch Casino & Resort from $79.00 to $82.00 and gave the stock an “underweight” rating in a research report on Wednesday. StockNews.com downgraded Monarch Casino & Resort from a “strong-buy” rating to a “buy” rating in a research report on Wednesday. Finally, Jefferies Financial Group boosted their target price on shares of Monarch Casino & Resort from $73.00 to $88.00 and gave the stock a “hold” rating in a report on Friday, January 3rd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, Monarch Casino & Resort has a consensus rating of “Hold” and an average price target of $87.20.

Insider Transactions at Monarch Casino & Resort

In related news, CEO John Farahi sold 1,000 shares of the business’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $77.70, for a total transaction of $77,700.00. Following the transaction, the chief executive officer now directly owns 528,436 shares in the company, valued at $41,059,477.20. The trade was a 0.19 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 24.94% of the company’s stock.

Institutional Investors Weigh In On Monarch Casino & Resort

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MCRI. Financial Management Professionals Inc. purchased a new stake in shares of Monarch Casino & Resort during the third quarter worth about $30,000. GAMMA Investing LLC grew its position in Monarch Casino & Resort by 61.0% during the 3rd quarter. GAMMA Investing LLC now owns 470 shares of the company’s stock worth $37,000 after purchasing an additional 178 shares during the last quarter. Golden State Wealth Management LLC purchased a new stake in Monarch Casino & Resort during the 4th quarter worth approximately $53,000. KBC Group NV increased its stake in Monarch Casino & Resort by 67.8% during the 4th quarter. KBC Group NV now owns 980 shares of the company’s stock valued at $77,000 after purchasing an additional 396 shares in the last quarter. Finally, Independence Bank of Kentucky purchased a new position in shares of Monarch Casino & Resort in the fourth quarter worth $93,000. 62.37% of the stock is currently owned by hedge funds and other institutional investors.

Monarch Casino & Resort Stock Up 7.9 %

The firm has a market capitalization of $1.70 billion, a price-to-earnings ratio of 20.48 and a beta of 1.74. The company’s 50 day moving average price is $82.73 and its 200 day moving average price is $79.48.

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.