Monarch Casino & Resort (NASDAQ:MCRI) Price Target Raised to $82.00

Monarch Casino & Resort (NASDAQ:MCRI) had its target price increased by Wells Fargo & Company from $79.00 to $82.00 in a research report report published on Wednesday morning,Benzinga reports. The firm currently has an underweight rating on the stock.

Other equities research analysts also recently issued reports about the stock. Stifel Nicolaus boosted their price target on shares of Monarch Casino & Resort from $72.00 to $77.00 and gave the company a “hold” rating in a research note on Thursday, October 24th. Truist Financial upgraded Monarch Casino & Resort from a “hold” rating to a “buy” rating and upped their price target for the stock from $82.00 to $100.00 in a research note on Tuesday, January 14th. StockNews.com cut Monarch Casino & Resort from a “strong-buy” rating to a “buy” rating in a research note on Wednesday. Finally, Jefferies Financial Group increased their target price on Monarch Casino & Resort from $73.00 to $88.00 and gave the stock a “hold” rating in a research note on Friday, January 3rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $87.20.

Monarch Casino & Resort Stock Performance

Shares of NASDAQ MCRI opened at $94.47 on Wednesday. The company’s fifty day moving average price is $83.07 and its 200 day moving average price is $79.70. Monarch Casino & Resort has a 1 year low of $64.50 and a 1 year high of $96.11. The company has a market capitalization of $1.74 billion, a PE ratio of 20.90 and a beta of 1.74.

Monarch Casino & Resort (NASDAQ:MCRI) last released its quarterly earnings results on Tuesday, February 11th. The company reported $1.36 earnings per share for the quarter, topping analysts’ consensus estimates 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 period in the previous year, the business posted $1.03 earnings per share. On average, equities analysts expect that Monarch Casino & Resort will post 4.73 EPS for the current year.

Monarch Casino & Resort Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Saturday, March 15th. Stockholders of record on Saturday, March 1st will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.27%. The ex-dividend date is Friday, February 28th. Monarch Casino & Resort’s dividend payout ratio is currently 24.24%.

Insider Activity

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

Hedge Funds Weigh In On Monarch Casino & Resort

Institutional investors and hedge funds have recently made changes to their positions in the stock. Financial Management Professionals Inc. acquired a new stake in Monarch Casino & Resort in the third quarter valued at approximately $30,000. GAMMA Investing LLC increased its position in shares of Monarch Casino & Resort by 61.0% in the 3rd quarter. GAMMA Investing LLC now owns 470 shares of the company’s stock valued at $37,000 after purchasing an additional 178 shares during the last quarter. Golden State Wealth Management LLC acquired a new stake in shares of Monarch Casino & Resort in the 4th quarter valued at $53,000. KBC Group NV raised its holdings in shares of Monarch Casino & Resort by 67.8% in 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 stake in shares of Monarch Casino & Resort during the 4th quarter worth $93,000. 62.37% of the stock is owned by institutional investors and hedge funds.

About Monarch Casino & Resort

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.