Monarch Casino & Resort (NASDAQ:MCRI) Price Target Raised to $90.00 at Stifel Nicolaus

Monarch Casino & Resort (NASDAQ:MCRI) had its price target lifted by Stifel Nicolaus from $80.00 to $90.00 in a research note released on Wednesday,Benzinga reports. They currently have a hold rating on the stock.

Several other research firms have also issued reports on MCRI. StockNews.com lowered Monarch Casino & Resort from a “strong-buy” rating to a “buy” rating in a research report on Wednesday. Truist Financial upgraded shares of Monarch Casino & Resort from a “hold” rating to a “buy” rating and boosted their price objective for the company from $82.00 to $100.00 in a report on Tuesday, January 14th. Jefferies Financial Group increased 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. Finally, Wells Fargo & Company boosted their price target on shares of Monarch Casino & Resort from $79.00 to $82.00 and gave the company an “underweight” rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $87.20.

Monarch Casino & Resort Stock Performance

Shares of MCRI stock opened at $92.57 on Wednesday. The firm’s 50 day moving average price is $82.73 and its two-hundred day moving average price is $79.48. Monarch Casino & Resort has a 52-week low of $64.50 and a 52-week high of $93.38. The stock has a market cap of $1.70 billion, a PE ratio of 20.48 and a beta of 1.74.

Monarch Casino & Resort (NASDAQ:MCRI) last posted its quarterly earnings results on Tuesday, February 11th. The company reported $1.36 earnings per share for the quarter, beating 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 prior year, the company posted $1.03 EPS. As a group, sell-side analysts predict that Monarch Casino & Resort will post 4.73 earnings per share for the current fiscal year.

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 paid a dividend of $0.30 per share. 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%.

Insider Transactions at Monarch Casino & Resort

In related news, CEO John Farahi sold 1,000 shares of the firm’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $77.70, for a total value of $77,700.00. Following the completion of the transaction, the chief executive officer now owns 528,436 shares of the company’s stock, valued at approximately $41,059,477.20. This trade represents a 0.19 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 24.94% of the stock is currently owned by insiders.

Institutional Trading of Monarch Casino & Resort

Several institutional investors and hedge funds have recently bought and sold shares of MCRI. Jane Street Group LLC grew its stake in Monarch Casino & Resort by 518.8% in the third quarter. Jane Street Group LLC now owns 117,072 shares of the company’s stock valued at $9,280,000 after purchasing an additional 98,153 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Monarch Casino & Resort in the 4th quarter valued at approximately $6,118,000. Weiss Asset Management LP grew its stake in shares of Monarch Casino & Resort by 1,289.7% in the third quarter. Weiss Asset Management LP now owns 79,212 shares of the company’s stock valued at $6,279,000 after buying an additional 73,512 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Monarch Casino & Resort by 8.6% during the fourth quarter. JPMorgan Chase & Co. now owns 918,734 shares of the company’s stock worth $72,488,000 after buying an additional 72,764 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its position in Monarch Casino & Resort by 103.5% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 133,673 shares of the company’s stock worth $10,547,000 after acquiring an additional 67,973 shares in the last quarter. Institutional investors own 62.37% of the company’s stock.

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.