Monarch Casino & Resort (NASDAQ:MCRI) Reaches New 1-Year High After Dividend Announcement

Monarch Casino & Resort, Inc. (NASDAQ:MCRI) reached a new 52-week high during mid-day trading on Thursday after the company announced a dividend. The company traded as high as $113.88 and last traded at $104.51, with a volume of 236913 shares traded. The stock had previously closed at $87.36.

The newly announced dividend which will be paid on Monday, September 15th. Stockholders of record on Monday, September 1st will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.14%. The ex-dividend date is Friday, August 29th. Monarch Casino & Resort’s dividend payout ratio is presently 22.56%.

Wall Street Analyst Weigh In

MCRI has been the subject of a number of research analyst reports. Truist Financial boosted their price objective on Monarch Casino & Resort from $100.00 to $105.00 and gave the stock a “buy” rating in a report on Wednesday. Wall Street Zen upgraded Monarch Casino & Resort from a “hold” rating to a “buy” rating in a report on Sunday, July 13th. Macquarie restated a “neutral” rating and set a $92.00 price objective on shares of Monarch Casino & Resort in a report on Wednesday, April 23rd. Wells Fargo & Company upgraded Monarch Casino & Resort from an “underweight” rating to an “equal weight” rating and boosted their price objective for the stock from $83.00 to $89.00 in a report on Thursday. Finally, Stifel Nicolaus boosted their price objective on Monarch Casino & Resort from $81.00 to $92.00 and gave the stock a “hold” rating in a report on Thursday. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $93.20.

Monarch Casino & Resort Stock Up 20.0%

The firm has a 50 day simple moving average of $85.32 and a two-hundred day simple moving average of $83.30. The stock has a market capitalization of $1.94 billion, a P/E ratio of 19.70 and a beta of 1.54.

Monarch Casino & Resort (NASDAQ:MCRI) last released its earnings results on Wednesday, July 23rd. The company reported $1.44 earnings per share for the quarter, topping the consensus estimate of $1.22 by $0.22. Monarch Casino & Resort had a return on equity of 19.14% and a net margin of 18.70%. The firm had revenue of $136.91 million during the quarter, compared to analysts’ expectations of $129.76 million. On average, research analysts predict that Monarch Casino & Resort, Inc. will post 5.13 earnings per share for the current year.

Institutional Investors Weigh In On Monarch Casino & Resort

Several institutional investors and hedge funds have recently added to or reduced their stakes in MCRI. TD Private Client Wealth LLC increased its holdings in shares of Monarch Casino & Resort by 72.6% during the first quarter. TD Private Client Wealth LLC now owns 378 shares of the company’s stock worth $29,000 after buying an additional 159 shares in the last quarter. Parallel Advisors LLC increased its holdings in shares of Monarch Casino & Resort by 51.2% during the second quarter. Parallel Advisors LLC now owns 384 shares of the company’s stock worth $33,000 after buying an additional 130 shares in the last quarter. Vestcor Inc acquired a new position in shares of Monarch Casino & Resort during the first quarter worth $58,000. GAMMA Investing LLC increased its holdings in shares of Monarch Casino & Resort by 28.7% during the second quarter. GAMMA Investing LLC now owns 839 shares of the company’s stock worth $73,000 after buying an additional 187 shares in the last quarter. Finally, Meeder Asset Management Inc. increased its holdings in shares of Monarch Casino & Resort by 45.3% during the first quarter. Meeder Asset Management Inc. now owns 1,139 shares of the company’s stock worth $89,000 after buying an additional 355 shares in the last quarter. 62.37% of the stock is currently owned by institutional investors.

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.