Monarch Casino & Resort, Inc. $MCRI Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. reduced its holdings in Monarch Casino & Resort, Inc. (NASDAQ:MCRI) by 15.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,795 shares of the company’s stock after selling 327 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Monarch Casino & Resort were worth $140,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of MCRI. Jupiter Asset Management Ltd. increased its stake in Monarch Casino & Resort by 2.6% in the 1st quarter. Jupiter Asset Management Ltd. now owns 27,018 shares of the company’s stock valued at $2,101,000 after purchasing an additional 695 shares in the last quarter. US Bancorp DE grew its position in shares of Monarch Casino & Resort by 33.8% in the first quarter. US Bancorp DE now owns 7,835 shares of the company’s stock valued at $609,000 after purchasing an additional 1,980 shares during the period. Natixis Advisors LLC acquired a new position in Monarch Casino & Resort in the first quarter valued at $803,000. Vestcor Inc acquired a new position in Monarch Casino & Resort in the first quarter valued at $58,000. Finally, Meeder Asset Management Inc. lifted its stake 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 purchasing an additional 355 shares in the last quarter. 62.37% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Monarch Casino & Resort

In other Monarch Casino & Resort news, Director Craig F. Sullivan sold 12,200 shares of the company’s stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $105.55, for a total value of $1,287,710.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO John Farahi sold 2,000 shares of the company’s stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $105.78, for a total transaction of $211,560.00. Following the completion of the transaction, the chief executive officer owned 560,110 shares in the company, valued at $59,248,435.80. This trade represents a 0.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 25.52% of the company’s stock.

Monarch Casino & Resort Price Performance

MCRI stock opened at $100.97 on Tuesday. The company has a 50 day moving average price of $93.75 and a 200 day moving average price of $86.41. Monarch Casino & Resort, Inc. has a fifty-two week low of $69.99 and a fifty-two week high of $113.88. The stock has a market capitalization of $1.84 billion, a PE ratio of 18.98 and a beta of 1.56.

Monarch Casino & Resort (NASDAQ:MCRI) last announced its quarterly earnings results on Wednesday, July 16th. The company reported $1.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.22 by $0.22. The company had revenue of $136.91 million during the quarter, compared to analyst estimates of $129.76 million. Monarch Casino & Resort had a net margin of 18.70% and a return on equity of 18.99%. As a group, equities analysts expect that Monarch Casino & Resort, Inc. will post 5.13 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

MCRI has been the topic of a number of analyst reports. Wall Street Zen raised Monarch Casino & Resort from a “hold” rating to a “buy” rating in a research report on Sunday, July 13th. Stifel Nicolaus increased 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, July 17th. Macquarie restated a “neutral” rating and issued a $92.00 target price on shares of Monarch Casino & Resort in a research report on Wednesday, April 23rd. Wells Fargo & Company upgraded Monarch Casino & Resort from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $83.00 to $89.00 in a research report on Thursday, July 17th. Finally, Truist Financial increased their target price on Monarch Casino & Resort from $100.00 to $105.00 and gave the company a “buy” rating in a report on Wednesday, July 16th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, Monarch Casino & Resort currently has a consensus rating of “Hold” and an average price target of $93.20.

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.