Monarch Casino & Resort (NASDAQ:MCRI) Releases Earnings Results, Beats Estimates By $0.11 EPS

Monarch Casino & Resort (NASDAQ:MCRI) issued its quarterly earnings data on Monday. The company reported $1.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.67 by $0.11, Zacks reports. Monarch Casino & Resort had a return on equity of 19.98% and a net margin of 19.62%.

Monarch Casino & Resort Stock Up 1.1%

Shares of NASDAQ MCRI traded up $1.35 during mid-day trading on Monday, hitting $124.38. 137,485 shares of the company were exchanged, compared to its average volume of 142,184. The stock has a 50 day simple moving average of $124.26 and a 200-day simple moving average of $107.40. Monarch Casino & Resort has a 1-year low of $88.13 and a 1-year high of $135.93. The firm has a market cap of $2.21 billion, a price-to-earnings ratio of 21.08 and a beta of 1.29.

Monarch Casino & Resort Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were paid a dividend of $0.30 per share. The ex-dividend date of this dividend was Monday, June 1st. This represents a $1.20 annualized dividend and a yield of 1.0%. Monarch Casino & Resort’s dividend payout ratio is currently 20.34%.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. UBS Group set a $124.00 target price on Monarch Casino & Resort in a research note on Thursday, July 2nd. Jefferies Financial Group reiterated a “hold” rating on shares of Monarch Casino & Resort in a research note on Thursday, July 2nd. Stifel Nicolaus upped their target price on shares of Monarch Casino & Resort from $97.00 to $102.00 and gave the stock a “hold” rating in a research note on Wednesday, April 22nd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Monarch Casino & Resort in a report on Wednesday, May 27th. Finally, Truist Financial lifted their price target on shares of Monarch Casino & Resort from $125.00 to $144.00 and gave the stock a “buy” rating in a research note on Monday. Two investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, Monarch Casino & Resort currently has a consensus rating of “Hold” and an average price target of $119.60.

Insider Buying and Selling at Monarch Casino & Resort

In other Monarch Casino & Resort news, CEO John Farahi sold 5,000 shares of Monarch Casino & Resort stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $120.84, for a total value of $604,200.00. Following the sale, the chief executive officer owned 616,556 shares of the company’s stock, valued at approximately $74,504,627.04. The trade was a 0.80% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 26.34% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Monarch Casino & Resort

Institutional investors have recently modified their holdings of the company. Kestra Advisory Services LLC purchased a new position in shares of Monarch Casino & Resort during the 4th quarter worth approximately $40,000. Osaic Holdings Inc. lifted its stake in Monarch Casino & Resort by 210.0% in the 2nd quarter. Osaic Holdings Inc. now owns 465 shares of the company’s stock valued at $40,000 after buying an additional 315 shares in the last quarter. Tower Research Capital LLC TRC grew its holdings in Monarch Casino & Resort by 69.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,275 shares of the company’s stock valued at $110,000 after buying an additional 524 shares during the last quarter. Mariner LLC increased its position in Monarch Casino & Resort by 6.5% during the third quarter. Mariner LLC now owns 2,493 shares of the company’s stock worth $264,000 after buying an additional 152 shares in the last quarter. Finally, Aquatic Capital Management LLC purchased a new position in Monarch Casino & Resort during the third quarter worth $270,000. Hedge funds and other institutional investors own 62.37% of the company’s stock.

About Monarch Casino & Resort

Monarch Casino & Resort, Inc is a publicly traded owner and operator of an integrated casino resort in Reno, Nevada. The company’s flagship property, the Atlantis Casino Resort Spa, features a full-service casino floor with table games, slot machines, and sports betting, complemented by a diverse portfolio of amenities. Guests can choose from over 800 rooms and suites, dine at multiple on-site restaurants and bars, unwind at the full-service spa and salon, or enjoy live entertainment in the property’s showroom.

Monarch’s revenue streams are diversified across gaming operations, hotel accommodations, food and beverage services, and convention and meeting facilities.