Wells Fargo & Company Boosts Monarch Casino & Resort (NASDAQ:MCRI) Price Target to $82.00

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

MCRI has been the topic of a number of other reports. Jefferies Financial Group lifted their price objective 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. StockNews.com cut shares of Monarch Casino & Resort from a “strong-buy” rating to a “buy” rating in a report on Wednesday. Stifel Nicolaus increased their price objective 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. Finally, Truist Financial raised shares of Monarch Casino & Resort from a “hold” rating to a “buy” rating and lifted their target price for the stock from $82.00 to $100.00 in a research report on Tuesday, January 14th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $87.20.

Monarch Casino & Resort Price Performance

MCRI opened at $92.57 on Wednesday. Monarch Casino & Resort has a fifty-two week low of $64.50 and a fifty-two week high of $93.38. The firm has a market capitalization of $1.70 billion, a PE ratio of 20.48 and a beta of 1.74. The company’s 50-day moving average is $82.73 and its 200 day moving average is $79.48.

Monarch Casino & Resort (NASDAQ:MCRI) last issued its quarterly earnings data on Tuesday, February 11th. The company reported $1.36 EPS for the quarter, topping the consensus estimate 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 firm earned $1.03 earnings per share. As a group, analysts expect that Monarch Casino & Resort will post 4.73 EPS for the current year.

Monarch Casino & Resort Announces Dividend

The company also recently declared 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. The ex-dividend date is Friday, February 28th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.30%. Monarch Casino & Resort’s dividend payout ratio is presently 26.55%.

Insider Buying and Selling

In related news, CEO John Farahi sold 1,000 shares of the firm’s stock in a transaction that occurred 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 directly 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 24.94% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Monarch Casino & Resort

Several hedge funds and other institutional investors have recently modified their holdings of MCRI. GAMMA Investing LLC boosted its position in shares of Monarch Casino & Resort by 61.0% during the 3rd quarter. GAMMA Investing LLC now owns 470 shares of the company’s stock valued at $37,000 after acquiring an additional 178 shares during the last quarter. Exchange Traded Concepts LLC grew its position in Monarch Casino & Resort by 96.5% in the third quarter. Exchange Traded Concepts LLC now owns 9,698 shares of the company’s stock worth $769,000 after acquiring an additional 4,762 shares in the last quarter. Heritage Family Offices LLP purchased a new stake in Monarch Casino & Resort during the third quarter valued at about $222,000. Trust Point Inc. raised its position in Monarch Casino & Resort by 1.5% during the third quarter. Trust Point Inc. now owns 11,008 shares of the company’s stock valued at $873,000 after purchasing an additional 162 shares in the last quarter. Finally, Financial Management Professionals Inc. bought a new stake in Monarch Casino & Resort during the third quarter worth about $30,000. 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.