Bank of America Corp DE Purchases 41,794 Shares of Monarch Casino & Resort, Inc. $MCRI

Key Points

• Bank of America acquired 41,794 shares of Monarch Casino & Resort, valued at approximately $5.5 million, while institutional investors collectively own 62.37% of the company.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $124.40. The company recently exceeded quarterly EPS estimates, reporting $1.78 versus the $1.68 consensus.
• MCRI shares opened at $117.26, with a market capitalization of about $2.1 billion. Monarch also pays a quarterly dividend of $0.30, equal to a 1.0% annualized yield.

Bank of America Corp DE acquired a new stake in Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 41,794 shares of the company's stock, valued at approximately $5,501,000. Bank of America Corp DE owned approximately 0.23% of Monarch Casino & Resort at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in MCRI. Freestone Grove Partners LP bought a new position in Monarch Casino & Resort during the second quarter worth about $304,000. Man Group plc bought a new position in shares of Monarch Casino & Resort during the second quarter worth approximately $5,873,000. Jupiter Topco LLC bought a new position in shares of Monarch Casino & Resort during the second quarter worth approximately $800,000. Canada Pension Plan Investment Board acquired a new stake in shares of Monarch Casino & Resort in the second quarter valued at approximately $961,000. Finally, Legal & General Group Plc acquired a new stake in shares of Monarch Casino & Resort in the second quarter valued at approximately $3,467,000. Institutional investors own 62.37% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Weiss Ratings reissued a "buy (b)" rating on shares of Monarch Casino & Resort in a research report on Monday, August 24th. UBS Group set a $124.00 price objective on Monarch Casino & Resort in a report on Thursday, July 2nd. Zacks Research upgraded Monarch Casino & Resort from a "strong sell" rating to a "hold" rating in a research report on Friday, September 18th. Stifel Nicolaus upped their target price on Monarch Casino & Resort from $102.00 to $128.00 and gave the company a "hold" rating in a research report on Tuesday, July 21st. Finally, Wells Fargo & Company reduced their target price on Monarch Casino & Resort from $116.00 to $114.00 and set an "equal weight" rating on the stock in a report on Tuesday, July 21st. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $124.40.

Monarch Casino & Resort Trading Down 0.4%

Shares of NASDAQ:MCRI opened at $117.26 on Tuesday. The firm has a 50 day moving average of $121.66 and a 200-day moving average of $117.25. Monarch Casino & Resort, Inc. has a 12 month low of $88.13 and a 12 month high of $135.93. The stock has a market capitalization of $2.10 billion, a PE ratio of 18.79 and a beta of 1.31.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last posted its quarterly earnings results on Monday, July 20th. The company reported $1.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.68 by $0.10. Monarch Casino & Resort had a net margin of 20.40% and a return on equity of 20.63%. The business had revenue of $142.60 million for the quarter, compared to analyst estimates of $142.85 million. The business's quarterly revenue was up 4.2% compared to the same quarter last year. On average, research analysts predict that Monarch Casino & Resort, Inc. will post 6.98 EPS for the current fiscal year.

Monarch Casino & Resort Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st were paid a $0.30 dividend. The ex-dividend date was Tuesday, September 1st. This represents a $1.20 annualized dividend and a dividend yield of 1.0%. Monarch Casino & Resort's dividend payout ratio (DPR) is presently 19.23%.

Insider Activity

In related news, CEO John Farahi sold 5,000 shares of the company's stock in a transaction on Thursday, September 17th. The stock was sold at an average price of $124.00, for a total transaction of $620,000.00. Following the completion of the sale, the chief executive officer directly owned 611,556 shares in the company, valued at $75,832,944. This represents a 0.81% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 26.34% of the company's stock.

Monarch Casino & Resort Profile

Monarch Casino & Resort, Inc is a gaming and hospitality company that owns and operates casino resorts in Nevada and Colorado. Its properties combine casino gaming with hotel accommodations, dining, entertainment, and other resort amenities.

The company operates Atlantis Casino Resort Spa in Reno, Nevada, which offers casino games, hotel rooms, restaurants, entertainment, and spa services. In Black Hawk, Colorado, Monarch operates Monarch Casino Resort Spa, a destination featuring gaming, lodging, dining, entertainment, and wellness facilities.

Monarch Casino & Resort has expanded its presence through the development and acquisition of casino resort properties, including its Black Hawk operations.

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