Monarch Casino & Resort, Inc. (NASDAQ:MCRI) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp trimmed its position in Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Free Report) by 4.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 145,065 shares of the company's stock after selling 6,307 shares during the period. Bank of New York Mellon Corp owned about 0.79% of Monarch Casino & Resort worth $11,279,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Golden State Wealth Management LLC lifted its stake in Monarch Casino & Resort by 100.0% during the first quarter. Golden State Wealth Management LLC now owns 1,332 shares of the company's stock worth $104,000 after purchasing an additional 666 shares in the last quarter. Bessemer Group Inc. increased its position in shares of Monarch Casino & Resort by 1,700.8% during the first quarter. Bessemer Group Inc. now owns 2,125 shares of the company's stock worth $165,000 after acquiring an additional 2,007 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Monarch Casino & Resort during the fourth quarter worth $169,000. Bank of Montreal Can purchased a new stake in shares of Monarch Casino & Resort during the fourth quarter worth $202,000. Finally, Lazard Asset Management LLC increased its position in shares of Monarch Casino & Resort by 33.4% during the fourth quarter. Lazard Asset Management LLC now owns 2,954 shares of the company's stock worth $233,000 after acquiring an additional 740 shares during the period. 62.37% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently commented on MCRI shares. Stifel Nicolaus increased their target price on Monarch Casino & Resort from $81.00 to $92.00 and gave the company a "hold" rating in a report on Thursday, July 17th. 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. Wall Street Zen raised Monarch Casino & Resort from a "hold" rating to a "buy" rating in a report on Sunday, July 13th. Macquarie reaffirmed a "neutral" rating and set a $92.00 price objective on shares of Monarch Casino & Resort in a report on Wednesday, April 23rd. Finally, Wells Fargo & Company upgraded shares of Monarch Casino & Resort from an "underweight" rating to an "equal weight" rating and increased their target price for the stock from $83.00 to $89.00 in a research note on Thursday, July 17th. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat, Monarch Casino & Resort presently has an average rating of "Hold" and an average price target of $93.20.

Insider Buying and Selling

In other news, CEO John Farahi sold 2,000 shares of the firm's stock in a transaction that occurred on 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 directly owned 560,110 shares of the company's stock, valued at $59,248,435.80. This trade represents a 0.36% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Craig F. Sullivan sold 12,200 shares of Monarch Casino & Resort stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $105.55, for a total transaction of $1,287,710.00. The disclosure for this sale can be found here. Company insiders own 25.52% of the company's stock.

Monarch Casino & Resort Stock Performance

NASDAQ:MCRI traded down $2.09 during mid-day trading on Thursday, reaching $106.12. The stock had a trading volume of 27,166 shares, compared to its average volume of 112,603. The business has a 50 day simple moving average of $87.30 and a 200 day simple moving average of $84.07. Monarch Casino & Resort, Inc. has a twelve month low of $67.14 and a twelve month high of $113.88. The firm has a market capitalization of $1.96 billion, a price-to-earnings ratio of 19.94 and a beta of 1.54.

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

Monarch Casino & Resort Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Monday, September 1st will be paid a dividend of $0.30 per share. The ex-dividend date is Friday, August 29th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.13%. Monarch Casino & Resort's dividend payout ratio (DPR) is 22.56%.

About Monarch Casino & Resort

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.