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 shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Free Report) by 4.2% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 145,065 shares of the company's stock after selling 6,307 shares during the quarter. 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.

A number of other institutional investors have also modified their holdings of the company. Charles Schwab Investment Management Inc. lifted its position in Monarch Casino & Resort by 5.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 118,512 shares of the company's stock valued at $9,351,000 after acquiring an additional 5,674 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of Monarch Casino & Resort during the fourth quarter worth $6,118,000. Teacher Retirement System of Texas lifted its holdings in shares of Monarch Casino & Resort by 19.2% during the 4th quarter. Teacher Retirement System of Texas now owns 108,612 shares of the company's stock valued at $8,569,000 after purchasing an additional 17,470 shares during the last quarter. Magnetar Financial LLC purchased a new stake in shares of Monarch Casino & Resort during the 4th quarter valued at $380,000. Finally, American Century Companies Inc. boosted its position in shares of Monarch Casino & Resort by 9.3% in the 4th quarter. American Century Companies Inc. now owns 404,073 shares of the company's stock worth $31,881,000 after purchasing an additional 34,384 shares in the last quarter. 62.37% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

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

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on MCRI shares. Wells Fargo & Company raised Monarch Casino & Resort from an "underweight" rating to an "equal weight" rating and upped their target price for the company from $83.00 to $89.00 in a research report on Thursday, July 17th. Wall Street Zen upgraded Monarch Casino & Resort from a "hold" rating to a "buy" rating in a research note on Sunday, July 13th. Macquarie reaffirmed a "neutral" rating and issued a $92.00 price objective on shares of Monarch Casino & Resort in a research report on Wednesday, April 23rd. Truist Financial lifted their target price on shares of Monarch Casino & Resort from $100.00 to $105.00 and gave the stock a "buy" rating in a research note on Wednesday, July 16th. Finally, Stifel Nicolaus boosted their target price on shares of Monarch Casino & Resort from $81.00 to $92.00 and gave the stock a "hold" rating in a research report on Thursday, July 17th. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $93.20.

Monarch Casino & Resort Trading Down 2.6%

Shares of MCRI stock traded down $2.79 during mid-day trading on Thursday, reaching $105.42. The stock had a trading volume of 150,910 shares, compared to its average volume of 163,445. Monarch Casino & Resort, Inc. has a 1-year low of $67.14 and a 1-year high of $113.88. The firm has a market cap of $1.95 billion, a price-to-earnings ratio of 19.82 and a beta of 1.54. The business's fifty day moving average is $87.76 and its 200-day moving average is $84.26.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last issued its earnings results on Wednesday, July 16th. The company reported $1.44 EPS for the quarter, beating analysts' consensus estimates of $1.22 by $0.22. Monarch Casino & Resort had a return on equity of 18.99% and a net margin of 18.70%. The firm had revenue of $136.91 million for the quarter, compared to analyst estimates of $129.76 million. On average, analysts forecast 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 $0.30 dividend. The ex-dividend date is Friday, August 29th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.14%. Monarch Casino & Resort's payout ratio is currently 22.56%.

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.