Bank of New York Mellon Corp Invests $16.78 Million in Monarch Casino & Resort, Inc. $MCRI

Key Points

• Bank of New York Mellon acquired 127,485 shares of Monarch Casino & Resort, valued at approximately $16.78 million, giving it a 0.71% stake. Institutional investors collectively own 62.37% of the company.
• Analyst sentiment is mixed, with a consensus “Hold” rating and an average price target of $124.40. Targets range from $124 to $144, while Zacks Research downgraded the stock to “strong sell.”
• Monarch reported quarterly earnings of $1.78 per share, beating estimates of $1.68, while revenue rose 4.2% year over year to $142.6 million. The company also declared a quarterly dividend of $0.30 per share, representing a 1.0% annualized yield.

Bank of New York Mellon Corp bought a new stake in Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 127,485 shares of the company's stock, valued at approximately $16,778,000. Bank of New York Mellon Corp owned about 0.71% of Monarch Casino & Resort as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Osaic Holdings Inc. boosted its holdings in Monarch Casino & Resort by 210.0% during the 2nd quarter. Osaic Holdings Inc. now owns 465 shares of the company's stock valued at $40,000 after acquiring an additional 315 shares during the period. Kestra Advisory Services LLC purchased a new stake in Monarch Casino & Resort during the fourth quarter worth about $40,000. Parallel Advisors LLC increased its stake in Monarch Casino & Resort by 191.3% during the first quarter. Parallel Advisors LLC now owns 1,136 shares of the company's stock worth $109,000 after purchasing an additional 746 shares during the period. Tower Research Capital LLC TRC increased its stake in Monarch Casino & Resort by 69.8% during the second quarter. Tower Research Capital LLC TRC now owns 1,275 shares of the company's stock worth $110,000 after purchasing an additional 524 shares during the period. Finally, State of Wyoming acquired a new stake in shares of Monarch Casino & Resort during the second quarter worth about $169,000. Hedge funds and other institutional investors own 62.37% of the company's stock.

Wall Street Analyst Weigh In

MCRI has been the subject of several recent research reports. Wall Street Zen lowered shares of Monarch Casino & Resort from a "buy" rating to a "hold" rating in a research note on Saturday, August 1st. UBS Group set a $124.00 target price on shares of Monarch Casino & Resort in a report on Thursday, July 2nd. Stifel Nicolaus raised their price target on shares of Monarch Casino & Resort from $102.00 to $128.00 and gave the company a "hold" rating in a research report on Tuesday, July 21st. Truist Financial boosted 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, July 20th. Finally, Zacks Research lowered Monarch Casino & Resort from a "hold" rating to a "strong sell" rating in a research report on Wednesday, July 22nd. Two analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $124.40.

Monarch Casino & Resort Stock Down 1.7%

NASDAQ MCRI opened at $120.45 on Tuesday. Monarch Casino & Resort, Inc. has a 52 week low of $88.13 and a 52 week high of $135.93. The firm has a 50 day moving average of $124.79 and a two-hundred day moving average of $113.86. The stock has a market capitalization of $2.16 billion, a PE ratio of 19.30 and a beta of 1.31.

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

Monarch Casino & Resort Dividend Announcement

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

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.

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