Hsbc Holdings PLC Purchases New Holdings in Monarch Casino & Resort, Inc. $MCRI

Key Points

• HSBC Holdings PLC made a new investment in Monarch Casino & Resort totaling approximately $319,000 by purchasing 4,104 shares in the first quarter.
• Various institutional investors, including TD Private Client Wealth and CWM LLC, have significantly increased their stakes in Monarch Casino & Resort, indicating a growing interest.
• Monarch Casino & Resort reported earnings of $1.44 per share in its latest quarterly results, surpassing analyst expectations, and its stock has seen a 12-month high of $113.88.

Hsbc Holdings PLC bought a new position in shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 4,104 shares of the company's stock, valued at approximately $319,000.

Several other hedge funds and other institutional investors have also modified their holdings of MCRI. Northern Trust Corp raised its position in Monarch Casino & Resort by 8.7% in the 4th quarter. Northern Trust Corp now owns 133,734 shares of the company's stock valued at $10,552,000 after purchasing an additional 10,697 shares during the last quarter. BNP Paribas Financial Markets raised its position in Monarch Casino & Resort by 304.7% in the 4th quarter. BNP Paribas Financial Markets now owns 30,131 shares of the company's stock valued at $2,377,000 after purchasing an additional 22,685 shares during the last quarter. Bank of America Corp DE raised its position in Monarch Casino & Resort by 54.7% in the 4th quarter. Bank of America Corp DE now owns 45,660 shares of the company's stock valued at $3,603,000 after purchasing an additional 16,154 shares during the last quarter. Cubist Systematic Strategies LLC raised its position in Monarch Casino & Resort by 184.2% in the 4th quarter. Cubist Systematic Strategies LLC now owns 55,910 shares of the company's stock valued at $4,411,000 after purchasing an additional 36,237 shares during the last quarter. Finally, Deutsche Bank AG raised its position in Monarch Casino & Resort by 45.3% in the 4th quarter. Deutsche Bank AG now owns 11,160 shares of the company's stock valued at $881,000 after purchasing an additional 3,477 shares during the last quarter. Institutional investors own 62.37% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Truist Financial lifted their price objective on Monarch Casino & Resort from $100.00 to $105.00 and gave the company a "buy" rating in a research report on Wednesday, July 16th. Wall Street Zen raised Monarch Casino & Resort from a "hold" rating to a "buy" rating in a research note on Sunday, July 13th. Wells Fargo & Company raised Monarch Casino & Resort from an "underweight" rating to an "equal weight" rating and lifted their target price for the company from $83.00 to $89.00 in a research note on Thursday, July 17th. Finally, Stifel Nicolaus lifted their target price on Monarch Casino & Resort from $81.00 to $92.00 and gave the company a "hold" rating in a research note on Thursday, July 17th. One equities research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat, Monarch Casino & Resort presently has a consensus rating of "Hold" and an average target price of $93.20.

Insider Transactions at Monarch Casino & Resort

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

Monarch Casino & Resort Stock Up 0.1%

Shares of Monarch Casino & Resort stock traded up $0.15 during trading on Tuesday, reaching $102.26. 12,845 shares of the company were exchanged, compared to its average volume of 110,160. Monarch Casino & Resort, Inc. has a twelve month low of $69.99 and a twelve month high of $113.88. The business has a 50-day moving average price of $99.24 and a 200-day moving average price of $87.87. The firm has a market capitalization of $1.87 billion, a price-to-earnings ratio of 19.19 and a beta of 1.49.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last posted its 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 return on equity of 18.99% and a net margin of 18.70%.The firm had revenue of $136.91 million during the quarter, compared to analysts' expectations of $129.76 million. On average, equities research analysts forecast that Monarch Casino & Resort, Inc. will post 5.13 EPS for the current fiscal year.

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.