VIRGINIA RETIREMENT SYSTEMS ET Al Purchases Shares of 21,275 Monarch Casino & Resort, Inc. $MCRI

Key Points

• Virginia Retirement Systems purchased 21,275 shares of Monarch Casino & Resort worth approximately $2.8 million, giving it about a 0.12% stake. Institutional investors and hedge funds collectively own 62.37% of the company.
• Monarch reported quarterly EPS of $1.78, beating estimates of $1.68, while revenue rose 4.2% year over year to $142.6 million, slightly below expectations.
• The company declared a quarterly dividend of $0.30 per share, equivalent to a $1.20 annualized payout and a 1.0% yield. Analysts maintain a consensus “Hold” rating with an average price target of $124.40.

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 21,275 shares of the company's stock, valued at approximately $2,800,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned about 0.12% of Monarch Casino & Resort at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Allworth Financial LP bought a new position in Monarch Casino & Resort in the 2nd quarter worth approximately $41,000. Kestra Advisory Services LLC bought a new stake in Monarch Casino & Resort during the 4th quarter valued at $40,000. Global Retirement Partners LLC bought a new stake in Monarch Casino & Resort during the 2nd quarter valued at $57,000. Osaic Holdings Inc. boosted its position in Monarch Casino & Resort by 210.0% during the 2nd quarter. Osaic Holdings Inc. now owns 465 shares of the company's stock worth $40,000 after acquiring an additional 315 shares during the period. Finally, Globeflex Capital L P acquired a new position in Monarch Casino & Resort during the 2nd quarter worth $97,000. 62.37% of the stock is currently owned by institutional investors and hedge funds.

Monarch Casino & Resort Stock Performance

Shares of NASDAQ:MCRI opened at $119.61 on Friday. The stock has a market capitalization of $2.14 billion, a price-to-earnings ratio of 19.17 and a beta of 1.31. Monarch Casino & Resort, Inc. has a 1-year low of $88.13 and a 1-year high of $135.93. The company has a 50 day moving average price of $123.01 and a 200 day moving average price of $115.29.

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, beating the consensus estimate of $1.68 by $0.10. Monarch Casino & Resort had a return on equity of 20.63% and a net margin of 20.40%.The company had revenue of $142.60 million for the quarter, compared to analysts' expectations of $142.85 million. The business's quarterly revenue was up 4.2% compared to the same quarter last year. On average, sell-side analysts expect that Monarch Casino & Resort, Inc. will post 6.98 EPS for the current fiscal year.

Monarch Casino & Resort Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.0%. Monarch Casino & Resort's payout ratio is 19.23%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on MCRI. Zacks Research lowered shares of Monarch Casino & Resort from a "hold" rating to a "strong sell" rating in a research report on Wednesday, July 22nd. UBS Group set a $124.00 price target on shares of Monarch Casino & Resort in a research note on Thursday, July 2nd. Jefferies Financial Group reiterated a "hold" rating on shares of Monarch Casino & Resort in a report on Thursday, July 2nd. Stifel Nicolaus raised their price objective on shares of Monarch Casino & Resort from $102.00 to $128.00 and gave the company a "hold" rating in a research note on Tuesday, July 21st. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Monarch Casino & Resort in a research note on Monday, August 24th. Two investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $124.40.

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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