Stifel Nicolaus Forecasts Strong Price Appreciation for Monarch Casino & Resort (NASDAQ:MCRI) Stock

Monarch Casino & Resort (NASDAQ:MCRI - Free Report) had its price objective lifted by Stifel Nicolaus from $81.00 to $92.00 in a report issued on Thursday morning,Benzinga reports. The firm currently has a hold rating on the stock.

A number of other analysts have also recently commented on MCRI. Wall Street Zen raised Monarch Casino & Resort from a "hold" rating to a "buy" rating in a research report on Sunday, July 13th. Macquarie reaffirmed a "neutral" rating and set a $92.00 price target on shares of Monarch Casino & Resort in a research report on Wednesday, April 23rd. Wells Fargo & Company raised Monarch Casino & Resort from an "underweight" rating to an "equal weight" rating and lifted their price target for the stock from $83.00 to $89.00 in a research report on Thursday. Finally, Truist Financial lifted their price target on Monarch Casino & Resort from $100.00 to $105.00 and gave the stock a "buy" rating in a research report on Wednesday. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Monarch Casino & Resort currently has an average rating of "Hold" and a consensus price target of $93.20.

Monarch Casino & Resort Price Performance

Shares of NASDAQ:MCRI traded up $0.32 during trading on Thursday, hitting $105.15. 327,013 shares of the company's stock were exchanged, compared to its average volume of 112,718. Monarch Casino & Resort has a 52-week low of $67.14 and a 52-week high of $113.88. The business's 50-day simple moving average is $85.83 and its 200 day simple moving average is $83.55. The company has a market cap of $1.94 billion, a price-to-earnings ratio of 19.77 and a beta of 1.54.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last announced its quarterly 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. The company had revenue of $136.91 million during the quarter, compared to analyst estimates of $129.76 million. Monarch Casino & Resort had a return on equity of 18.99% and a net margin of 18.70%. On average, sell-side analysts anticipate that Monarch Casino & Resort will post 5.13 EPS for the current fiscal year.

Monarch Casino & Resort Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Monday, September 1st will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.14%. The ex-dividend date of this dividend is Friday, August 29th. Monarch Casino & Resort's dividend payout ratio is currently 22.56%.

Institutional Investors Weigh In On Monarch Casino & Resort

Institutional investors have recently added to or reduced their stakes in the business. TD Private Client Wealth LLC grew its holdings in Monarch Casino & Resort by 72.6% during the 1st quarter. TD Private Client Wealth LLC now owns 378 shares of the company's stock valued at $29,000 after buying an additional 159 shares during the last quarter. Parallel Advisors LLC boosted its holdings in shares of Monarch Casino & Resort by 51.2% during the second quarter. Parallel Advisors LLC now owns 384 shares of the company's stock worth $33,000 after purchasing an additional 130 shares during the last quarter. Vestcor Inc acquired a new stake in shares of Monarch Casino & Resort during the first quarter worth $58,000. GAMMA Investing LLC boosted its holdings in shares of Monarch Casino & Resort by 28.7% during the second quarter. GAMMA Investing LLC now owns 839 shares of the company's stock worth $73,000 after purchasing an additional 187 shares during the last quarter. Finally, Meeder Asset Management Inc. boosted its holdings in shares of Monarch Casino & Resort by 45.3% during the first quarter. Meeder Asset Management Inc. now owns 1,139 shares of the company's stock worth $89,000 after purchasing an additional 355 shares during the last quarter. Hedge funds and other institutional investors own 62.37% of the company's stock.

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.