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

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

MCRI has been the subject of several other research reports. Wells Fargo & Company upgraded Monarch Casino & Resort from an "underweight" rating to an "equal weight" rating and raised their target price for the stock from $83.00 to $89.00 in a research note on Thursday. Wall Street Zen upgraded Monarch Casino & Resort from a "hold" rating to a "buy" rating in a research note on Sunday, July 13th. Macquarie restated a "neutral" rating and issued a $92.00 target price on shares of Monarch Casino & Resort in a research note on Wednesday, April 23rd. Finally, Truist Financial raised their target price on Monarch Casino & Resort from $100.00 to $105.00 and gave the stock a "buy" rating in a research note on Wednesday. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Monarch Casino & Resort has a consensus rating of "Hold" and an average target price of $93.20.

Monarch Casino & Resort Price Performance

Shares of Monarch Casino & Resort stock traded up $0.32 during trading hours on Thursday, hitting $105.15. 327,013 shares of the company's stock traded hands, compared to its average volume of 112,487. Monarch Casino & Resort has a 12-month low of $67.14 and a 12-month high of $113.88. The stock has a market capitalization of $1.94 billion, a price-to-earnings ratio of 19.77 and a beta of 1.54. The company has a fifty day simple moving average of $85.32 and a 200-day simple moving average of $83.30.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The company reported $1.44 earnings per share for the quarter, topping the consensus estimate of $1.22 by $0.22. Monarch Casino & Resort had a return on equity of 19.14% and a net margin of 18.70%. The company had revenue of $136.91 million during the quarter, compared to analyst estimates of $129.76 million. On average, analysts forecast that Monarch Casino & Resort will post 5.13 EPS for the current fiscal year.

Monarch Casino & Resort Dividend Announcement

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

Institutional Trading of Monarch Casino & Resort

Hedge funds have recently bought and sold shares of the company. LPL Financial LLC lifted its position in Monarch Casino & Resort by 47.0% in the 4th quarter. LPL Financial LLC now owns 6,737 shares of the company's stock worth $532,000 after buying an additional 2,155 shares during the last quarter. Illinois Municipal Retirement Fund lifted its position in Monarch Casino & Resort by 3.9% in the 1st quarter. Illinois Municipal Retirement Fund now owns 6,766 shares of the company's stock worth $526,000 after buying an additional 254 shares during the last quarter. GHP Investment Advisors Inc. lifted its position in Monarch Casino & Resort by 45.6% in the 1st quarter. GHP Investment Advisors Inc. now owns 11,075 shares of the company's stock worth $861,000 after buying an additional 3,467 shares during the last quarter. Golden State Wealth Management LLC lifted its position in Monarch Casino & Resort by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 1,332 shares of the company's stock worth $104,000 after buying an additional 666 shares during the last quarter. Finally, Deutsche Bank AG lifted 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 worth $881,000 after buying an additional 3,477 shares during the last quarter. Institutional investors own 62.37% of the company's stock.

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.