Monarch Casino & Resort (NASDAQ:MCRI) Reaches New 12-Month High on Earnings Beat

Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Get Free Report) shares reached a new 52-week high during trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $113.88 and last traded at $104.51, with a volume of 236913 shares. The stock had previously closed at $87.36.

The company reported $1.44 EPS for the quarter, topping 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 for the quarter, compared to analysts' expectations of $129.76 million.

Monarch Casino & Resort Announces Dividend

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

Analysts Set New Price Targets

Several research analysts have recently commented on MCRI shares. Macquarie reaffirmed a "neutral" rating and issued a $92.00 price target on shares of Monarch Casino & Resort in a report on Wednesday, April 23rd. Stifel Nicolaus upped their target price on shares of Monarch Casino & Resort from $81.00 to $92.00 and gave the stock a "hold" rating in a report on Thursday. Wall Street Zen raised shares of Monarch Casino & Resort from a "hold" rating to a "buy" rating in a research note on Sunday, July 13th. Truist Financial lifted their price objective on shares of Monarch Casino & Resort from $100.00 to $105.00 and gave the company a "buy" rating in a report on Wednesday. Finally, Wells Fargo & Company raised shares of Monarch Casino & Resort from an "underweight" rating to an "equal weight" rating and lifted their price objective for the stock from $83.00 to $89.00 in a research report on Thursday. Four analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, Monarch Casino & Resort presently has a consensus rating of "Hold" and a consensus target price of $93.20.

Institutional Trading of Monarch Casino & Resort

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Alliancebernstein L.P. increased its holdings in Monarch Casino & Resort by 0.8% during the 4th quarter. Alliancebernstein L.P. now owns 15,381 shares of the company's stock worth $1,214,000 after purchasing an additional 121 shares during the period. Parallel Advisors LLC lifted its holdings in Monarch Casino & Resort by 51.2% in the second quarter. Parallel Advisors LLC now owns 384 shares of the company's stock valued at $33,000 after acquiring an additional 130 shares during the last quarter. TD Private Client Wealth LLC increased its position in shares of Monarch Casino & Resort by 72.6% during the first quarter. TD Private Client Wealth LLC now owns 378 shares of the company's stock worth $29,000 after acquiring an additional 159 shares during the period. GAMMA Investing LLC raised its stake in Monarch Casino & Resort by 28.7% in the second quarter. GAMMA Investing LLC now owns 839 shares of the company's stock valued at $73,000 after buying an additional 187 shares in the last quarter. Finally, Illinois Municipal Retirement Fund grew its holdings in shares of Monarch Casino & Resort by 3.9% during the first quarter. Illinois Municipal Retirement Fund now owns 6,766 shares of the company's stock worth $526,000 after purchasing an additional 254 shares during the last quarter. Hedge funds and other institutional investors own 62.37% of the company's stock.

Monarch Casino & Resort Stock Up 0.3%

The stock has a fifty day moving average of $85.83 and a 200-day moving average of $83.55. The stock has a market cap of $1.94 billion, a PE ratio of 19.77 and a beta of 1.54.

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.