Monarch Casino & Resort (NASDAQ:MCRI) Announces Earnings Results, Beats Estimates By $0.22 EPS

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) announced its quarterly earnings data on Wednesday. The company reported $1.44 EPS for the quarter, topping analysts' consensus estimates of $1.22 by $0.22, Zacks reports. Monarch Casino & Resort had a return on equity of 19.14% and a net margin of 18.70%. The business had revenue of $136.91 million during the quarter, compared to analysts' expectations of $129.76 million.

Monarch Casino & Resort Trading Up 20.0%

Shares of MCRI traded up $17.47 during mid-day trading on Thursday, reaching $104.83. 677,934 shares of the stock traded hands, compared to its average volume of 111,629. Monarch Casino & Resort has a 1 year low of $67.14 and a 1 year high of $113.87. The firm has a fifty day moving average price of $85.32 and a 200 day moving average price of $83.30. The company has a market cap of $1.94 billion, a price-to-earnings ratio of 19.70 and a beta of 1.54.

Monarch Casino & Resort Dividend Announcement

The company also recently declared 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 dividend on an annualized basis and a dividend yield of 1.14%. Monarch Casino & Resort's dividend payout ratio (DPR) is currently 22.56%.

Wall Street Analyst Weigh In

MCRI has been the topic of several research analyst reports. Wells Fargo & Company upgraded Monarch Casino & Resort from an "underweight" rating to an "equal weight" rating and upped their price objective for the company from $83.00 to $89.00 in a research note on Thursday. Truist Financial increased 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. Stifel Nicolaus increased their price target on Monarch Casino & Resort from $81.00 to $92.00 and gave the stock a "hold" rating in a research report on Thursday. Wall Street Zen upgraded Monarch Casino & Resort from a "hold" rating to a "buy" rating in a research note on Sunday. Finally, Macquarie reiterated a "neutral" rating and issued a $92.00 price target on shares of Monarch Casino & Resort in a research note on Wednesday, April 23rd. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Monarch Casino & Resort currently has a consensus rating of "Hold" and an average target price of $93.20.

Institutional Trading of Monarch Casino & Resort

A hedge fund recently raised its stake in Monarch Casino & Resort stock. AQR Capital Management LLC increased its stake in Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Free Report) by 36.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 57,731 shares of the company's stock after buying an additional 15,295 shares during the period. AQR Capital Management LLC owned 0.31% of Monarch Casino & Resort worth $4,489,000 at the end of the most recent reporting period. 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.