Monarch Casino & Resort (NASDAQ:MCRI) Releases Quarterly Earnings Results, Beats Expectations By $0.23 EPS

Monarch Casino & Resort (NASDAQ:MCRI) released its earnings results on Tuesday. The company reported $1.36 earnings per share for the quarter, beating analysts’ consensus estimates of $1.13 by $0.23, Zacks reports. Monarch Casino & Resort had a net margin of 16.82% and a return on equity of 17.06%. During the same quarter in the previous year, the business posted $1.03 EPS.

Monarch Casino & Resort Stock Up 7.9 %

MCRI stock opened at $92.57 on Thursday. Monarch Casino & Resort has a twelve month low of $64.50 and a twelve month high of $93.38. The firm has a market cap of $1.70 billion, a price-to-earnings ratio of 20.48 and a beta of 1.74. The business’s fifty day simple moving average is $82.73 and its two-hundred day simple moving average is $79.48.

Monarch Casino & Resort Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, March 15th. Investors of record on Saturday, March 1st will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.30%. The ex-dividend date is Friday, February 28th. Monarch Casino & Resort’s payout ratio is currently 26.55%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on MCRI shares. Jefferies Financial Group upped their price objective on Monarch Casino & Resort from $73.00 to $88.00 and gave the stock a “hold” rating in a research note on Friday, January 3rd. Wells Fargo & Company upped their price target on Monarch Casino & Resort from $79.00 to $82.00 and gave the stock an “underweight” rating in a research note on Wednesday. Truist Financial upgraded shares of Monarch Casino & Resort from a “hold” rating to a “buy” rating and lifted their price objective for the company from $82.00 to $100.00 in a research report on Tuesday, January 14th. Stifel Nicolaus upped their target price on shares of Monarch Casino & Resort from $80.00 to $90.00 and gave the stock a “hold” rating in a research report on Wednesday. Finally, StockNews.com cut Monarch Casino & Resort from a “strong-buy” rating to a “buy” rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, Monarch Casino & Resort has an average rating of “Hold” and a consensus target price of $87.20.

Insider Activity

In related news, CEO John Farahi sold 1,000 shares of the firm’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $77.70, for a total value of $77,700.00. Following the transaction, the chief executive officer now owns 528,436 shares of the company’s stock, valued at $41,059,477.20. This trade represents a 0.19 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 24.94% 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.