Tributary Capital Management LLC Lowers Position in Monarch Casino & Resort, Inc. $MCRI

Tributary Capital Management LLC cut its stake in Monarch Casino & Resort, Inc. (NASDAQ:MCRI) by 7.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 246,685 shares of the company’s stock after selling 18,582 shares during the quarter. Monarch Casino & Resort accounts for about 1.9% of Tributary Capital Management LLC’s portfolio, making the stock its 13th biggest position. Tributary Capital Management LLC owned approximately 1.34% of Monarch Casino & Resort worth $21,323,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Illinois Municipal Retirement Fund raised its stake in shares of Monarch Casino & Resort by 3.9% in 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. GHP Investment Advisors Inc. raised its stake in shares of Monarch Casino & Resort by 45.6% in the first quarter. GHP Investment Advisors Inc. now owns 11,075 shares of the company’s stock worth $861,000 after purchasing an additional 3,467 shares during the last quarter. Hsbc Holdings PLC purchased a new stake in shares of Monarch Casino & Resort in the first quarter worth approximately $319,000. Golden State Wealth Management LLC grew its holdings in shares of Monarch Casino & Resort by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 1,332 shares of the company’s stock valued at $104,000 after acquiring an additional 666 shares in the last quarter. Finally, Raymond James Financial Inc. grew its holdings in shares of Monarch Casino & Resort by 9.2% in the first quarter. Raymond James Financial Inc. now owns 84,655 shares of the company’s stock valued at $6,582,000 after acquiring an additional 7,115 shares in the last quarter. 62.37% of the stock is owned by hedge funds and other institutional investors.

Monarch Casino & Resort Stock Performance

MCRI stock opened at $93.21 on Thursday. The firm has a market capitalization of $1.70 billion, a price-to-earnings ratio of 16.82 and a beta of 1.49. The firm has a 50 day moving average price of $101.50 and a 200-day moving average price of $91.51. Monarch Casino & Resort, Inc. has a 52-week low of $69.99 and a 52-week high of $113.88.

Monarch Casino & Resort (NASDAQ:MCRI) last announced its quarterly earnings results on Tuesday, October 21st. The company reported $1.69 earnings per share for the quarter, beating the consensus estimate of $1.63 by $0.06. The company had revenue of $142.81 million during the quarter, compared to the consensus estimate of $145.54 million. Monarch Casino & Resort had a net margin of 19.26% and a return on equity of 19.58%. As a group, sell-side analysts forecast that Monarch Casino & Resort, Inc. will post 5.13 earnings per share for the current fiscal year.

Monarch Casino & Resort Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 1st will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Monday, December 1st. This represents a $1.20 annualized dividend and a dividend yield of 1.3%. Monarch Casino & Resort’s dividend payout ratio (DPR) is 22.56%.

Analysts Set New Price Targets

Several research firms have recently issued reports on MCRI. Wall Street Zen raised Monarch Casino & Resort from a “hold” rating to a “buy” rating in a report on Sunday, July 13th. Zacks Research lowered Monarch Casino & Resort from a “strong-buy” rating to a “hold” rating in a report on Monday, September 15th. Weiss Ratings reiterated a “buy (b)” rating on shares of Monarch Casino & Resort in a research note on Tuesday, October 14th. Wells Fargo & Company upped their price objective on Monarch Casino & Resort from $89.00 to $91.00 and gave the company an “equal weight” rating in a research note on Wednesday. Finally, Truist Financial upped their price objective on Monarch Casino & Resort from $100.00 to $105.00 and gave the company a “buy” rating in a research note on Wednesday, July 16th. Two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $94.60.

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.