Monarch Casino & Resort (NASDAQ:MCRI) Price Target Raised to $99.00 at Wells Fargo & Company

Monarch Casino & Resort (NASDAQ:MCRI) had its price objective hoisted by Wells Fargo & Company from $97.00 to $99.00 in a research note released on Wednesday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

Several other brokerages have also recently issued reports on MCRI. Jefferies Financial Group reissued a “hold” rating and set a $112.00 target price on shares of Monarch Casino & Resort in a report on Wednesday, December 24th. Zacks Research cut shares of Monarch Casino & Resort from a “strong-buy” rating to a “hold” rating in a report on Monday, April 6th. Weiss Ratings reissued a “buy (b-)” rating on shares of Monarch Casino & Resort in a report on Monday, December 29th. Stifel Nicolaus raised their target price on shares of Monarch Casino & Resort from $97.00 to $102.00 and gave the stock a “hold” rating in a report on Wednesday. Finally, Truist Financial raised their target price on shares of Monarch Casino & Resort from $120.00 to $125.00 and gave the stock a “buy” rating in a report on Wednesday. Two equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, Monarch Casino & Resort has an average rating of “Hold” and a consensus target price of $109.50.

Monarch Casino & Resort Trading Up 15.9%

NASDAQ MCRI opened at $114.24 on Wednesday. The company has a fifty day simple moving average of $97.49 and a two-hundred day simple moving average of $95.82. The stock has a market cap of $2.03 billion, a P/E ratio of 19.36 and a beta of 1.30. Monarch Casino & Resort has a 12-month low of $76.00 and a 12-month high of $114.27.

Monarch Casino & Resort (NASDAQ:MCRI) last posted its quarterly earnings results on Tuesday, April 21st. The company reported $1.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.15 by $0.37. The business had revenue of $136.55 million during the quarter, compared to analysts’ expectations of $128.49 million. Monarch Casino & Resort had a net margin of 19.62% and a return on equity of 20.02%. The company’s quarterly revenue was up 8.9% on a year-over-year basis. As a group, sell-side analysts forecast that Monarch Casino & Resort will post 5.95 earnings per share for the current year.

Monarch Casino & Resort Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 1.1%. The ex-dividend date is Monday, June 1st. Monarch Casino & Resort’s dividend payout ratio (DPR) is currently 22.10%.

Insider Buying and Selling

In related news, CEO John Farahi sold 2,000 shares of the firm’s stock in a transaction on Monday, March 16th. The shares were sold at an average price of $99.00, for a total transaction of $198,000.00. Following the sale, the chief executive officer owned 536,304 shares in the company, valued at approximately $53,094,096. This trade represents a 0.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 25.52% of the company’s stock.

Institutional Trading of Monarch Casino & Resort

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Farther Finance Advisors LLC grew its position in Monarch Casino & Resort by 199.1% during the third quarter. Farther Finance Advisors LLC now owns 329 shares of the company’s stock valued at $35,000 after buying an additional 219 shares during the period. Kestra Advisory Services LLC acquired a new stake in Monarch Casino & Resort during the fourth quarter valued at $40,000. Osaic Holdings Inc. grew its position in Monarch Casino & Resort by 210.0% during the second quarter. Osaic Holdings Inc. now owns 465 shares of the company’s stock valued at $40,000 after buying an additional 315 shares during the period. TD Private Client Wealth LLC grew its position in Monarch Casino & Resort by 57.1% during the third quarter. TD Private Client Wealth LLC now owns 594 shares of the company’s stock valued at $63,000 after buying an additional 216 shares during the period. Finally, Blue Trust Inc. grew its position in Monarch Casino & Resort by 46.4% during the third quarter. Blue Trust Inc. now owns 612 shares of the company’s stock valued at $65,000 after buying an additional 194 shares during the period. Institutional investors and hedge funds own 62.37% of the company’s stock.

Monarch Casino & Resort News Roundup

Here are the key news stories impacting Monarch Casino & Resort this week:

• Positive Sentiment: Record Q1 results — Monarch reported revenue of $136.6M (up 8.9% YoY), net income of $27.6M (up 38.9%), adjusted EBITDA up 19%, and diluted EPS $1.52 which beat consensus. Management described the quarter as a record. GlobeNewswire: Q1 Results
• Positive Sentiment: Analyst upgrade/positive take: Truist raised its price target to $125 and kept a “buy” rating — implying roughly ~9% upside from the current level, supporting further upside potential. Benzinga
• Positive Sentiment: Dividend increase/return of capital — the company declared a $0.30 quarterly dividend (record June 1; payable June 15), representing an annualized yield near 1.1%, which supports shareholder returns and can attract income-focused investors.
• Negative Sentiment: Analyst caution: Wells Fargo raised its target slightly to $99 but kept an “equal weight” rating; that target is below the current trading level and implies downside from here. Benzinga
• Negative Sentiment: Analyst caution: Stifel raised its target to $102 with a “hold” rating; that target is also below the current price and signals limited upside per that shop. Benzinga TickerReport

About Monarch Casino & Resort

Monarch Casino & Resort, Inc is a publicly traded owner and operator of an integrated casino resort in Reno, Nevada. The company’s flagship property, the Atlantis Casino Resort Spa, features a full-service casino floor with table games, slot machines, and sports betting, complemented by a diverse portfolio of amenities. Guests can choose from over 800 rooms and suites, dine at multiple on-site restaurants and bars, unwind at the full-service spa and salon, or enjoy live entertainment in the property’s showroom.

Monarch’s revenue streams are diversified across gaming operations, hotel accommodations, food and beverage services, and convention and meeting facilities.