Monarch Casino & Resort, Inc. $MCRI Shares Purchased by Vest Financial LLC

Vest Financial LLC boosted its holdings in shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI) by 108.5% during the third quarter, HoldingsChannel reports. The fund owned 32,564 shares of the company’s stock after purchasing an additional 16,949 shares during the quarter. Vest Financial LLC’s holdings in Monarch Casino & Resort were worth $3,745,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in Monarch Casino & Resort during the 2nd quarter worth about $270,679,000. Bank of New York Mellon Corp acquired a new position in shares of Monarch Casino & Resort in the second quarter worth approximately $16,778,000. Man Group plc acquired a new position in shares of Monarch Casino & Resort in the second quarter worth approximately $5,873,000. Bank of America Corp DE bought a new stake in Monarch Casino & Resort in the second quarter valued at approximately $5,501,000. Finally, Wellington Management Group LLP boosted its holdings in Monarch Casino & Resort by 23.2% in the second quarter. Wellington Management Group LLP now owns 188,715 shares of the company’s stock valued at $24,837,000 after acquiring an additional 35,536 shares during the last quarter. 62.37% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO John Farahi sold 5,000 shares of the company’s stock in a transaction dated Thursday, September 17th. The stock was sold at an average price of $124.00, for a total transaction of $620,000.00. Following the sale, the chief executive officer owned 611,556 shares in the company, valued at $75,832,944. This represents a 0.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 26.34% of the stock is owned by corporate insiders.

Monarch Casino & Resort Trading Down 0.7%

Shares of Monarch Casino & Resort stock opened at $112.68 on Friday. The business has a 50-day moving average price of $119.11 and a two-hundred day moving average price of $119.50. Monarch Casino & Resort, Inc. has a 1-year low of $88.13 and a 1-year high of $135.93. The company has a market cap of $2.02 billion, a P/E ratio of 18.06 and a beta of 1.37.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Texas Capital raised shares of Monarch Casino & Resort to a “strong-buy” rating in a research report on Wednesday, September 9th. Zacks Research upgraded shares of Monarch Casino & Resort from a “strong sell” rating to a “hold” rating in a report on Friday, September 18th. Jefferies Financial Group restated a “hold” rating on shares of Monarch Casino & Resort in a research report on Thursday, July 2nd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Monarch Casino & Resort in a research note on Monday, August 24th. Finally, UBS Group set a $124.00 price objective on shares of Monarch Casino & Resort in a research note on Thursday, July 2nd. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $124.40.

About Monarch Casino & Resort

Monarch Casino & Resort, Inc operates casino resorts in Nevada and Colorado. The company’s properties combine casino gaming with hotel accommodations, dining, entertainment and other hospitality services.

Its principal properties are Atlantis Casino Resort Spa in Reno, Nevada, and Monarch Casino Resort Spa in Black Hawk, Colorado. The resorts offer gaming facilities, restaurants and bars, hotel rooms and suites, spa services, meeting spaces and entertainment options. The company primarily serves regional visitors and destination guests in the western United States.

Monarch Casino & Resort traces its history to the opening of the Atlantis in Reno in 1972.