Monarch Casino & Resort (NASDAQ:MCRI) Announces Quarterly Earnings Results

Monarch Casino & Resort (NASDAQ:MCRI) issued 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 return on equity of 17.06% and a net margin of 16.82%. During the same quarter last year, the firm posted $1.03 earnings per share.

Monarch Casino & Resort Trading Up 7.9 %

NASDAQ:MCRI opened at $92.57 on Thursday. The company’s 50 day moving average is $82.73 and its two-hundred day moving average is $79.48. The company has a market cap of $1.70 billion, a PE ratio of 20.48 and a beta of 1.74. Monarch Casino & Resort has a twelve month low of $64.50 and a twelve month high of $93.38.

Monarch Casino & Resort Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Saturday, March 15th. Investors of record on Saturday, March 1st will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.30%. The ex-dividend date of this dividend is Friday, February 28th. Monarch Casino & Resort’s dividend payout ratio (DPR) is presently 26.55%.

Insider Activity

In related news, CEO John Farahi sold 1,000 shares of the stock in a transaction that occurred on 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 in the company, valued at approximately $41,059,477.20. This represents a 0.19 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 24.94% of the company’s stock.

Analysts Set New Price Targets

MCRI has been the topic of several research reports. Truist Financial upgraded Monarch Casino & Resort from a “hold” rating to a “buy” rating and raised their price target for the company from $82.00 to $100.00 in a research note on Tuesday, January 14th. Wells Fargo & Company boosted their price target on shares of Monarch Casino & Resort from $79.00 to $82.00 and gave the company an “underweight” rating in a report on Wednesday. Stifel Nicolaus upped their price target 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. StockNews.com lowered shares of Monarch Casino & Resort from a “strong-buy” rating to a “buy” rating in a report on Wednesday. Finally, Jefferies Financial Group upped their target price on Monarch Casino & Resort from $73.00 to $88.00 and gave the stock a “hold” rating in a report on Friday, January 3rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $87.20.

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.