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

Monarch Casino & Resort (NASDAQ:MCRI) announced its quarterly earnings results on Wednesday. The company reported $0.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.98 by ($0.02), Yahoo Finance reports. Monarch Casino & Resort had a net margin of 16.40% and a return on equity of 17.22%. The company had revenue of $121.66 million during the quarter, compared to analysts’ expectations of $122.13 million. During the same quarter in the prior year, the business posted $0.90 earnings per share.

Monarch Casino & Resort Stock Performance

MCRI traded up $0.51 on Friday, reaching $67.05. 32,935 shares of the stock were exchanged, compared to its average volume of 115,269. The company’s 50-day moving average price is $70.75 and its 200 day moving average price is $67.04. Monarch Casino & Resort has a fifty-two week low of $56.25 and a fifty-two week high of $75.52. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.61 and a quick ratio of 0.55. The firm has a market capitalization of $1.26 billion, a PE ratio of 15.81 and a beta of 1.66.

Monarch Casino & Resort Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Saturday, June 15th. Shareholders of record on Saturday, June 1st will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, May 31st. This represents a $1.20 dividend on an annualized basis and a yield of 1.79%. Monarch Casino & Resort’s dividend payout ratio is currently 28.37%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. StockNews.com upgraded Monarch Casino & Resort from a “hold” rating to a “buy” rating in a report on Saturday, March 9th. Macquarie boosted their target price on Monarch Casino & Resort from $75.00 to $76.00 and gave the stock a “neutral” rating in a research note on Thursday. Truist Financial boosted their target price on Monarch Casino & Resort from $72.00 to $74.00 and gave the stock a “hold” rating in a research note on Thursday, February 15th. Finally, Stifel Nicolaus restated a “hold” rating and set a $70.00 target price on shares of Monarch Casino & Resort in a research note on Friday, January 5th.

Institutional Trading of Monarch Casino & Resort

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. State of Wyoming purchased a new stake in Monarch Casino & Resort during the 4th quarter worth approximately $28,000. UBS Group AG increased its stake in Monarch Casino & Resort by 214.2% during the 3rd quarter. UBS Group AG now owns 1,458 shares of the company’s stock worth $82,000 after buying an additional 994 shares in the last quarter. Steward Partners Investment Advisory LLC purchased a new stake in Monarch Casino & Resort during the 4th quarter worth approximately $108,000. Captrust Financial Advisors increased its stake in Monarch Casino & Resort by 30.0% during the 1st quarter. Captrust Financial Advisors now owns 1,593 shares of the company’s stock worth $139,000 after buying an additional 368 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its stake in Monarch Casino & Resort by 190.5% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,167 shares of the company’s stock worth $189,000 after buying an additional 1,421 shares in the last quarter. Institutional investors and hedge funds own 62.37% of the company’s stock.

About Monarch Casino & Resort

Monarch Casino & Resort, Inc, through its subsidiaries, owns and operates the Atlantis Casino Resort Spa, a hotel and casino in Reno, Nevada. It also owns and operates the Monarch Casino Resort Spa Black Hawk in Black Hawk, Colorado. The company was incorporated in 1993 and is based in Reno, Nevada.