Monarch Casino & Resort (NASDAQ:MCRI) Rating Increased to Strong-Buy at Texas Capital

Texas Capital upgraded shares of Monarch Casino & Resort (NASDAQ:MCRI) to a strong-buy rating in a report released on Wednesday,Zacks reports.

MCRI has been the subject of several other research reports. Weiss Ratings reiterated a “buy (b)” rating on shares of Monarch Casino & Resort in a research note on Monday, August 24th. Wells Fargo & Company reduced their price target on shares of Monarch Casino & Resort from $116.00 to $114.00 and set an “equal weight” rating for the company in a report on Tuesday, July 21st. Zacks Research downgraded shares of Monarch Casino & Resort from a “hold” rating to a “strong sell” rating in a research note on Wednesday, July 22nd. UBS Group set a $124.00 price objective on shares of Monarch Casino & Resort in a report on Thursday, July 2nd. Finally, Stifel Nicolaus increased their price objective on shares of Monarch Casino & Resort from $102.00 to $128.00 and gave the stock a “hold” rating in a research report on Tuesday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Monarch Casino & Resort has a consensus rating of “Hold” and a consensus price target of $124.40.

Monarch Casino & Resort Price Performance

NASDAQ MCRI opened at $119.61 on Wednesday. The business has a 50 day simple moving average of $123.01 and a 200 day simple moving average of $115.29. Monarch Casino & Resort has a one year low of $88.13 and a one year high of $135.93. The stock has a market capitalization of $2.14 billion, a P/E ratio of 19.17 and a beta of 1.31.

Monarch Casino & Resort (NASDAQ:MCRI) last issued its earnings results on Monday, July 20th. The company reported $1.78 earnings per share for the quarter, topping analysts’ consensus estimates of $1.68 by $0.10. The business had revenue of $142.60 million during the quarter, compared to the consensus estimate of $142.85 million. Monarch Casino & Resort had a return on equity of 20.63% and a net margin of 20.40%.Monarch Casino & Resort’s revenue was up 4.2% on a year-over-year basis. Equities analysts expect that Monarch Casino & Resort will post 6.98 earnings per share for the current year.

Monarch Casino & Resort Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be given a $0.30 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $1.20 annualized dividend and a yield of 1.0%. Monarch Casino & Resort’s dividend payout ratio (DPR) is presently 19.23%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. IFP Advisors Inc raised its stake in shares of Monarch Casino & Resort by 267.6% in the second quarter. IFP Advisors Inc now owns 261 shares of the company’s stock worth $34,000 after purchasing an additional 190 shares during the last quarter. Osaic Holdings Inc. grew its stake in shares of Monarch Casino & Resort by 210.0% in the 2nd quarter. Osaic Holdings Inc. now owns 465 shares of the company’s stock worth $40,000 after acquiring an additional 315 shares in the last quarter. Kestra Advisory Services LLC bought a new stake in shares of Monarch Casino & Resort in the 4th quarter worth $40,000. Allworth Financial LP purchased a new stake in shares of Monarch Casino & Resort in the second quarter valued at about $41,000. Finally, Global Retirement Partners LLC bought a new position in shares of Monarch Casino & Resort during the second quarter valued at about $57,000. Institutional investors and hedge funds own 62.37% of the company’s stock.

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.