Monarch Casino & Resort (NASDAQ:MCRI) Reaches New 52-Week High at $79.44

Monarch Casino & Resort, Inc. (NASDAQ:MCRI)’s stock price reached a new 52-week high during trading on Wednesday . The company traded as high as $79.44 and last traded at $79.44, with a volume of 21531 shares. The stock had previously closed at $78.58.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Macquarie reaffirmed a “neutral” rating and set a $76.00 price target on shares of Monarch Casino & Resort in a research report on Thursday, July 25th. Truist Financial raised their price target on shares of Monarch Casino & Resort from $74.00 to $75.00 and gave the stock a “hold” rating in a research report on Thursday, July 25th.

Monarch Casino & Resort Stock Performance

The company has a market capitalization of $1.47 billion, a P/E ratio of 18.51 and a beta of 1.74. The firm’s fifty day moving average is $68.37 and its 200-day moving average is $69.20.

Monarch Casino & Resort Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Sunday, September 15th. Shareholders of record on Sunday, September 1st will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.53%. The ex-dividend date of this dividend is Friday, August 30th. Monarch Casino & Resort’s payout ratio is 28.37%.

Insider Activity

In related news, insider Paul Andrews 3,100 shares of the firm’s stock in a transaction that occurred on Tuesday, July 30th. The was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO John Farahi sold 2,000 shares of the business’s stock in a transaction on Friday, June 21st. The shares were sold at an average price of $68.00, for a total transaction of $136,000.00. Following the transaction, the chief executive officer now owns 525,310 shares in the company, valued at approximately $35,721,080. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Paul Andrews 3,100 shares of the business’s stock in a transaction dated Tuesday, July 30th. The disclosure for this trade can be found here. Insiders own 24.94% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Monarch Casino & Resort by 81.9% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,712 shares of the company’s stock worth $185,000 after buying an additional 1,221 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in Monarch Casino & Resort by 0.8% during the second quarter. Bank of New York Mellon Corp now owns 178,727 shares of the company’s stock worth $12,177,000 after buying an additional 1,400 shares during the last quarter. Tributary Capital Management LLC raised its holdings in Monarch Casino & Resort by 0.3% during the second quarter. Tributary Capital Management LLC now owns 276,426 shares of the company’s stock worth $18,833,000 after buying an additional 827 shares during the last quarter. SG Americas Securities LLC acquired a new position in Monarch Casino & Resort during the second quarter worth $751,000. Finally, Annex Advisory Services LLC raised its holdings in Monarch Casino & Resort by 12.0% during the second quarter. Annex Advisory Services LLC now owns 15,768 shares of the company’s stock worth $1,074,000 after buying an additional 1,690 shares during 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.