The Manufacturers Life Insurance Company Acquires New Holdings in Monarch Casino & Resort, Inc. $MCRI

The Manufacturers Life Insurance Company acquired a new position in Monarch Casino & Resort, Inc. (NASDAQ:MCRI) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,149 shares of the company’s stock, valued at approximately $678,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of MCRI. Osaic Holdings Inc. lifted its position in Monarch Casino & Resort by 210.0% in the second quarter. Osaic Holdings Inc. now owns 465 shares of the company’s stock worth $40,000 after purchasing an additional 315 shares during the period. Kestra Advisory Services LLC acquired a new position in shares of Monarch Casino & Resort during the 4th quarter valued at $40,000. Allworth Financial LP bought a new stake in shares of Monarch Casino & Resort in the 2nd quarter worth $41,000. Global Retirement Partners LLC bought a new stake in shares of Monarch Casino & Resort in the 2nd quarter worth $57,000. Finally, Globeflex Capital L P bought a new position in Monarch Casino & Resort during the second quarter valued at about $97,000. Institutional investors own 62.37% of the company’s stock.

Monarch Casino & Resort Price Performance

Shares of NASDAQ:MCRI opened at $121.52 on Monday. The company has a market cap of $2.18 billion, a P/E ratio of 19.47 and a beta of 1.31. Monarch Casino & Resort, Inc. has a 12-month low of $88.13 and a 12-month high of $135.93. The company’s fifty day moving average is $123.89 and its two-hundred day moving average is $114.58.

Monarch Casino & Resort (NASDAQ:MCRI) last announced its quarterly earnings data on Monday, July 20th. The company reported $1.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.68 by $0.10. The firm 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%.The firm’s quarterly revenue was up 4.2% on a year-over-year basis. Equities research analysts anticipate that Monarch Casino & Resort, Inc. will post 6.98 earnings per share for the current year.

Monarch Casino & Resort Announces Dividend

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

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on MCRI. Zacks Research lowered Monarch Casino & Resort from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 22nd. Stifel Nicolaus lifted 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 note on Tuesday, July 21st. Weiss Ratings reissued a “buy (b)” rating on shares of Monarch Casino & Resort in a research note on Monday, August 24th. Jefferies Financial Group restated a “hold” rating on shares of Monarch Casino & Resort in a research report on Thursday, July 2nd. Finally, Wells Fargo & Company dropped their price target on Monarch Casino & Resort from $116.00 to $114.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 21st. Two analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $124.40.

Monarch Casino & Resort Company Profile

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.