Raymond James Financial Inc. Takes Position in Monarch Casino & Resort, Inc. (NASDAQ:MCRI)

Raymond James Financial Inc. acquired a new stake in shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 77,540 shares of the company’s stock, valued at approximately $6,118,000. Raymond James Financial Inc. owned approximately 0.42% of Monarch Casino & Resort at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Golden State Wealth Management LLC purchased a new position in shares of Monarch Casino & Resort during the 4th quarter valued at $53,000. KBC Group NV grew its position in Monarch Casino & Resort by 67.8% during the fourth quarter. KBC Group NV now owns 980 shares of the company’s stock worth $77,000 after buying an additional 396 shares in the last quarter. Independence Bank of Kentucky bought a new position in Monarch Casino & Resort in the 4th quarter worth about $93,000. Nisa Investment Advisors LLC raised its holdings in shares of Monarch Casino & Resort by 30.9% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,693 shares of the company’s stock valued at $134,000 after acquiring an additional 400 shares in the last quarter. Finally, Bank of Montreal Can bought a new stake in shares of Monarch Casino & Resort during the 4th quarter valued at about $202,000. Institutional investors own 62.37% of the company’s stock.

Monarch Casino & Resort Stock Down 1.0 %

Shares of NASDAQ:MCRI opened at $77.06 on Friday. The stock has a market cap of $1.42 billion, a PE ratio of 15.57 and a beta of 1.57. The company’s fifty day moving average is $81.68 and its 200 day moving average is $81.97. Monarch Casino & Resort, Inc. has a 52 week low of $64.58 and a 52 week high of $96.11.

Monarch Casino & Resort (NASDAQ:MCRI) last released its quarterly earnings data on Tuesday, April 22nd. The company reported $1.05 EPS for the quarter, topping the consensus estimate of $1.04 by $0.01. Monarch Casino & Resort had a return on equity of 18.27% and a net margin of 18.01%. The firm had revenue of $125.39 million for the quarter, compared to the consensus estimate of $122.70 million. Sell-side analysts anticipate that Monarch Casino & Resort, Inc. will post 5.13 EPS for the current year.

Monarch Casino & Resort Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, June 15th. Shareholders of record on Sunday, June 1st will be given a $0.30 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.20 annualized dividend and a yield of 1.56%. Monarch Casino & Resort’s payout ratio is currently 24.24%.

Wall Street Analyst Weigh In

MCRI has been the topic of a number of recent analyst reports. Truist Financial lowered their target price on shares of Monarch Casino & Resort from $105.00 to $100.00 and set a “buy” rating on the stock in a research note on Wednesday. StockNews.com downgraded shares of Monarch Casino & Resort from a “strong-buy” rating to a “buy” rating in a report on Wednesday, February 12th. Stifel Nicolaus cut their target price on shares of Monarch Casino & Resort from $90.00 to $81.00 and set a “hold” rating for the company in a research report on Wednesday. Jefferies Financial Group lifted their price target on Monarch Casino & Resort from $73.00 to $88.00 and gave the stock a “hold” rating in a research note on Friday, January 3rd. Finally, Macquarie reiterated a “neutral” rating and set a $92.00 price objective on shares of Monarch Casino & Resort in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $88.60.

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.