Financial Management Professionals Inc. Makes New Investment in Monarch Casino & Resort, Inc. (NASDAQ:MCRI)

Financial Management Professionals Inc. bought a new position in Monarch Casino & Resort, Inc. (NASDAQ:MCRI) in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 381 shares of the company’s stock, valued at approximately $30,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Trust Point Inc. increased its holdings in Monarch Casino & Resort by 1.5% in the 3rd quarter. Trust Point Inc. now owns 11,008 shares of the company’s stock worth $873,000 after purchasing an additional 162 shares in the last quarter. Heritage Family Offices LLP acquired a new position in Monarch Casino & Resort in the 3rd quarter worth about $222,000. Exchange Traded Concepts LLC increased its holdings in Monarch Casino & Resort by 96.5% in the 3rd quarter. Exchange Traded Concepts LLC now owns 9,698 shares of the company’s stock worth $769,000 after purchasing an additional 4,762 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Monarch Casino & Resort by 61.0% in the 3rd quarter. GAMMA Investing LLC now owns 470 shares of the company’s stock valued at $37,000 after buying an additional 178 shares during the last quarter. Finally, Millennium Management LLC grew its position in shares of Monarch Casino & Resort by 376.1% in the 2nd quarter. Millennium Management LLC now owns 85,869 shares of the company’s stock valued at $5,850,000 after buying an additional 67,833 shares during the last quarter. Institutional investors and hedge funds own 62.37% of the company’s stock.

Monarch Casino & Resort Price Performance

Shares of Monarch Casino & Resort stock opened at $79.08 on Monday. Monarch Casino & Resort, Inc. has a one year low of $57.88 and a one year high of $80.22. The stock’s 50-day moving average is $75.99 and its 200 day moving average is $71.55. The firm has a market cap of $1.48 billion, a price-to-earnings ratio of 18.70 and a beta of 1.73.

Monarch Casino & Resort (NASDAQ:MCRI) last announced its earnings results on Wednesday, October 23rd. The company reported $1.47 EPS for the quarter, beating the consensus estimate of $1.37 by $0.10. Monarch Casino & Resort had a return on equity of 17.05% and a net margin of 16.31%. The company had revenue of $137.87 million for the quarter, compared to analyst estimates of $134.50 million. During the same quarter in the prior year, the company earned $1.38 EPS. On average, sell-side analysts expect that Monarch Casino & Resort, Inc. will post 4.62 EPS for the current fiscal year.

Monarch Casino & Resort Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Sunday, December 15th. Investors of record on Sunday, December 1st will be given a dividend of $0.30 per share. The ex-dividend date is Friday, November 29th. This represents a $1.20 annualized dividend and a dividend yield of 1.52%. Monarch Casino & Resort’s payout ratio is 28.37%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Truist Financial upped their price target on Monarch Casino & Resort from $75.00 to $82.00 and gave the company a “hold” rating in a research report on Wednesday, October 23rd. Stifel Nicolaus upped their price target on Monarch Casino & Resort from $72.00 to $77.00 and gave the company a “hold” rating in a research report on Thursday. Macquarie reiterated a “neutral” rating and issued a $76.00 price target on shares of Monarch Casino & Resort in a research report on Thursday, July 25th. Finally, StockNews.com upgraded Monarch Casino & Resort from a “buy” rating to a “strong-buy” rating in a research report on Monday, October 21st.

Monarch Casino & Resort Profile

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.