Independence Bank of Kentucky Invests $93,000 in Monarch Casino & Resort, Inc. (NASDAQ:MCRI)

Independence Bank of Kentucky acquired a new stake in Monarch Casino & Resort, Inc. (NASDAQ:MCRI) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 1,173 shares of the company’s stock, valued at approximately $93,000.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Janus Henderson Group PLC lifted its position in shares of Monarch Casino & Resort by 0.9% during the 3rd quarter. Janus Henderson Group PLC now owns 388,658 shares of the company’s stock valued at $30,809,000 after acquiring an additional 3,488 shares during the period. Wellington Management Group LLP increased its stake in Monarch Casino & Resort by 3.9% in the 3rd quarter. Wellington Management Group LLP now owns 219,625 shares of the company’s stock valued at $17,410,000 after purchasing an additional 8,283 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Monarch Casino & Resort by 6.0% during the second quarter. Dimensional Fund Advisors LP now owns 175,378 shares of the company’s stock worth $11,949,000 after purchasing an additional 9,990 shares during the last quarter. FMR LLC grew its holdings in Monarch Casino & Resort by 1.1% in the third quarter. FMR LLC now owns 134,098 shares of the company’s stock valued at $10,630,000 after purchasing an additional 1,396 shares during the last quarter. Finally, Jane Street Group LLC increased its position in shares of Monarch Casino & Resort by 518.8% in the third quarter. Jane Street Group LLC now owns 117,072 shares of the company’s stock valued at $9,280,000 after buying an additional 98,153 shares in the last quarter. Hedge funds and other institutional investors own 62.37% of the company’s stock.

Monarch Casino & Resort Stock Performance

Shares of MCRI opened at $85.34 on Monday. Monarch Casino & Resort, Inc. has a fifty-two week low of $64.50 and a fifty-two week high of $89.06. The company has a market capitalization of $1.57 billion, a PE ratio of 18.88 and a beta of 1.73. The stock has a fifty day moving average of $82.49 and a two-hundred day moving average of $78.68.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. Truist Financial upgraded shares of Monarch Casino & Resort from a “hold” rating to a “buy” rating and raised their target price for the company from $82.00 to $100.00 in a report on Tuesday, January 14th. Wells Fargo & Company began coverage on Monarch Casino & Resort in a research report on Monday, December 16th. They set an “underweight” rating and a $79.00 price objective for the company. Jefferies Financial Group upped their target price on Monarch Casino & Resort from $73.00 to $88.00 and gave the company a “hold” rating in a research note on Friday, January 3rd. StockNews.com downgraded Monarch Casino & Resort from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, January 22nd. Finally, Stifel Nicolaus upped their price objective on Monarch Casino & Resort from $72.00 to $77.00 and gave the company a “hold” rating in a research report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $84.00.

Insider Activity at Monarch Casino & Resort

In other news, CEO John Farahi sold 1,000 shares of the company’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $77.70, for a total transaction of $77,700.00. Following the completion of the transaction, the chief executive officer now owns 528,436 shares of the company’s stock, valued at $41,059,477.20. This represents a 0.19 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 24.94% of the company’s stock.

Monarch Casino & Resort Profile

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.