Republic Bancorp (NASDAQ:RBCAA) Share Price Crosses Above Two Hundred Day Moving Average – Here’s Why

Republic Bancorp, Inc. (NASDAQ:RBCAA)’s share price passed above its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $85.61 and traded as high as $92.25. Republic Bancorp shares last traded at $92.21, with a volume of 103,601 shares.

Analysts Set New Price Targets

RBCAA has been the subject of several analyst reports. Zacks Research raised Republic Bancorp to a “hold” rating in a research report on Monday, July 13th. Weiss Ratings reissued a “buy (b)” rating on shares of Republic Bancorp in a research note on Friday, September 4th. Raymond James Financial began coverage on Republic Bancorp in a research report on Wednesday, September 2nd. They set a “hold” rating for the company. Finally, Hovde Group upped their target price on Republic Bancorp from $80.00 to $98.00 and gave the company a “market perform” rating in a report on Monday, July 27th. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $98.00.

Republic Bancorp Trading Up 1.6%

The firm has a market cap of $1.84 billion, a price-to-earnings ratio of 14.30 and a beta of 0.55. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.02 and a quick ratio of 1.01. The firm’s fifty day moving average is $95.99 and its 200-day moving average is $85.66.

Republic Bancorp (NASDAQ:RBCAA) last issued its quarterly earnings results on Friday, July 24th. The bank reported $1.68 earnings per share for the quarter, topping analysts’ consensus estimates of $1.55 by $0.13. The firm had revenue of $101.27 million during the quarter, compared to the consensus estimate of $97.60 million. Republic Bancorp had a return on equity of 11.20% and a net margin of 25.38%. Equities analysts anticipate that Republic Bancorp, Inc. will post 6.65 earnings per share for the current year.

Republic Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 16th. Shareholders of record on Friday, September 18th will be issued a $0.4950 dividend. This represents a $1.98 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Friday, September 18th. Republic Bancorp’s payout ratio is presently 30.23%.

Hedge Funds Weigh In On Republic Bancorp

A number of institutional investors and hedge funds have recently modified their holdings of RBCAA. Y Intercept Hong Kong Ltd bought a new position in Republic Bancorp during the first quarter worth $956,000. Renaissance Technologies LLC raised its holdings in shares of Republic Bancorp by 27.2% during the first quarter. Renaissance Technologies LLC now owns 46,300 shares of the bank’s stock valued at $3,266,000 after purchasing an additional 9,900 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Republic Bancorp by 0.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 928,367 shares of the bank’s stock worth $65,496,000 after purchasing an additional 5,656 shares in the last quarter. Fifth Third Bancorp bought a new position in shares of Republic Bancorp during the 1st quarter worth about $384,000. Finally, Engineers Gate Manager LP acquired a new stake in shares of Republic Bancorp in the 2nd quarter valued at about $479,000. 24.37% of the stock is currently owned by institutional investors.

About Republic Bancorp

Republic Bancorp, Inc is a bank holding company headquartered in Louisville, Kentucky. Its principal subsidiary, Republic Bank & Trust Company, provides banking and financial services to individuals, businesses, and institutions through banking centers and digital channels.

The company offers personal and commercial deposit accounts, consumer and business loans, mortgage lending, cash-management services, online and mobile banking, and wealth-management and trust services. Its banking operations serve customers in Kentucky, Florida, Indiana, Ohio, and Tennessee.

Republic Bancorp also operates Republic Processing Group, which provides tax-related financial services and payment-processing solutions, including tax refund processing and prepaid products.