Republic Bancorp (NASDAQ:RBCAA) Stock Price Crosses Above 200-Day Moving Average – What’s Next?

Republic Bancorp, Inc. (NASDAQ:RBCAA)’s stock price crossed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $84.57 and traded as high as $94.18. Republic Bancorp shares last traded at $93.33, with a volume of 67,293 shares trading hands.

Analysts Set New Price Targets

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

Republic Bancorp Stock Performance

The business’s fifty day simple moving average is $95.79 and its 200-day simple moving average is $84.75. The firm has a market cap of $1.86 billion, a P/E ratio of 14.44 and a beta of 0.53. The company has a current ratio of 1.02, a quick ratio of 1.01 and a debt-to-equity ratio of 0.14.

Republic Bancorp (NASDAQ:RBCAA) last issued its quarterly earnings data on Friday, July 24th. The bank reported $1.68 EPS for the quarter, beating the consensus estimate 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 net margin of 25.38% and a return on equity of 11.20%. As a group, sell-side analysts expect that Republic Bancorp, Inc. will post 6.65 earnings per share for the current year.

Republic Bancorp Announces Dividend

The firm also recently disclosed 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. The ex-dividend date is Friday, September 18th. This represents a $1.98 annualized dividend and a yield of 2.1%. Republic Bancorp’s dividend payout ratio (DPR) is 30.23%.

Hedge Funds Weigh In On Republic Bancorp

Several hedge funds have recently made changes to their positions in RBCAA. Arizona State Retirement System bought a new position in shares of Republic Bancorp during the second quarter valued at approximately $218,000. Apollon Wealth Management LLC purchased a new position in Republic Bancorp during the 1st quarter valued at $213,000. Royal Bank of Canada increased its position in Republic Bancorp by 46.2% during the 1st quarter. Royal Bank of Canada now owns 3,401 shares of the bank’s stock valued at $239,000 after purchasing an additional 1,074 shares during the period. Silver Oak Securities Incorporated increased its position in Republic Bancorp by 9.4% during the 1st quarter. Silver Oak Securities Incorporated now owns 3,486 shares of the bank’s stock valued at $246,000 after purchasing an additional 300 shares during the period. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its holdings in Republic Bancorp by 22.6% in the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 4,444 shares of the bank’s stock worth $314,000 after purchasing an additional 820 shares in the last quarter. 24.37% of the stock is owned by hedge funds and other institutional investors.

About Republic Bancorp

Republic Bancorp, Inc is a Louisville, Kentucky-based bank holding company and the parent organization of Republic Bank & Trust Company. Founded in 1974, the company provides banking and financial services to consumers, businesses and institutions through its banking operations and specialty finance businesses.

Republic Bank offers deposit accounts, residential and commercial loans, consumer lending, treasury management, wealth management and other traditional banking products. Its services are delivered through banking centers and digital channels, with a primary presence in Kentucky and additional operations in selected markets including Indiana, Florida and Tennessee.

The company also operates specialty finance businesses, including tax refund-related services that support tax preparers and consumers nationwide.