Zacks Investment Research downgraded shares of Republic Bancorp, Inc. (NASDAQ:RBCAA) from a buy rating to a hold rating in a research report report published on Wednesday morning.
According to Zacks, “Republic Bancorp, Inc. is a financial holding company. “
A number of other brokerages have also issued reports on RBCAA. BidaskClub lowered Republic Bancorp from a sell rating to a strong sell rating in a research note on Tuesday, August 8th. Hovde Group lowered Republic Bancorp from an outperform rating to a market perform rating and raised their price target for the stock from $39.00 to $41.00 in a research note on Wednesday, October 4th.
Republic Bancorp (RBCAA) opened at 41.06 on Wednesday. The stock has a market capitalization of $856.43 million, a PE ratio of 17.25 and a beta of 0.52. Republic Bancorp has a 1-year low of $28.56 and a 1-year high of $41.79. The stock’s 50 day moving average price is $37.42 and its 200 day moving average price is $35.68.
Republic Bancorp (NASDAQ:RBCAA) last issued its quarterly earnings results on Friday, July 21st. The bank reported $0.48 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.48. Republic Bancorp had a return on equity of 8.14% and a net margin of 19.33%. The firm had revenue of $56.06 million during the quarter. On average, equities research analysts predict that Republic Bancorp will post $2.34 earnings per share for the current fiscal year.
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The company also recently announced a quarterly dividend, which will be paid on Friday, October 20th. Shareholders of record on Friday, September 15th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.14%. The ex-dividend date of this dividend is Thursday, September 14th. Republic Bancorp’s dividend payout ratio (DPR) is presently 36.82%.
In other Republic Bancorp news, EVP Steven E. Deweese sold 1,115 shares of Republic Bancorp stock in a transaction on Thursday, August 31st. The stock was sold at an average price of $35.49, for a total transaction of $39,571.35. Following the completion of the sale, the executive vice president now directly owns 41,630 shares of the company’s stock, valued at approximately $1,477,448.70. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Steven E. Deweese sold 1,000 shares of Republic Bancorp stock in a transaction on Monday, August 21st. The shares were sold at an average price of $34.50, for a total value of $34,500.00. Following the sale, the executive vice president now directly owns 42,230 shares of the company’s stock, valued at $1,456,935. The disclosure for this sale can be found here. Insiders own 52.30% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the business. SG Americas Securities LLC bought a new stake in Republic Bancorp during the 2nd quarter valued at $165,000. Globeflex Capital L P purchased a new position in shares of Republic Bancorp in the 1st quarter valued at $190,000. American International Group Inc. increased its holdings in shares of Republic Bancorp by 7.1% in the 1st quarter. American International Group Inc. now owns 5,947 shares of the bank’s stock valued at $205,000 after acquiring an additional 392 shares during the period. KBC Group NV increased its holdings in shares of Republic Bancorp by 98.3% in the 1st quarter. KBC Group NV now owns 7,914 shares of the bank’s stock valued at $272,000 after acquiring an additional 3,924 shares during the period. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of Republic Bancorp by 6.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 7,936 shares of the bank’s stock valued at $283,000 after acquiring an additional 449 shares during the period. 24.29% of the stock is owned by institutional investors and hedge funds.
About Republic Bancorp
Republic Bancorp, Inc is a financial holding company of Republic Bank & Trust Company (the Bank) and Republic Insurance Services, Inc (the Captive). The Bank is a Kentucky-based, state chartered non-member financial institution. The Captive is an insurance subsidiary of the Company. The Company operates through four segments: Traditional Banking, which provides traditional banking products to customers; Warehouse Lending (Warehouse), which provides short-term, revolving credit facilities to mortgage bankers across the United States through mortgage warehouse lines of credit; Mortgage Banking, which originates, sells and services long-term, single family, first lien residential real estate loans, and Republic Processing Group (RPG), which facilitates the receipt and payment of federal and state tax refund products.
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