Republic Bancorp (NASDAQ:RBCAA) Price Target Raised to $98.00

Republic Bancorp (NASDAQ:RBCAA) had its price objective upped by Hovde Group from $80.00 to $98.00 in a report issued on Monday morning, MarketBeat Ratings reports. They currently have a market perform rating on the bank’s stock.

Several other equities analysts have also recently issued reports on the company. Weiss Ratings reiterated a “buy (b)” rating on shares of Republic Bancorp in a research note on Tuesday, June 9th. Zacks Research upgraded shares of Republic Bancorp to a “hold” rating in a research note on Monday, July 13th. Finally, Wall Street Zen raised shares of Republic Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, April 25th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Republic Bancorp has an average rating of “Hold” and an average price target of $98.00.

Republic Bancorp Stock Down 0.9%

Republic Bancorp stock opened at $99.75 on Monday. Republic Bancorp has a twelve month low of $63.97 and a twelve month high of $102.00. The stock’s fifty day simple moving average is $87.48 and its 200-day simple moving average is $77.65. The company has a current ratio of 1.06, a quick ratio of 1.05 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $1.96 billion, a P/E ratio of 15.23 and a beta of 0.56.

Republic Bancorp (NASDAQ:RBCAA) last released its earnings results on Friday, July 24th. The bank reported $1.68 EPS for the quarter, topping the consensus estimate of $1.55 by $0.13. Republic Bancorp had a return on equity of 11.32% and a net margin of 25.38%.The firm had revenue of $101.27 million during the quarter, compared to analysts’ expectations of $97.60 million. As a group, equities analysts expect that Republic Bancorp will post 6.65 earnings per share for the current fiscal year.

Republic Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 16th. Investors of record on Friday, September 18th will be issued a $0.495 dividend. This represents a $1.98 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Friday, September 18th. Republic Bancorp’s dividend payout ratio is 30.23%.

Insiders Place Their Bets

In other news, EVP Anthony T. Powell sold 3,000 shares of the stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $83.54, for a total value of $250,620.00. Following the transaction, the executive vice president owned 24,691 shares in the company, valued at approximately $2,062,686.14. This represents a 10.83% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Christy Ames sold 340 shares of the firm’s stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $87.90, for a total value of $29,886.00. Following the sale, the executive vice president directly owned 6,145 shares in the company, valued at $540,145.50. This trade represents a 5.24% decrease in their position. The disclosure for this sale is available in the SEC filing. 55.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Republic Bancorp

Several hedge funds have recently added to or reduced their stakes in RBCAA. Quarry LP acquired a new stake in Republic Bancorp during the third quarter worth approximately $27,000. Russell Investments Group Ltd. boosted its holdings in shares of Republic Bancorp by 2,561.3% in the 3rd quarter. Russell Investments Group Ltd. now owns 825 shares of the bank’s stock valued at $60,000 after buying an additional 794 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Republic Bancorp in the 2nd quarter valued at $121,000. CANADA LIFE ASSURANCE Co grew its position in shares of Republic Bancorp by 541.2% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 1,757 shares of the bank’s stock valued at $121,000 after buying an additional 1,483 shares during the last quarter. Finally, BNP Paribas Financial Markets raised its stake in Republic Bancorp by 46.4% during the 2nd quarter. BNP Paribas Financial Markets now owns 1,887 shares of the bank’s stock worth $138,000 after acquiring an additional 598 shares in the last quarter. 24.37% of the stock is currently owned by hedge funds and other institutional investors.

About Republic Bancorp

Republic Bancorp, Inc is a bank holding company headquartered in Louisville, Kentucky, that operates through its principal subsidiary, Republic Bank & Trust Company. The company provides a full suite of commercial and retail banking services tailored to individuals, small businesses and middle‐market clients. Core offerings include deposit accounts, consumer and commercial lending, treasury and cash-management services, mortgage financing, SBA lending and wealth management solutions. Republic Bancorp also supports specialized financing needs through equipment leasing and small business advisory services.

Republic Bancorp’s branch network spans key markets in the U.S.