Republic Bancorp (NASDAQ:RBCAA) Stock Rating Lowered by Hovde Group

Republic Bancorp (NASDAQ:RBCAA) was downgraded by investment analysts at Hovde Group from an “outperform” rating to a “market perform” rating in a research note issued to investors on Wednesday, Marketbeat reports. They presently have a $80.00 target price on the bank’s stock, up from their prior target price of $78.00. Hovde Group’s price objective indicates a potential upside of 4.37% from the stock’s current price.

Republic Bancorp Stock Up 0.3 %

Shares of RBCAA stock opened at $76.65 on Wednesday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.11 and a current ratio of 1.12. Republic Bancorp has a fifty-two week low of $46.55 and a fifty-two week high of $79.75. The firm has a market capitalization of $1.49 billion, a PE ratio of 14.53 and a beta of 0.51. The stock’s 50-day simple moving average is $66.62 and its 200-day simple moving average is $59.73.

Republic Bancorp (NASDAQ:RBCAA) last released its quarterly earnings data on Friday, October 18th. The bank reported $1.37 earnings per share for the quarter, topping analysts’ consensus estimates of $1.21 by $0.16. The firm had revenue of $118.36 million for the quarter. Republic Bancorp had a net margin of 20.65% and a return on equity of 10.79%.

Insider Activity at Republic Bancorp

In related news, EVP Christy Ames sold 1,715 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $63.72, for a total transaction of $109,279.80. Following the completion of the transaction, the executive vice president now owns 4,240 shares in the company, valued at $270,172.80. This represents a 28.80 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Juan Montano sold 2,750 shares of the firm’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $63.37, for a total transaction of $174,267.50. Following the completion of the transaction, the executive vice president now directly owns 8,558 shares in the company, valued at $542,320.46. This represents a 24.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 4,715 shares of company stock worth $299,172 in the last 90 days. Corporate insiders own 55.50% of the company’s stock.

Institutional Investors Weigh In On Republic Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in RBCAA. Inspire Advisors LLC purchased a new position in Republic Bancorp in the 2nd quarter worth approximately $1,546,000. State Board of Administration of Florida Retirement System lifted its position in Republic Bancorp by 26.3% during the first quarter. State Board of Administration of Florida Retirement System now owns 13,172 shares of the bank’s stock worth $672,000 after buying an additional 2,742 shares in the last quarter. Vanguard Group Inc. boosted its stake in Republic Bancorp by 0.4% during the first quarter. Vanguard Group Inc. now owns 500,726 shares of the bank’s stock worth $25,537,000 after buying an additional 2,043 shares during the last quarter. American Century Companies Inc. grew its holdings in Republic Bancorp by 17.0% in the 2nd quarter. American Century Companies Inc. now owns 146,090 shares of the bank’s stock valued at $7,832,000 after buying an additional 21,261 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its stake in shares of Republic Bancorp by 9.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 7,405 shares of the bank’s stock worth $378,000 after acquiring an additional 624 shares during the last quarter. Institutional investors and hedge funds own 24.37% of the company’s stock.

About Republic Bancorp

Republic Bancorp, Inc operates as a bank holding company for Republic Bank & Trust Company that provides various banking products and services in the United States. It operates in six segments: Traditional Banking, Warehouse, Mortgage Banking, Tax Refund Solutions, Republic Payment Solutions, and Republic Credit Solutions.