Republic Bancorp (NASDAQ:RBCAA) Coverage Initiated by Analysts at Raymond James Financial

Raymond James Financial assumed coverage on shares of Republic Bancorp (NASDAQ:RBCAA) in a research report released on Friday, Marketbeat Ratings reports. The brokerage issued a market perform rating on the bank’s stock.

Separately, Hovde Group upped their target price on Republic Bancorp from $64.00 to $69.00 and gave the stock a “market perform” rating in a research note on Friday, April 25th.

Republic Bancorp Price Performance

Shares of NASDAQ RBCAA opened at $72.83 on Friday. The firm has a market capitalization of $1.42 billion, a P/E ratio of 12.00 and a beta of 0.51. The company has a quick ratio of 1.09, a current ratio of 1.10 and a debt-to-equity ratio of 0.36. The stock’s 50-day simple moving average is $70.00 and its two-hundred day simple moving average is $67.82. Republic Bancorp has a twelve month low of $48.90 and a twelve month high of $80.68.

Republic Bancorp (NASDAQ:RBCAA) last announced its earnings results on Thursday, April 24th. The bank reported $2.42 earnings per share for the quarter, topping analysts’ consensus estimates of $1.86 by $0.56. The business had revenue of $135.84 million for the quarter, compared to analyst estimates of $126.90 million. Republic Bancorp had a return on equity of 11.92% and a net margin of 22.94%.

Republic Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 18th. Shareholders of record on Friday, June 20th will be paid a $0.451 dividend. The ex-dividend date of this dividend is Friday, June 20th. This represents a $1.80 dividend on an annualized basis and a yield of 2.48%. Republic Bancorp’s dividend payout ratio is currently 29.65%.

Insider Activity

In other news, EVP Christy Ames sold 700 shares of the stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $70.50, for a total transaction of $49,350.00. Following the transaction, the executive vice president now directly owns 5,044 shares in the company, valued at approximately $355,602. This represents a 12.19% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 56.40% of the company’s stock.

Hedge Funds Weigh In On Republic Bancorp

Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Republic Bancorp by 11.7% during the 1st quarter. Vanguard Group Inc. now owns 575,166 shares of the bank’s stock valued at $36,707,000 after purchasing an additional 60,300 shares during the last quarter. American Century Companies Inc. increased its position in shares of Republic Bancorp by 12.8% during the 1st quarter. American Century Companies Inc. now owns 210,003 shares of the bank’s stock valued at $13,402,000 after purchasing an additional 23,886 shares during the last quarter. Bridgeway Capital Management LLC increased its position in shares of Republic Bancorp by 2.8% during the 4th quarter. Bridgeway Capital Management LLC now owns 114,292 shares of the bank’s stock valued at $7,986,000 after purchasing an additional 3,105 shares during the last quarter. Northern Trust Corp increased its position in shares of Republic Bancorp by 4.3% during the 4th quarter. Northern Trust Corp now owns 85,367 shares of the bank’s stock valued at $5,965,000 after purchasing an additional 3,512 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of Republic Bancorp by 2.7% during the 4th quarter. Bank of New York Mellon Corp now owns 72,883 shares of the bank’s stock valued at $5,092,000 after purchasing an additional 1,932 shares during the last quarter. 24.37% of the stock is currently owned by institutional investors.

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.