Republic Bancorp, Inc. (RBCAA) Downgraded by Hovde Group to “Market Perform”
Republic Bancorp, Inc. (NASDAQ:RBCAA) was downgraded by equities researchers at Hovde Group from an “outperform” rating to a “market perform” rating in a research note issued to investors on Wednesday. They currently have a $41.00 price target on the bank’s stock, up from their prior price target of $39.00. Hovde Group’s price objective points to a potential upside of 4.81% from the company’s current price.
Several other research analysts have also recently commented on RBCAA. Zacks Investment Research upgraded Republic Bancorp from a “hold” rating to a “buy” rating and set a $40.00 price target on the stock in a research note on Saturday, September 16th. BidaskClub downgraded Republic Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, July 13th.
Shares of Republic Bancorp (RBCAA) opened at 39.12 on Wednesday. Republic Bancorp has a 1-year low of $28.56 and a 1-year high of $40.74. The stock has a market cap of $815.96 million, a PE ratio of 16.44 and a beta of 0.52. The company’s 50-day moving average price is $35.98 and its 200 day moving average price is $35.29.
Republic Bancorp (NASDAQ:RBCAA) last announced its earnings results on Friday, July 21st. The bank reported $0.48 earnings per share for the quarter, meeting the consensus estimate of $0.48. The company had revenue of $56.06 million during the quarter. Republic Bancorp had a return on equity of 8.14% and a net margin of 19.33%. Equities analysts forecast that Republic Bancorp will post $2.34 EPS for the current fiscal year.
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In other news, EVP Steven E. Deweese sold 1,115 shares of the stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $35.49, for a total transaction of $39,571.35. Following the transaction, the executive vice president now owns 41,630 shares of the company’s stock, valued at $1,477,448.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Steven E. Deweese sold 1,000 shares of the stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $34.50, for a total transaction of $34,500.00. Following the transaction, the executive vice president now directly owns 42,230 shares in the company, valued at approximately $1,456,935. The disclosure for this sale can be found here. 52.30% of the stock is currently owned by insiders.
Institutional investors have recently made changes to their positions in the stock. Glenview Trust Co raised its stake in Republic Bancorp by 1.7% during the second quarter. Glenview Trust Co now owns 17,548 shares of the bank’s stock valued at $626,000 after buying an additional 300 shares in the last quarter. First Trust Advisors LP lifted its holdings in Republic Bancorp by 0.8% during the 1st quarter. First Trust Advisors LP now owns 41,570 shares of the bank’s stock worth $1,430,000 after buying an additional 346 shares during the last quarter. American International Group Inc. lifted its holdings in Republic Bancorp by 7.1% during the 1st quarter. American International Group Inc. now owns 5,947 shares of the bank’s stock worth $205,000 after buying an additional 392 shares during the last quarter. Bank of America Corp DE lifted its holdings in Republic Bancorp by 0.4% during the 1st quarter. Bank of America Corp DE now owns 93,652 shares of the bank’s stock worth $3,221,000 after buying an additional 414 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in Republic Bancorp by 6.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 7,936 shares of the bank’s stock worth $283,000 after buying an additional 449 shares during the last quarter. 24.29% of the stock is owned by hedge funds and other institutional investors.
Republic Bancorp Company Profile
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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