Republic Bancorp (NASDAQ:RBCAA) Given New $98.00 Price Target at Hovde Group

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

RBCAA has been the subject of a number of other reports. Zacks Research upgraded shares of Republic Bancorp to a “hold” rating in a report on Monday, July 13th. Wall Street Zen upgraded shares of Republic Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, April 25th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Republic Bancorp in a research report on Tuesday, June 9th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $98.00.

Republic Bancorp Trading Up 3.6%

Republic Bancorp stock opened at $97.03 on Monday. The stock has a market cap of $1.90 billion, a PE ratio of 14.81 and a beta of 0.56. The stock has a 50-day moving average price of $86.60 and a 200 day moving average price of $77.22. Republic Bancorp has a 52 week low of $63.97 and a 52 week high of $97.30. The company has a current ratio of 1.06, a quick ratio of 1.05 and a debt-to-equity ratio of 0.32.

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

Republic Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 16th. Shareholders of record on Friday, September 18th will be issued a $0.495 dividend. The ex-dividend date is Friday, September 18th. This represents a $1.98 annualized dividend and a yield of 2.0%. Republic Bancorp’s payout ratio is 30.56%.

Insider Activity

In other news, EVP Anthony T. Powell sold 3,000 shares of the company’s stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $83.54, for a total transaction of $250,620.00. Following the completion of the transaction, the executive vice president owned 24,691 shares of the company’s stock, valued at $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 is available through this link. Also, EVP Christy Ames sold 340 shares of the stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $87.90, for a total transaction of $29,886.00. Following the transaction, the executive vice president owned 6,145 shares in the company, valued at approximately $540,145.50. The trade was a 5.24% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 55.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Republic Bancorp

A number of large investors have recently bought and sold shares of RBCAA. JPMorgan Chase & Co. boosted its holdings in shares of Republic Bancorp by 52.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 23,236 shares of the bank’s stock valued at $1,679,000 after purchasing an additional 8,037 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in shares of Republic Bancorp during the 1st quarter worth $956,000. Fifth Third Bancorp purchased a new position in shares of Republic Bancorp in the 1st quarter worth $384,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its position in shares of Republic Bancorp by 22.6% in the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 4,444 shares of the bank’s stock worth $314,000 after buying an additional 820 shares during the period. Finally, Formidable Asset Management LLC raised its position in shares of Republic Bancorp by 0.6% in the 4th quarter. Formidable Asset Management LLC now owns 30,776 shares of the bank’s stock worth $2,224,000 after buying an additional 184 shares during the period. Hedge funds and other institutional investors own 24.37% of the company’s stock.

Republic Bancorp Company Profile

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.