Republic Bancorp (NASDAQ:RBCAA) Cut to “Market Perform” at Hovde Group

Hovde Group lowered shares of Republic Bancorp (NASDAQ:RBCAA) from an outperform rating to a market perform rating in a research note released on Wednesday, Marketbeat Ratings reports. Hovde Group currently has $80.00 price objective on the bank’s stock, up from their previous price objective of $78.00.

Republic Bancorp Stock Down 0.6 %

Shares of RBCAA opened at $76.21 on Wednesday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.12 and a quick ratio of 1.11. The stock has a market capitalization of $1.48 billion, a price-to-earnings ratio of 14.49 and a beta of 0.51. Republic Bancorp has a 1 year low of $46.55 and a 1 year high of $79.75. The business’s 50 day simple moving average is $67.23 and its 200-day simple moving average is $60.02.

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

Insiders Place Their Bets

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

Institutional Trading of Republic Bancorp

A number of hedge funds have recently bought and sold shares of RBCAA. Cerity Partners LLC grew its position in shares of Republic Bancorp by 1.4% in the 3rd quarter. Cerity Partners LLC now owns 12,501 shares of the bank’s stock worth $816,000 after buying an additional 167 shares during the last quarter. Inspire Investing LLC boosted its stake in Republic Bancorp by 3.6% in the first quarter. Inspire Investing LLC now owns 7,076 shares of the bank’s stock valued at $361,000 after acquiring an additional 245 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in Republic Bancorp by 9.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 7,405 shares of the bank’s stock worth $378,000 after purchasing an additional 624 shares during the last quarter. Empowered Funds LLC increased its position in shares of Republic Bancorp by 2.0% during the third quarter. Empowered Funds LLC now owns 61,825 shares of the bank’s stock worth $4,037,000 after purchasing an additional 1,204 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Republic Bancorp by 1.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 76,927 shares of the bank’s stock valued at $4,124,000 after purchasing an additional 1,226 shares during the last quarter. Hedge funds and other institutional investors 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.