Republic Bancorp (NASDAQ:RBCAA) Downgraded by Hovde Group to Market Perform

Republic Bancorp (NASDAQ:RBCAA) was downgraded by equities researchers at Hovde Group from an “outperform” rating to a “market perform” rating in a research report issued on Wednesday, MarketBeat reports. They presently have a $80.00 target price on the bank’s stock, up from their previous target price of $78.00. Hovde Group’s price target would indicate a potential upside of 2.41% from the company’s current price.

Republic Bancorp Stock Performance

Shares of NASDAQ:RBCAA opened at $78.12 on Wednesday. The business’s fifty day moving average price is $66.04 and its two-hundred day moving average price is $59.42. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.12 and a quick ratio of 1.11. Republic Bancorp has a fifty-two week low of $45.63 and a fifty-two week high of $79.75. The stock has a market capitalization of $1.52 billion, a price-to-earnings ratio of 14.85 and a beta of 0.51.

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

Insiders Place Their Bets

In other Republic Bancorp news, EVP Christy Ames sold 1,715 shares of the 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 sale, the executive vice president now owns 4,240 shares of the company’s stock, valued at $270,172.80. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Republic Bancorp news, EVP Christy Ames sold 1,715 shares of the stock in a transaction on Friday, August 30th. The stock was sold at an average price of $63.72, for a total value of $109,279.80. Following the transaction, the executive vice president now directly owns 4,240 shares in the company, valued at approximately $270,172.80. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 value of $174,267.50. Following the completion of the transaction, the executive vice president now owns 8,558 shares in the company, valued at approximately $542,320.46. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 4,715 shares of company stock valued at $299,172. 56.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Republic Bancorp

Several institutional investors have recently modified their holdings of RBCAA. Innealta Capital LLC acquired a new position in Republic Bancorp in the second quarter valued at about $67,000. Acadian Asset Management LLC bought a new position in Republic Bancorp during the 2nd quarter worth approximately $87,000. Independence Bank of Kentucky grew its holdings in Republic Bancorp by 4,133.3% during the second quarter. Independence Bank of Kentucky now owns 3,175 shares of the bank’s stock valued at $170,000 after purchasing an additional 3,100 shares during the period. SG Americas Securities LLC bought a new stake in Republic Bancorp in the third quarter valued at approximately $205,000. Finally, SeaCrest Wealth Management LLC acquired a new stake in Republic Bancorp in the third quarter worth $208,000. 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.