Republic Bancorp (NASDAQ:RBCAA) Sets New 1-Year High – Here’s Why

Shares of Republic Bancorp, Inc. (NASDAQ:RBCAA) hit a new 52-week high on Thursday . The company traded as high as $102.22 and last traded at $100.8360, with a volume of 28128 shares trading hands. The stock had previously closed at $100.28.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Zacks Research raised shares of Republic Bancorp to a “hold” rating in a report on Monday, July 13th. Weiss Ratings reissued a “buy (b)” rating on shares of Republic Bancorp in a research note on Tuesday, June 9th. Wall Street Zen upgraded Republic Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, April 25th. Finally, Hovde Group upped their price objective on shares of Republic Bancorp from $80.00 to $98.00 and gave the stock a “market perform” rating in a research report on Monday, July 27th. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $98.00.

Republic Bancorp Stock Performance

The company has a market cap of $1.97 billion, a price-to-earnings ratio of 15.48 and a beta of 0.55. The firm has a 50 day simple moving average of $89.48 and a 200-day simple moving average of $78.68. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.06 and a quick ratio of 1.05.

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

Republic Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 16th. Stockholders of record on Friday, September 18th will be given a dividend of $0.495 per share. This represents a $1.98 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Friday, September 18th. Republic Bancorp’s dividend payout ratio is currently 30.23%.

Insider Buying and Selling

In other news, EVP Anthony T. Powell sold 3,000 shares of the stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $83.54, for a total value of $250,620.00. Following the sale, the executive vice president directly owned 24,691 shares in the company, valued at approximately $2,062,686.14. This trade represents a 10.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Christy Ames sold 340 shares of the company’s stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $87.90, for a total value of $29,886.00. Following the sale, the executive vice president owned 6,145 shares in the company, valued at approximately $540,145.50. This trade represents a 5.24% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 55.90% of the company’s stock.

Institutional Investors Weigh In On Republic Bancorp

Several institutional investors have recently modified their holdings of RBCAA. First Trust Advisors LP boosted its holdings in Republic Bancorp by 651.0% in the second quarter. First Trust Advisors LP now owns 78,077 shares of the bank’s stock valued at $5,708,000 after purchasing an additional 67,681 shares in the last quarter. Millennium Management LLC boosted its holdings in shares of Republic Bancorp by 172.3% in the third quarter. Millennium Management LLC now owns 63,702 shares of the bank’s stock valued at $4,602,000 after acquiring an additional 40,308 shares during the period. Mercer Global Advisors Inc. ADV purchased a new stake in Republic Bancorp in the 3rd quarter valued at $1,600,000. Goldman Sachs Group Inc. boosted its stake in shares of Republic Bancorp by 41.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 60,225 shares of the bank’s stock worth $4,155,000 after buying an additional 17,709 shares during the period. Finally, Lazard Asset Management LLC increased its position in Republic Bancorp by 3,384.5% in the 2nd quarter. Lazard Asset Management LLC now owns 18,154 shares of the bank’s stock valued at $1,327,000 after acquiring an additional 17,633 shares during the period. 24.37% of the stock is owned by hedge funds and other institutional investors.

About Republic Bancorp

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.