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 note issued to investors on Wednesday, MarketBeat Ratings reports. They currently have a $80.00 price objective on the bank’s stock, up from their previous price objective of $78.00. Hovde Group’s target price would suggest a potential upside of 2.41% from the company’s current price.

Republic Bancorp Stock Performance

Shares of RBCAA opened at $78.12 on Wednesday. Republic Bancorp has a 52-week low of $45.63 and a 52-week high of $79.75. The company has a quick ratio of 1.11, a current ratio of 1.12 and a debt-to-equity ratio of 0.38. The firm has a market cap of $1.52 billion, a price-to-earnings ratio of 14.85 and a beta of 0.51. The business’s 50 day moving average is $66.04 and its two-hundred day moving average is $59.42.

Republic Bancorp (NASDAQ:RBCAA) last announced its quarterly earnings data 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. Republic Bancorp had a return on equity of 10.79% and a net margin of 20.65%. The firm had revenue of $118.36 million for the quarter.

Insider Transactions at Republic Bancorp

In other news, EVP Christy Ames sold 1,715 shares of the firm’s 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 completion of the transaction, the executive vice president now owns 4,240 shares in the company, valued at approximately $270,172.80. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other Republic Bancorp news, EVP Christy Ames sold 1,715 shares of the business’s stock in a transaction on 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 directly owns 4,240 shares of the company’s stock, valued at $270,172.80. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Juan Montano sold 2,750 shares of the firm’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $63.37, for a total value of $174,267.50. Following the sale, the executive vice president now owns 8,558 shares of the company’s stock, valued at $542,320.46. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 4,715 shares of company stock valued at $299,172. 56.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Republic Bancorp

Several hedge funds have recently bought and sold shares of RBCAA. Innealta Capital LLC acquired a new position in Republic Bancorp during the 2nd quarter worth $67,000. Acadian Asset Management LLC acquired a new position in shares of Republic Bancorp during the 2nd quarter worth about $87,000. Independence Bank of Kentucky boosted its stake in Republic Bancorp by 4,133.3% during the 2nd 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 acquired a new stake in Republic Bancorp in the 3rd quarter valued at approximately $205,000. Finally, SeaCrest Wealth Management LLC bought a new position in Republic Bancorp in the 3rd quarter worth approximately $208,000. 24.37% of the stock is owned by institutional investors and hedge funds.

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.