Republic Bancorp (NASDAQ:RBCAA) Rating Lowered to Market Perform at Hovde Group

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

Republic Bancorp Price Performance

Republic Bancorp stock opened at $76.21 on Wednesday. Republic Bancorp has a 12-month low of $46.55 and a 12-month high of $79.75. The stock has a market cap of $1.48 billion, a P/E ratio of 14.49 and a beta of 0.51. The company has a 50-day moving average price of $67.23 and a 200 day moving average price of $60.02. The company has a current ratio of 1.12, a quick ratio of 1.11 and a debt-to-equity ratio of 0.38.

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

Insiders Place Their Bets

In related news, EVP Christy Ames sold 1,715 shares of Republic Bancorp stock in a transaction that occurred 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 completion of the transaction, the executive vice president now owns 4,240 shares in the company, valued at approximately $270,172.80. The trade was a 28.80 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Juan Montano sold 2,750 shares of Republic Bancorp stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $63.37, for a total transaction of $174,267.50. Following the completion of the transaction, the executive vice president now owns 8,558 shares of the company’s stock, valued at $542,320.46. This trade represents a 24.32 % 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. 55.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Cerity Partners LLC grew its holdings in shares of Republic Bancorp by 1.4% in the third quarter. Cerity Partners LLC now owns 12,501 shares of the bank’s stock valued at $816,000 after purchasing an additional 167 shares in the last quarter. Inspire Investing LLC grew its holdings in Republic Bancorp by 3.6% during the 1st quarter. Inspire Investing LLC now owns 7,076 shares of the bank’s stock worth $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% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 7,405 shares of the bank’s stock worth $378,000 after acquiring an additional 624 shares in the last quarter. Empowered Funds LLC grew its holdings in Republic Bancorp by 2.0% during the 3rd quarter. Empowered Funds LLC now owns 61,825 shares of the bank’s stock worth $4,037,000 after acquiring an additional 1,204 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in 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 worth $4,124,000 after acquiring an additional 1,226 shares in the last quarter. Institutional investors and hedge funds own 24.37% of the company’s stock.

Republic Bancorp Company Profile

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.