Republic Bancorp, Inc. (RBCAA) Rating Increased to Buy at Zacks Investment Research

Republic Bancorp, Inc. (NASDAQ:RBCAA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Friday. The brokerage currently has a $43.00 target price on the bank’s stock. Zacks Investment Research‘s price target indicates a potential upside of 9.22% from the stock’s previous close.

According to Zacks, “Republic Bancorp, Inc. is a financial holding company. “

Other equities research analysts have also issued reports about the stock. Hovde Group lowered shares of Republic Bancorp from an “outperform” rating to a “market perform” rating and boosted their price objective for the stock from $39.00 to $41.00 in a report on Wednesday, October 4th. BidaskClub lowered shares of Republic Bancorp from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 8th.

Shares of Republic Bancorp (NASDAQ:RBCAA) opened at $39.37 on Friday. The firm has a market cap of $808.82, a P/E ratio of 15.87 and a beta of 0.50. The company has a quick ratio of 1.30, a current ratio of 1.21 and a debt-to-equity ratio of 1.26. Republic Bancorp has a 1-year low of $31.97 and a 1-year high of $44.04.

Republic Bancorp (NASDAQ:RBCAA) last announced its quarterly earnings data on Friday, October 20th. The bank reported $0.51 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.05. The firm had revenue of $58.68 million during the quarter. Republic Bancorp had a net margin of 18.24% and a return on equity of 6.82%. research analysts predict that Republic Bancorp will post 2.33 earnings per share for the current year.

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In other Republic Bancorp news, EVP Steven E. Deweese sold 7,000 shares of the business’s stock in a transaction on Wednesday, October 25th. The shares were sold at an average price of $41.00, for a total transaction of $287,000.00. Following the transaction, the executive vice president now directly owns 34,115 shares of the company’s stock, valued at approximately $1,398,715. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Steven E. Deweese sold 1,000 shares of the business’s stock in a transaction on Monday, August 21st. The shares were sold at an average price of $34.50, for a total transaction of $34,500.00. Following the transaction, the executive vice president now directly owns 42,230 shares in the company, valued at $1,456,935. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 9,115 shares of company stock valued at $361,071. Company insiders own 52.30% of the company’s stock.

A number of institutional investors have recently modified their holdings of RBCAA. SG Americas Securities LLC purchased a new position in Republic Bancorp during the 2nd quarter valued at $165,000. American International Group Inc. increased its position in Republic Bancorp by 7.1% during the 1st quarter. American International Group Inc. now owns 5,947 shares of the bank’s stock valued at $205,000 after purchasing an additional 392 shares during the period. The Manufacturers Life Insurance Company increased its position in Republic Bancorp by 6.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 7,936 shares of the bank’s stock valued at $283,000 after purchasing an additional 449 shares during the period. Wells Fargo & Company MN increased its position in Republic Bancorp by 24.3% during the 2nd quarter. Wells Fargo & Company MN now owns 9,785 shares of the bank’s stock valued at $350,000 after purchasing an additional 1,911 shares during the period. Finally, New York State Common Retirement Fund increased its position in Republic Bancorp by 24.2% during the 2nd quarter. New York State Common Retirement Fund now owns 11,300 shares of the bank’s stock valued at $403,000 after purchasing an additional 2,199 shares during the period. 24.22% of the stock is currently owned by institutional investors and hedge funds.

Republic Bancorp Company Profile

Republic Bancorp, Inc is a financial holding company of Republic Bank & Trust Company (the Bank) and Republic Insurance Services, Inc (the Captive). The Bank is a Kentucky-based, state chartered non-member financial institution. The Captive is an insurance subsidiary of the Company. The Company operates through four segments: Traditional Banking, which provides traditional banking products to customers; Warehouse Lending (Warehouse), which provides short-term, revolving credit facilities to mortgage bankers across the United States through mortgage warehouse lines of credit; Mortgage Banking, which originates, sells and services long-term, single family, first lien residential real estate loans, and Republic Processing Group (RPG), which facilitates the receipt and payment of federal and state tax refund products.

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