Republic Bancorp, Inc. (NASDAQ:RBCAA – Get Free Report)’s share price shot up 2.9% on Wednesday . The stock traded as high as $48.36 and last traded at $48.36. 1,084 shares changed hands during mid-day trading, a decline of 93% from the average session volume of 16,528 shares. The stock had previously closed at $47.01.
Analysts Set New Price Targets
Separately, Hovde Group began coverage on shares of Republic Bancorp in a research note on Monday, March 4th. They issued an “outperform” rating for the company.
Read Our Latest Research Report on Republic Bancorp
Republic Bancorp Stock Up 4.1 %
Republic Bancorp (NASDAQ:RBCAA – Get Free Report) last issued its earnings results on Friday, January 26th. The bank reported $1.01 EPS for the quarter, beating the consensus estimate of $0.73 by $0.28. The company had revenue of $105.57 million during the quarter. Republic Bancorp had a net margin of 21.16% and a return on equity of 10.39%.
Republic Bancorp Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, April 19th. Stockholders of record on Friday, March 15th will be given a $0.407 dividend. The ex-dividend date is Thursday, March 14th. This is a boost from Republic Bancorp’s previous quarterly dividend of $0.37. This represents a $1.63 annualized dividend and a dividend yield of 3.30%. Republic Bancorp’s payout ratio is presently 35.43%.
Insider Activity
In other news, Director Michael T. Rust sold 1,400 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $47.43, for a total value of $66,402.00. Following the completion of the transaction, the director now directly owns 20,772 shares in the company, valued at approximately $985,215.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 55.50% of the company’s stock.
Hedge Funds Weigh In On Republic Bancorp
A number of institutional investors have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC increased its position 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 purchasing an additional 624 shares in the last quarter. Vanguard Group Inc. increased its position in Republic Bancorp by 2.2% during the 4th quarter. Vanguard Group Inc. now owns 498,683 shares of the bank’s stock worth $27,507,000 after purchasing an additional 10,925 shares in the last quarter. Barclays PLC increased its position in Republic Bancorp by 317.6% during the 4th quarter. Barclays PLC now owns 13,333 shares of the bank’s stock worth $735,000 after purchasing an additional 10,140 shares in the last quarter. Voya Investment Management LLC acquired a new position in Republic Bancorp during the 4th quarter worth approximately $235,000. Finally, Bridgeway Capital Management LLC increased its position in Republic Bancorp by 4.8% during the 4th quarter. Bridgeway Capital Management LLC now owns 101,463 shares of the bank’s stock worth $5,597,000 after purchasing an additional 4,608 shares in the last quarter. 24.37% of the stock is currently owned by institutional investors and hedge funds.
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.
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