Republic Bancorp (NASDAQ:RBCAA) Sees Strong Trading Volume - Here's What Happened

Republic Bancorp, Inc. (NASDAQ:RBCAA - Get Free Report) shares saw an uptick in trading volume on Wednesday . 21,885 shares changed hands during mid-day trading, an increase of 24% from the previous session's volume of 17,691 shares.The stock last traded at $65.44 and had previously closed at $65.08.

Analyst Upgrades and Downgrades

Separately, Hovde Group lowered their price target on Republic Bancorp from $72.00 to $70.00 and set a "market perform" rating on the stock in a research report on Monday, January 27th.

Republic Bancorp Price Performance

The stock has a 50 day moving average of $66.40 and a two-hundred day moving average of $68.53. The stock has a market cap of $1.24 billion, a PE ratio of 12.21 and a beta of 0.46. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.11 and a current ratio of 1.12.

Republic Bancorp (NASDAQ:RBCAA - Get Free Report) last released its earnings results on Friday, January 24th. The bank reported $0.98 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.20 by ($0.22). Republic Bancorp had a return on equity of 10.60% and a net margin of 20.05%.

Republic Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 18th. Investors of record on Friday, March 21st will be issued a $0.451 dividend. The ex-dividend date is Friday, March 21st. This represents a $1.80 dividend on an annualized basis and a yield of 2.82%. This is an increase from Republic Bancorp's previous quarterly dividend of $0.41. Republic Bancorp's dividend payout ratio is currently 34.42%.

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Insider Activity at Republic Bancorp

In other news, EVP John T. Rippy sold 3,082 shares of Republic Bancorp stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $65.99, for a total value of $203,381.18. Following the transaction, the executive vice president now owns 23,105 shares of the company's stock, valued at $1,524,698.95. This trade represents a 11.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director David P. Feaster sold 1,406 shares of the firm's stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $66.42, for a total transaction of $93,386.52. Following the completion of the transaction, the director now owns 4,303 shares in the company, valued at $285,805.26. The trade was a 24.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 55.50% of the company's stock.

Hedge Funds Weigh In On Republic Bancorp

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. New York State Teachers Retirement System increased its position in shares of Republic Bancorp by 659.0% during the fourth quarter. New York State Teachers Retirement System now owns 759 shares of the bank's stock valued at $53,000 after purchasing an additional 659 shares during the period. Public Employees Retirement System of Ohio acquired a new stake in shares of Republic Bancorp during the 4th quarter valued at about $70,000. Tower Research Capital LLC TRC grew its stake in shares of Republic Bancorp by 206.7% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,101 shares of the bank's stock valued at $77,000 after purchasing an additional 742 shares during the period. Sei Investments Co. acquired a new stake in shares of Republic Bancorp in the 4th quarter valued at $208,000. Finally, The Manufacturers Life Insurance Company bought a new stake in Republic Bancorp during the third quarter worth about $224,000. Institutional investors own 24.37% of the company's stock.

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.