Republic Bancorp (NASDAQ:RBCAA) Shares Gap Down - Here's Why

Republic Bancorp, Inc. (NASDAQ:RBCAA - Get Free Report) shares gapped down before the market opened on Wednesday . The stock had previously closed at $60.75, but opened at $57.33. Republic Bancorp shares last traded at $60.63, with a volume of 988 shares.

Analyst Upgrades and Downgrades

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

Republic Bancorp Stock Down 0.2 %

The stock has a 50 day moving average price of $64.98 and a 200 day moving average price of $68.36. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.11 and a current ratio of 1.12. The company has a market capitalization of $1.18 billion, a P/E ratio of 11.57 and a beta of 0.46.

Republic Bancorp (NASDAQ:RBCAA - Get Free Report) last announced its quarterly earnings data on Friday, January 24th. The bank reported $0.98 EPS for the quarter, missing the consensus estimate 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 of this dividend is Friday, March 21st. This represents a $1.80 annualized dividend and a yield of 2.98%. This is a positive change from Republic Bancorp's previous quarterly dividend of $0.41. Republic Bancorp's dividend payout ratio (DPR) is 34.42%.

Insider Activity at Republic Bancorp

In other news, Director David P. Feaster sold 1,406 shares of the firm's stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $66.42, for a total value of $93,386.52. Following the completion of the transaction, the director now directly owns 4,303 shares of the company's stock, valued at $285,805.26. This trade represents a 24.63 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP John T. Rippy sold 3,082 shares of Republic Bancorp stock in a transaction 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 completion of the transaction, the executive vice president now owns 23,105 shares of the company's stock, valued at approximately $1,524,698.95. This trade represents a 11.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 56.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Republic Bancorp

Institutional investors and hedge funds have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Republic Bancorp by 3.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,711 shares of the bank's stock valued at $329,000 after acquiring an additional 164 shares during the last quarter. Meridian Wealth Management LLC lifted its position in Republic Bancorp by 3.3% during the fourth quarter. Meridian Wealth Management LLC now owns 6,184 shares of the bank's stock valued at $432,000 after purchasing an additional 200 shares during the last quarter. MetLife Investment Management LLC lifted its position in Republic Bancorp by 12.1% during the fourth quarter. MetLife Investment Management LLC now owns 5,008 shares of the bank's stock valued at $350,000 after purchasing an additional 539 shares during the last quarter. Invesco Ltd. grew its stake in Republic Bancorp by 3.4% in the 4th quarter. Invesco Ltd. now owns 16,889 shares of the bank's stock worth $1,180,000 after buying an additional 560 shares in the last quarter. Finally, Rhumbline Advisers raised its position in shares of Republic Bancorp by 4.1% during the 4th quarter. Rhumbline Advisers now owns 14,238 shares of the bank's stock valued at $995,000 after buying an additional 567 shares in the last quarter. 24.37% of the stock is owned by hedge funds and other institutional investors.

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.