Republic Bancorp, Inc. (NASDAQ:RBCAA) Sees Large Drop in Short Interest

Republic Bancorp, Inc. (NASDAQ:RBCAA - Get Free Report) was the target of a significant decrease in short interest during the month of March. As of March 31st, there was short interest totalling 67,400 shares, a decrease of 20.7% from the March 15th total of 85,000 shares. Based on an average daily trading volume, of 16,700 shares, the days-to-cover ratio is currently 4.0 days. Approximately 0.8% of the company's stock are sold short.

Republic Bancorp Price Performance

Shares of NASDAQ:RBCAA traded down $0.60 during midday trading on Friday, reaching $48.05. 13,598 shares of the company's stock traded hands, compared to its average volume of 16,540. Republic Bancorp has a 1 year low of $37.23 and a 1 year high of $57.54. The company has a market cap of $932.17 million, a P/E ratio of 10.45 and a beta of 0.57. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.06 and a current ratio of 1.07. The company has a fifty day simple moving average of $49.44 and a two-hundred day simple moving average of $49.00.

Republic Bancorp (NASDAQ:RBCAA - Get Free Report) last announced its earnings results on Friday, January 26th. The bank reported $1.01 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.73 by $0.28. The firm had revenue of $105.57 million for the quarter. Republic Bancorp had a return on equity of 10.39% and a net margin of 21.16%.

Republic Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 19th. Shareholders of record on Friday, March 15th will be issued a $0.407 dividend. The ex-dividend date of this dividend is Thursday, March 14th. This represents a $1.63 dividend on an annualized basis and a yield of 3.39%. This is a positive change from Republic Bancorp's previous quarterly dividend of $0.37. Republic Bancorp's dividend payout ratio (DPR) is presently 35.43%.

Insider Buying and Selling at Republic Bancorp

In other news, Director Michael T. Rust sold 1,400 shares of the company's stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $47.43, for a total transaction of $66,402.00. Following the transaction, the director now owns 20,772 shares in the company, valued at $985,215.96. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 55.50% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Citigroup Inc. increased its position in shares of Republic Bancorp by 59.3% during the 1st quarter. Citigroup Inc. now owns 688 shares of the bank's stock worth $29,000 after purchasing an additional 256 shares during the last quarter. Ensign Peak Advisors Inc acquired a new stake in shares of Republic Bancorp during the 3rd quarter worth about $29,000. Tower Research Capital LLC TRC increased its position in shares of Republic Bancorp by 150.5% during the 3rd quarter. Tower Research Capital LLC TRC now owns 922 shares of the bank's stock worth $36,000 after purchasing an additional 554 shares during the last quarter. Qube Research & Technologies Ltd acquired a new stake in shares of Republic Bancorp during the 3rd quarter worth about $49,000. Finally, Barclays PLC increased its position in shares of Republic Bancorp by 389.9% during the 4th quarter. Barclays PLC now owns 2,337 shares of the bank's stock worth $95,000 after purchasing an additional 1,860 shares during the last quarter. Hedge funds and other institutional investors own 24.37% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Hovde Group initiated coverage on shares of Republic Bancorp in a report on Monday, March 4th. They issued an "outperform" rating on the 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.