Republic Bancorp (NASDAQ:RBCAA) Stock Price Crosses Above 200-Day Moving Average - Here's Why

Key Points

• Republic Bancorp shares crossed above their 200-day moving average, reaching $94.18 before closing at $93.33, compared with the 200-day average of $84.57.
• Analysts maintain a generally cautious outlook: the consensus rating is “Hold”, with an average price target of $98.00. Hovde Group raised its target to $98 while retaining a market-perform rating.
• The bank exceeded quarterly expectations, reporting $1.68 EPS versus the $1.55 consensus and revenue of $101.27 million versus $97.60 million. It also declared a quarterly dividend of $0.495 per share, representing a 2.1% annualized yield.

Republic Bancorp, Inc. (NASDAQ:RBCAA - Get Free Report) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $84.57 and traded as high as $94.18. Republic Bancorp shares last traded at $93.33, with a volume of 67,293 shares.

Analysts Set New Price Targets

Several analysts have recently commented on RBCAA shares. Raymond James Financial initiated coverage on shares of Republic Bancorp in a research report on Wednesday, September 2nd. They set a "hold" rating on the stock. Weiss Ratings reiterated a "buy (b)" rating on shares of Republic Bancorp in a research report on Friday, September 4th. Hovde Group raised their target price on Republic Bancorp from $80.00 to $98.00 and gave the stock a "market perform" rating in a research note on Monday, July 27th. Finally, Zacks Research upgraded Republic Bancorp to a "hold" rating in a research report on Monday, July 13th. One equities research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, Republic Bancorp presently has a consensus rating of "Hold" and an average target price of $98.00.

Republic Bancorp Trading Down 0.4%

The firm has a market capitalization of $1.83 billion, a price-to-earnings ratio of 14.25 and a beta of 0.53. The business's 50-day simple moving average is $95.75 and its two-hundred day simple moving average is $84.57. The company has a quick ratio of 1.01, a current ratio of 1.02 and a debt-to-equity ratio of 0.14.

Republic Bancorp (NASDAQ:RBCAA - Get Free Report) last released its quarterly earnings results on Friday, July 24th. The bank reported $1.68 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.55 by $0.13. The business had revenue of $101.27 million for the quarter, compared to the consensus estimate of $97.60 million. Republic Bancorp had a net margin of 25.38% and a return on equity of 11.20%. Equities analysts forecast that Republic Bancorp, Inc. will post 6.65 earnings per share for the current year.

Republic Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 16th. Shareholders of record on Friday, September 18th will be paid a dividend of $0.495 per share. This represents a $1.98 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Friday, September 18th. Republic Bancorp's dividend payout ratio is 30.23%.

Institutional Investors Weigh In On Republic Bancorp

A number of institutional investors have recently modified their holdings of RBCAA. Y Intercept Hong Kong Ltd purchased a new stake in shares of Republic Bancorp in the 1st quarter valued at $956,000. Renaissance Technologies LLC boosted its holdings in Republic Bancorp by 27.2% during the 1st quarter. Renaissance Technologies LLC now owns 46,300 shares of the bank's stock valued at $3,266,000 after acquiring an additional 9,900 shares during the period. Dimensional Fund Advisors LP grew its position in Republic Bancorp by 0.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 928,367 shares of the bank's stock valued at $65,496,000 after acquiring an additional 5,656 shares in the last quarter. Fifth Third Bancorp acquired a new position in Republic Bancorp in the 1st quarter valued at about $384,000. Finally, Engineers Gate Manager LP purchased a new stake in Republic Bancorp during the second quarter worth about $479,000. 24.37% of the stock is owned by institutional investors and hedge funds.

About Republic Bancorp

Republic Bancorp, Inc is a Louisville, Kentucky-based bank holding company and the parent organization of Republic Bank & Trust Company. Founded in 1974, the company provides banking and financial services to consumers, businesses and institutions through its banking operations and specialty finance businesses.

Republic Bank offers deposit accounts, residential and commercial loans, consumer lending, treasury management, wealth management and other traditional banking products. Its services are delivered through banking centers and digital channels, with a primary presence in Kentucky and additional operations in selected markets including Indiana, Florida and Tennessee.

The company also operates specialty finance businesses, including tax refund-related services that support tax preparers and consumers nationwide.

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