Republic Bancorp (NASDAQ:RBCAA) Sees Strong Trading Volume - Time to Buy?

Key Points

• Republic Bancorp experienced a surge in trading volume, with around 32,866 shares traded on Monday, a 14% increase from the previous day.
• The company announced a quarterly dividend of $0.451 per share, with an annualized yield of 2.5%, to be paid to shareholders on October 17th.
• Analysts have set new price targets for the stock, with Hovde Group raising their target from $64.00 to $69.00 and rating it as "market perform."

Republic Bancorp, Inc. (NASDAQ:RBCAA - Get Free Report) saw unusually-strong trading volume on Monday . Approximately 32,866 shares were traded during mid-day trading, an increase of 14% from the previous session's volume of 28,809 shares.The stock last traded at $71.04 and had previously closed at $72.56.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on RBCAA shares. Raymond James Financial initiated coverage on shares of Republic Bancorp in a report on Friday, June 27th. They issued a "market perform" rating for the company. Hovde Group boosted their price objective on shares of Republic Bancorp from $64.00 to $69.00 and gave the stock a "market perform" rating in a research note on Friday, April 25th. Two analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $69.00.

Republic Bancorp Stock Up 5.0%

The stock has a market capitalization of $1.49 billion, a price-to-earnings ratio of 11.95 and a beta of 0.56. The firm's fifty day moving average is $72.27 and its 200-day moving average is $68.79. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.08 and a quick ratio of 1.07.

Republic Bancorp (NASDAQ:RBCAA - Get Free Report) last posted its quarterly earnings results on Friday, July 18th. The bank reported $1.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.42 by $0.19. Republic Bancorp had a net margin of 23.98% and a return on equity of 12.23%. The firm had revenue of $93.00 million for the quarter, compared to analysts' expectations of $93.50 million.

Republic Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 17th. Shareholders of record on Friday, September 19th will be paid a dividend of $0.451 per share. The ex-dividend date is Friday, September 19th. This represents a $1.80 annualized dividend and a yield of 2.4%. Republic Bancorp's payout ratio is presently 28.21%.

Insiders Place Their Bets

In other Republic Bancorp news, EVP Christy Ames sold 700 shares of the business's stock in a transaction on Monday, June 9th. The shares were sold at an average price of $70.50, for a total transaction of $49,350.00. Following the completion of the sale, the executive vice president owned 5,044 shares in the company, valued at $355,602. The trade was a 12.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 56.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Republic Bancorp

Several institutional investors have recently modified their holdings of RBCAA. CWM LLC grew its position in shares of Republic Bancorp by 68.0% during the second quarter. CWM LLC now owns 608 shares of the bank's stock worth $44,000 after acquiring an additional 246 shares during the last quarter. US Bancorp DE grew its position in Republic Bancorp by 294.7% in the 1st quarter. US Bancorp DE now owns 750 shares of the bank's stock valued at $48,000 after buying an additional 560 shares in the last quarter. State of Wyoming grew its position in Republic Bancorp by 34.1% in the 1st quarter. State of Wyoming now owns 967 shares of the bank's stock valued at $62,000 after buying an additional 246 shares in the last quarter. Public Employees Retirement System of Ohio bought a new position in Republic Bancorp in the 4th quarter valued at about $70,000. Finally, Tower Research Capital LLC TRC grew its position in 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 buying an additional 742 shares in the last quarter. 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.