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In a recent transaction, Christy Ames, the Executive Vice President and General Counsel of Republic Bancorp Inc. /KY/ (NASDAQ:RBCAA), sold shares of the company's stock. The transaction, which took place on August 30, 2024, involved the sale of 1,715 shares at a price of $63.72 per share, resulting in a total value of $109,279.
This sale has adjusted Ames's holdings in the company, leaving her with a total of 4,239.717 shares in Republic Bancorp Inc. /KY/, according to the latest filing. Notably, this number includes additional dividend equivalent rights that Ames has acquired since her last ownership report, as indicated by the footnotes in the filing.
In addition to the sale, the filing also disclosed Ames's derivative holdings in the form of employee stock options. These options are for the right to buy shares of Class A Common Stock at various exercise prices, ranging from $32.01 to $49.25, with expiration dates from 2025 to 2030. The total number of shares available for purchase under these options is 6,430.
Investors often keep a close eye on insider transactions like these, as they can provide valuable insights into the executives' perspectives on the company's current valuation and future prospects. The sale by a high-ranking executive such as the EVP and General Counsel might be of particular interest to current and potential shareholders.
Republic Bancorp Inc. /KY/ operates as a state commercial bank and is headquartered in Louisville, Kentucky. The company's stock is traded on the NASDAQ under the ticker symbol RBCAA.
In other recent news, Republic Bancorp Inc has reported a substantial increase in core earnings for the quarter ending June 30, 2024, alongside the announcement of a stock repurchase program. These recent developments indicate a strong performance for the second quarter and a confident outlook for the company's financial health. The specifics of the buyback program, such as the number of shares to be repurchased and the timeline, remain undisclosed at this time. This information, along with the earnings surge, was disclosed in the company's latest 8-K filing with the Securities and Exchange Commission. The initiation of a stock repurchase program signifies the bank's commitment to enhance shareholder value. This news comes as part of a series of recent developments for the company. It is important to note that the information provided is based on the company's 8-K filing with the SEC.
InvestingPro Insights
The recent insider sale by Christy Ames at Republic Bancorp Inc. /KY/ (NASDAQ:RBCAA) coincides with a period of notable financial performance for the company, as reflected in key metrics from InvestingPro. With a market capitalization of $1.23 billion and a Price-to-Earnings (P/E) ratio of 12.95, the company presents an interesting profile for investors. The adjusted P/E ratio for the last twelve months as of Q2 2024 stands at a similar level of 12.81, suggesting a consistent valuation over this period.
InvestingPro Tips highlight that Republic Bancorp has a history of rewarding its shareholders, having raised its dividend for 10 consecutive years and maintaining dividend payments for 27 consecutive years. This consistency is mirrored in the company's dividend yield, which was 2.55% as of the latest data available, coupled with a dividend growth of 8.82% over the last twelve months as of Q2 2024. These figures may reassure investors looking for stable income.
Additionally, the company has experienced a strong return over the last three months, with a price total return of 26.79%, and an impressive 46.99% return over the past year, indicating robust investor confidence. According to InvestingPro, the fair value assessed by analysts stands at $69, while InvestingPro's own fair value estimate is slightly higher at $76.49, suggesting potential undervaluation at the recent closing price of $63.9.
For those interested in further insights, InvestingPro offers additional tips on Republic Bancorp Inc. /KY/, which can be accessed at https://www.investing.com/pro/RBCAA. These tips could provide valuable information for evaluating the company's stock performance and future potential.
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