LOUISVILLE, KY – Republic Bancorp Inc /KY/ (NASDAQ:RBCAA), a state commercial banking organization, disclosed a significant increase in core earnings for the quarter ended June 30, 2024, and revealed plans for a stock repurchase program. The announcement was made today through an earnings release, as per the company's latest 8-K filing with the Securities and Exchange Commission.
The financial institution, headquartered at Republic Corporate Center in Louisville, Kentucky, reported its financial results, indicating a robust performance for the second quarter of the year.
The earnings release also included the initiation of a stock repurchase program, signaling confidence in the bank's financial health and a commitment to enhancing shareholder value. The specifics of the buyback program, including the number of shares to be repurchased and the timeline, were not disclosed in the summary of the 8-K data provided.
Today's press release statement is based on information contained in the company's 8-K filing with the SEC.
InvestingPro Insights
In light of Republic Bancorp Inc /KY/ (NASDAQ:RBCAA) announcing robust second-quarter earnings and the initiation of a stock repurchase program, InvestingPro data and insights offer additional context for investors evaluating the company's financial health and future prospects.
According to InvestingPro data, Republic Bancorp has a market capitalization of 1230M USD and is trading at a price-to-earnings (P/E) ratio of 13.28, which is relatively stable when compared to the last twelve months as of Q1 2024. The company's revenue has grown by 5.85% over the same period, indicating a steady upward trajectory in its financial performance. Additionally, the bank's dividend yield stands at a solid 2.62%, with the last dividend having an ex-date of June 21, 2024.
InvestingPro Tips highlight that Republic Bancorp has not only raised its dividend for 10 consecutive years but has also maintained dividend payments for an impressive 27 consecutive years, showcasing its commitment to returning value to shareholders. The bank has also experienced significant returns over the last week, month, and three months, with price total returns of 8.72%, 21.78%, and 25.49% respectively, reflecting strong investor confidence. Moreover, the bank is trading near its 52-week high, at 97.46% of the peak price, which aligns with the positive momentum indicated by its recent earnings report.
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