Principal Financial Group Inc. boosted its stake in shares of IBERIABANK Corp (NASDAQ:IBKC) by 1.2% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 111,855 shares of the bank’s stock after acquiring an additional 1,307 shares during the quarter. Principal Financial Group Inc. owned approximately 0.21% of IBERIABANK worth $9,189,000 as of its most recent SEC filing.
Other large investors also recently modified their holdings of the company. Canada Pension Plan Investment Board bought a new stake in IBERIABANK during the 3rd quarter worth about $107,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in IBERIABANK by 12.3% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,133 shares of the bank’s stock worth $174,000 after acquiring an additional 234 shares during the last quarter. Cubist Systematic Strategies LLC bought a new stake in IBERIABANK during the 2nd quarter worth about $183,000. Nomura Holdings Inc. bought a new stake in IBERIABANK during the 2nd quarter worth about $205,000. Finally, IFP Advisors Inc grew its holdings in IBERIABANK by 0.7% during the 2nd quarter. IFP Advisors Inc now owns 2,815 shares of the bank’s stock worth $229,000 after acquiring an additional 20 shares during the last quarter. 80.42% of the stock is currently owned by hedge funds and other institutional investors.
IBKC has been the topic of a number of research analyst reports. Stephens lowered shares of IBERIABANK from an “overweight” rating to an “equal weight” rating in a report on Friday, October 20th. Zacks Investment Research lowered shares of IBERIABANK from a “buy” rating to a “hold” rating in a report on Wednesday, October 4th. Robert W. Baird lowered shares of IBERIABANK from an “outperform” rating to a “neutral” rating and decreased their price objective for the stock from $97.00 to $78.00 in a report on Monday, October 23rd. SunTrust Banks decreased their price objective on shares of IBERIABANK to $80.00 and set a “hold” rating on the stock in a report on Wednesday, October 25th. Finally, Hovde Group lowered shares of IBERIABANK from an “outperform” rating to a “market perform” rating and decreased their price objective for the stock from $88.00 to $82.00 in a report on Monday, October 23rd. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company’s stock. IBERIABANK presently has an average rating of “Buy” and an average target price of $89.27.
IBERIABANK (NASDAQ:IBKC) last released its earnings results on Thursday, October 19th. The bank reported $1.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.13). IBERIABANK had a net margin of 17.14% and a return on equity of 6.57%. The business had revenue of $270.19 million for the quarter, compared to analyst estimates of $276.02 million. During the same quarter in the previous year, the company posted $1.08 earnings per share. The business’s revenue for the quarter was up 21.0% on a year-over-year basis. equities research analysts anticipate that IBERIABANK Corp will post 4.27 earnings per share for the current year.
In related news, Director Ernest P. Breaux, Jr. sold 5,000 shares of the stock in a transaction that occurred on Thursday, September 28th. The shares were sold at an average price of $78.18, for a total value of $390,900.00. Following the sale, the director now directly owns 27,963 shares in the company, valued at approximately $2,186,147.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider John R. Davis sold 3,263 shares of the stock in a transaction that occurred on Tuesday, November 21st. The shares were sold at an average price of $74.24, for a total transaction of $242,245.12. Following the completion of the sale, the insider now owns 57,886 shares in the company, valued at $4,297,456.64. The disclosure for this sale can be found here. Corporate insiders own 2.52% of the company’s stock.
IBERIABANK Corporation is a financial holding company. The Company is a holding company for IBERIABANK, a Louisiana state chartered banking corporation; Lenders Title Company, an Arkansas-chartered title insurance and closing services agency (Lenders Title); IBERIA Capital Partners LLC (ICP), a corporate finance services firm; 1887 Leasing, LLC, a holding company for its aircraft; IBERIA Asset Management, Inc (IAM), which provides wealth management and trust advisory services to high net worth individuals, pension funds, corporations and trusts; 840 Denning, LLC, which invests in a commercial rental property, and IBERIA CDE, LLC (CDE), which invests in purchased tax credits.
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