Zacks Investment Research upgraded shares of IBERIABANK (NASDAQ:IBKC) from a strong sell rating to a hold rating in a research note released on Wednesday.
According to Zacks, “IBERIABANK Corporation is a commercial bank holding company. “
Several other research firms have also weighed in on IBKC. Stephens lowered shares of IBERIABANK from an overweight rating to an equal weight rating in a research note on Friday, October 20th. SunTrust Banks reduced their price objective on shares of IBERIABANK to $80.00 and set a hold rating on the stock in a research note on Wednesday, October 25th. Iberia Capital lowered shares of IBERIABANK from a strong-buy rating to an outperform rating in a research note on Wednesday. ValuEngine raised shares of IBERIABANK from a hold rating to a buy rating in a research note on Tuesday, September 26th. Finally, Robert W. Baird lowered shares of IBERIABANK from an outperform rating to a neutral rating and reduced their price objective for the stock from $97.00 to $78.00 in a research note on Monday, October 23rd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the stock. The company currently has an average rating of Buy and a consensus price target of $89.27.
IBERIABANK (NASDAQ:IBKC) last issued its quarterly earnings results on Thursday, October 19th. The bank reported $1.00 EPS for the quarter, missing the consensus estimate of $1.13 by ($0.13). IBERIABANK had a return on equity of 6.57% and a net margin of 17.14%. 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 prior year, the firm earned $1.08 EPS. The firm’s quarterly revenue was up 21.0% compared to the same quarter last year. sell-side analysts anticipate that IBERIABANK will post 4.25 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, January 26th. Shareholders of record on Friday, December 29th will be paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 1.87%. The ex-dividend date is Thursday, December 28th. IBERIABANK’s payout ratio is currently 42.05%.
In other news, insider John R. Davis sold 3,263 shares of the business’s stock in a transaction on Tuesday, November 21st. The shares were sold at an average price of $74.24, for a total value of $242,245.12. Following the sale, the insider now owns 57,886 shares of the company’s stock, valued at $4,297,456.64. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Ernest P. Breaux, Jr. sold 5,000 shares of the business’s stock in a transaction on Thursday, September 28th. The stock was sold at an average price of $78.18, for a total transaction of $390,900.00. Following the completion of the sale, the director now directly owns 27,963 shares in the company, valued at approximately $2,186,147.34. The disclosure for this sale can be found here. Insiders own 3.17% of the company’s stock.
Several hedge funds have recently made changes to their positions in IBKC. State Street Corp lifted its position in shares of IBERIABANK by 20.2% in the second quarter. State Street Corp now owns 2,555,707 shares of the bank’s stock worth $208,292,000 after purchasing an additional 428,968 shares in the last quarter. Teachers Advisors LLC increased its holdings in IBERIABANK by 323.3% during the second quarter. Teachers Advisors LLC now owns 363,805 shares of the bank’s stock worth $29,650,000 after buying an additional 277,851 shares during the last quarter. Victory Capital Management Inc. increased its holdings in IBERIABANK by 36.7% during the third quarter. Victory Capital Management Inc. now owns 856,845 shares of the bank’s stock worth $70,390,000 after buying an additional 229,900 shares during the last quarter. Thrivent Financial For Lutherans acquired a new position in IBERIABANK during the second quarter worth $16,352,000. Finally, Monarch Partners Asset Management LLC acquired a new position in IBERIABANK during the third quarter worth $14,888,000. 80.40% of the stock is currently owned by institutional investors and hedge funds.
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IBERIABANK Company Profile
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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