Harvey Capital Management Inc. purchased a new position in shares of IBERIABANK Corp (NASDAQ:IBKC) during the fourth quarter, Holdings Channel reports. The institutional investor purchased 12,320 shares of the bank’s stock, valued at approximately $954,000.
A number of other institutional investors and hedge funds have also bought and sold shares of IBKC. Canada Pension Plan Investment Board acquired a new stake in IBERIABANK during the third quarter worth $107,000. Cerebellum GP LLC acquired a new stake in IBERIABANK during the fourth quarter worth $128,000. Cubist Systematic Strategies LLC acquired a new stake in IBERIABANK during the second quarter worth $183,000. Nomura Holdings Inc. acquired a new stake in IBERIABANK during the second quarter worth $205,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in IBERIABANK by 41.2% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,012 shares of the bank’s stock worth $233,000 after buying an additional 879 shares in the last quarter. Hedge funds and other institutional investors own 80.67% of the company’s stock.
A number of equities research analysts have weighed in on IBKC shares. Raymond James Financial reiterated an “outperform” rating on shares of IBERIABANK in a research note on Wednesday, December 20th. Stephens downgraded shares of IBERIABANK from an “overweight” rating to an “equal weight” rating in a research note on Friday, October 20th. Zacks Investment Research downgraded shares of IBERIABANK from a “hold” rating to a “sell” rating in a research note on Tuesday, October 17th. Hovde Group downgraded shares of IBERIABANK from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $88.00 to $82.00 in a research note on Monday, October 23rd. Finally, Piper Jaffray Companies set a $95.00 price target on shares of IBERIABANK and gave the stock a “buy” rating in a research note on Monday, January 29th. Five equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $89.82.
IBERIABANK (NASDAQ:IBKC) last issued its earnings results on Thursday, January 25th. The bank reported $1.33 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.26 by $0.07. IBERIABANK had a net margin of 12.66% and a return on equity of 6.92%. The company had revenue of $290.16 million for the quarter, compared to the consensus estimate of $285.17 million. During the same quarter in the previous year, the company earned $1.16 EPS. The firm’s revenue for the quarter was up 35.0% compared to the same quarter last year. sell-side analysts expect that IBERIABANK Corp will post 6.37 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, January 26th. Stockholders of record on Friday, December 29th were paid a $0.37 dividend. The ex-dividend date of this dividend was Thursday, December 28th. This represents a $1.48 annualized dividend and a dividend yield of 1.75%. IBERIABANK’s dividend payout ratio is presently 55.85%.
In related news, Director William H. Fenstermaker purchased 2,500 shares of IBERIABANK stock in a transaction that occurred on Friday, November 17th. The shares were acquired at an average price of $71.81 per share, for a total transaction of $179,525.00. Following the transaction, the director now directly owns 43,242 shares in the company, valued at $3,105,208.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider John R. Davis sold 3,263 shares of the company’s stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $74.24, for a total transaction of $242,245.12. Following the transaction, the insider now owns 57,886 shares in the company, valued at approximately $4,297,456.64. The disclosure for this sale can be found here. 2.52% of the stock is currently owned by insiders.
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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