Harvey Capital Management Inc. Purchases New Position in IBERIABANK Corp (IBKC)

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.

Shares of IBERIABANK Corp (IBKC) opened at $84.75 on Monday. IBERIABANK Corp has a 52 week low of $68.55 and a 52 week high of $87.55. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.31. The company has a market cap of $4,565.40, a price-to-earnings ratio of 19.05, a PEG ratio of 1.66 and a beta of 1.40.

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.

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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.

Want to see what other hedge funds are holding IBKC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for IBERIABANK Corp (NASDAQ:IBKC).

Institutional Ownership by Quarter for IBERIABANK (NASDAQ:IBKC)

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