IBERIABANK Corporation (IBKC) Cut to “Sell” at Zacks Investment Research
Zacks Investment Research cut shares of IBERIABANK Corporation (NASDAQ:IBKC) from a hold rating to a sell rating in a report issued on Tuesday morning.
According to Zacks, “IBERIABANK Corporation is a commercial bank holding company. “
A number of other research analysts also recently commented on IBKC. BidaskClub downgraded shares of IBERIABANK Corporation from a hold rating to a sell rating in a research note on Thursday, June 22nd. Jefferies Group LLC raised shares of IBERIABANK Corporation from a hold rating to a buy rating and upped their price objective for the company from $89.00 to $94.00 in a research note on Monday, October 9th. Stephens set a $95.00 price objective on shares of IBERIABANK Corporation and gave the company a buy rating in a research note on Monday, July 31st. JMP Securities upped their price objective on shares of IBERIABANK Corporation from $94.00 to $95.00 and gave the company a market outperform rating in a research note on Tuesday, July 25th. Finally, Piper Jaffray Companies reaffirmed an overweight rating and set a $89.00 price objective on shares of IBERIABANK Corporation in a research note on Thursday, October 5th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company. The company currently has a consensus rating of Buy and a consensus target price of $90.82.
IBERIABANK Corporation (NASDAQ IBKC) traded down 5.86% during trading on Tuesday, reaching $75.45. The company’s stock had a trading volume of 3,012,264 shares. The company has a 50-day moving average of $78.56 and a 200 day moving average of $79.25. The firm has a market cap of $4.05 billion, a PE ratio of 18.38 and a beta of 1.32. IBERIABANK Corporation has a one year low of $62.66 and a one year high of $91.10.
IBERIABANK Corporation (NASDAQ:IBKC) last announced its earnings results on Thursday, October 19th. The bank reported $1.00 earnings per share for the quarter, missing the consensus estimate of $1.13 by ($0.13). IBERIABANK Corporation had a net margin of 20.08% and a return on equity of 6.86%. The firm had revenue of $270.19 million during the quarter, compared to analyst estimates of $276.02 million. During the same period in the previous year, the firm posted $1.08 EPS. The company’s revenue for the quarter was up 21.0% compared to the same quarter last year. Analysts expect that IBERIABANK Corporation will post $4.62 EPS for the current fiscal year.
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The company also recently announced a quarterly dividend, which will be paid on Friday, October 27th. Stockholders of record on Friday, September 29th will be issued a dividend of $0.37 per share. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.96%. This is a boost from IBERIABANK Corporation’s previous quarterly dividend of $0.36. IBERIABANK Corporation’s payout ratio is presently 36.01%.
In other news, Director Ernest P. Breaux, Jr. sold 5,000 shares of the business’s stock in a transaction dated 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 owns 27,963 shares in the company, valued at approximately $2,186,147.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John R. Davis sold 6,141 shares of the business’s stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $80.12, for a total value of $492,016.92. Following the sale, the insider now owns 60,553 shares of the company’s stock, valued at approximately $4,851,506.36. The disclosure for this sale can be found here. 3.17% of the stock is currently owned by insiders.
Several large investors have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of IBERIABANK Corporation by 1.3% during the 2nd quarter. Vanguard Group Inc. now owns 4,141,740 shares of the bank’s stock worth $337,551,000 after purchasing an additional 52,383 shares during the period. BlackRock Inc. grew its holdings in shares of IBERIABANK Corporation by 13,809.5% during the 1st quarter. BlackRock Inc. now owns 3,486,277 shares of the bank’s stock worth $275,765,000 after purchasing an additional 3,461,213 shares during the period. State Street Corp grew its holdings in shares of IBERIABANK Corporation by 20.2% during the 2nd 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 during the period. Northern Trust Corp grew its holdings in shares of IBERIABANK Corporation by 18.0% during the 2nd quarter. Northern Trust Corp now owns 1,104,662 shares of the bank’s stock worth $90,030,000 after purchasing an additional 168,174 shares during the period. Finally, FMR LLC grew its holdings in shares of IBERIABANK Corporation by 25.9% during the 2nd quarter. FMR LLC now owns 724,652 shares of the bank’s stock worth $59,059,000 after purchasing an additional 148,952 shares during the period. Institutional investors and hedge funds own 81.10% of the company’s stock.
IBERIABANK Corporation 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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