IBERIABANK Corporation (IBKC) Upgraded to “Buy” by Zacks Investment Research
Zacks Investment Research upgraded shares of IBERIABANK Corporation (NASDAQ:IBKC) from a hold rating to a buy rating in a research report report published on Thursday. The brokerage currently has $89.00 price objective on the bank’s stock.
According to Zacks, “IBERIABANK Corporation is a commercial bank holding company. “
Several other research analysts have also recently commented on IBKC. BidaskClub cut shares of IBERIABANK Corporation from a hold rating to a sell rating in a report on Thursday, June 22nd. Hovde Group upgraded IBERIABANK Corporation from a market perform rating to an outperform rating and set a $87.00 price target for the company in a research note on Monday, June 5th. ValuEngine upgraded IBERIABANK Corporation from a hold rating to a buy rating in a research note on Friday, June 2nd. Stephens set a $95.00 price target on IBERIABANK Corporation and gave the stock a buy rating in a research report on Monday, July 31st. Finally, JMP Securities increased their price target on IBERIABANK Corporation from $94.00 to $95.00 and gave the stock a market outperform rating in a research report on Tuesday, July 25th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company’s stock. The stock has an average rating of Buy and a consensus target price of $90.50.
IBERIABANK Corporation (NASDAQ IBKC) opened at 82.15 on Thursday. The company has a market cap of $4.41 billion, a P/E ratio of 20.02 and a beta of 1.32. The company’s 50 day moving average price is $76.83 and its 200 day moving average price is $78.99. IBERIABANK Corporation has a 52-week low of $62.66 and a 52-week high of $91.10.
IBERIABANK Corporation (NASDAQ:IBKC) last posted its quarterly earnings data on Thursday, July 20th. The bank reported $1.10 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.12 by ($0.02). The business had revenue of $239.61 million during the quarter, compared to the consensus estimate of $236.73 million. IBERIABANK Corporation had a net margin of 20.08% and a return on equity of 6.86%. Equities research analysts anticipate that IBERIABANK Corporation will post $4.74 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 27th. Shareholders of record on Friday, September 29th will be given a dividend of $0.37 per share. This is an increase from IBERIABANK Corporation’s previous quarterly dividend of $0.36. This represents a $1.48 annualized dividend and a yield of 1.80%. The ex-dividend date of this dividend is Thursday, September 28th. IBERIABANK Corporation’s payout ratio is currently 36.01%.
In other news, insider John R. Davis sold 6,141 shares of IBERIABANK Corporation stock in a transaction on Monday, August 7th. The stock was sold at an average price of $80.12, for a total value of $492,016.92. Following the transaction, the insider now owns 60,553 shares in the company, valued at approximately $4,851,506.36. The sale was disclosed in a filing with the SEC, which is available at 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 value of $390,900.00. Following the transaction, the director now directly owns 27,963 shares of the company’s stock, valued at approximately $2,186,147.34. The disclosure for this sale can be found here. Company insiders own 2.52% of the company’s stock.
Several hedge funds have recently made changes to their positions in the stock. Menta Capital LLC acquired a new stake in IBERIABANK Corporation in the first quarter valued at about $1,044,000. BlackRock Inc. grew its position in IBERIABANK Corporation by 13,809.5% in the first quarter. BlackRock Inc. now owns 3,486,277 shares of the bank’s stock valued at $275,765,000 after acquiring an additional 3,461,213 shares during the last quarter. Prudential Financial Inc. grew its position in IBERIABANK Corporation by 49.7% in the second quarter. Prudential Financial Inc. now owns 238,413 shares of the bank’s stock valued at $19,431,000 after acquiring an additional 79,178 shares during the last quarter. Rhumbline Advisers grew its position in IBERIABANK Corporation by 6.9% in the second quarter. Rhumbline Advisers now owns 65,064 shares of the bank’s stock valued at $5,303,000 after acquiring an additional 4,205 shares during the last quarter. Finally, Prospera Financial Services Inc bought a new position in IBERIABANK Corporation in the second quarter valued at about $301,000. Institutional investors and hedge funds own 81.11% of the company’s stock.
About IBERIABANK Corporation
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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