Legal & General Group Plc Has $2.48 Million Holdings in IBERIABANK Corporation (IBKC)
Legal & General Group Plc grew its stake in IBERIABANK Corporation (NASDAQ:IBKC) by 2.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 30,457 shares of the bank’s stock after buying an additional 607 shares during the quarter. Legal & General Group Plc owned approximately 0.06% of IBERIABANK Corporation worth $2,482,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently modified their holdings of the business. Vanguard Group Inc. increased its position in IBERIABANK Corporation by 14.0% in the first quarter. Vanguard Group Inc. now owns 4,089,357 shares of the bank’s stock worth $323,469,000 after buying an additional 502,701 shares in the last quarter. BlackRock Inc. increased 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 worth $275,765,000 after buying an additional 3,461,213 shares in the last quarter. Dimensional Fund Advisors LP increased its position in IBERIABANK Corporation by 2.0% in the first quarter. Dimensional Fund Advisors LP now owns 3,020,769 shares of the bank’s stock worth $238,943,000 after buying an additional 59,390 shares in the last quarter. State Street Corp increased its position in IBERIABANK Corporation by 27.1% in the first quarter. State Street Corp now owns 2,126,739 shares of the bank’s stock worth $168,230,000 after buying an additional 454,085 shares in the last quarter. Finally, EJF Capital LLC increased its position in IBERIABANK Corporation by 3,391.7% in the first quarter. EJF Capital LLC now owns 925,925 shares of the bank’s stock worth $73,241,000 after buying an additional 899,407 shares in the last quarter. Institutional investors and hedge funds own 81.11% of the company’s stock.
A number of brokerages have commented on IBKC. 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 report on Monday, June 5th. Zacks Investment Research cut IBERIABANK Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, May 24th. BidaskClub upgraded IBERIABANK Corporation from a “sell” rating to a “hold” rating in a research report on Thursday, June 29th. Finally, Stephens set a $95.00 price target on IBERIABANK Corporation and gave the stock a “buy” rating in a research report on Saturday, July 22nd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company. IBERIABANK Corporation has a consensus rating of “Buy” and an average target price of $90.70.
Shares of IBERIABANK Corporation (IBKC) opened at 77.50 on Thursday. 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. The stock has a market cap of $4.16 billion, a PE ratio of 18.88 and a beta of 1.30.
IBERIABANK Corporation (NASDAQ:IBKC) last released its quarterly earnings results on Thursday, July 20th. The bank reported $1.10 earnings per share for the quarter, missing analysts’ consensus estimates of $1.12 by ($0.02). The business had revenue of $239.61 million during the quarter, compared to analyst estimates of $236.73 million. IBERIABANK Corporation had a return on equity of 6.86% and a net margin of 20.08%. On average, analysts anticipate that IBERIABANK Corporation will post $4.76 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 27th. Investors of record on Friday, September 29th will be issued a $0.37 dividend. This is a boost from IBERIABANK Corporation’s previous quarterly dividend of $0.36. The ex-dividend date is Thursday, September 28th. This represents a $1.48 dividend on an annualized basis and a yield of 1.91%. IBERIABANK Corporation’s dividend payout ratio is presently 35.04%.
In related news, insider John R. Davis sold 6,141 shares of the company’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 completion of the transaction, the insider now owns 60,553 shares of the company’s stock, valued at approximately $4,851,506.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 3.17% of the company’s stock.
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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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