State of Wisconsin Investment Board Raises Position in IBERIABANK Corporation (IBKC)
State of Wisconsin Investment Board increased its position in IBERIABANK Corporation (NASDAQ:IBKC) by 31.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 122,000 shares of the bank’s stock after purchasing an additional 29,000 shares during the quarter. State of Wisconsin Investment Board owned approximately 0.23% of IBERIABANK Corporation worth $10,022,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in IBERIABANK Corporation by 1.3% in the second 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. State Street Corp lifted its position in IBERIABANK Corporation by 20.2% in the second 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 lifted its position in IBERIABANK Corporation by 18.0% in the second 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. Victory Capital Management Inc. lifted its position in IBERIABANK Corporation by 36.7% in the third quarter. Victory Capital Management Inc. now owns 856,845 shares of the bank’s stock worth $70,390,000 after purchasing an additional 229,900 shares during the period. Finally, FMR LLC lifted its holdings in shares of IBERIABANK Corporation by 25.9% during the second quarter. FMR LLC now owns 724,652 shares of the bank’s stock valued at $59,059,000 after acquiring an additional 148,952 shares during the period. 80.60% of the stock is owned by hedge funds and other institutional investors.
IBERIABANK Corporation (IBKC) opened at $72.05 on Friday. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.31. IBERIABANK Corporation has a twelve month low of $68.55 and a twelve month high of $91.10. The stock has a market capitalization of $3,889.43, a PE ratio of 16.87, a P/E/G ratio of 2.12 and a beta of 1.37.
IBERIABANK Corporation (NASDAQ:IBKC) last released its quarterly earnings results on Thursday, October 19th. The bank reported $1.00 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.13 by ($0.13). IBERIABANK Corporation had a net margin of 17.14% and a return on equity of 6.57%. The business had revenue of $270.19 million during the quarter, compared to the consensus estimate of $276.02 million. During the same period in the prior year, the firm earned $1.08 earnings per share. The business’s quarterly revenue was up 21.0% compared to the same quarter last year. research analysts predict that IBERIABANK Corporation will post 4.27 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, October 27th. Investors of record on Friday, September 29th were issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.05%. This is a boost from IBERIABANK Corporation’s previous quarterly dividend of $0.36. The ex-dividend date was Thursday, September 28th. IBERIABANK Corporation’s payout ratio is currently 42.05%.
In related news, Director Ernest P. Breaux, Jr. sold 5,000 shares of IBERIABANK Corporation stock in a transaction dated Thursday, September 28th. The stock was sold at an average price of $78.18, for a total value of $390,900.00. Following the completion of the transaction, the director now directly owns 27,963 shares of the company’s stock, valued at $2,186,147.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 3.17% of the company’s stock.
A number of research analysts have issued reports on the company. ValuEngine cut IBERIABANK Corporation from a “buy” rating to a “hold” rating in a report on Friday, October 6th. Jefferies Group LLC raised IBERIABANK Corporation from a “hold” rating to a “buy” rating and lifted their price objective for the company from $89.00 to $94.00 in a report on Monday, October 9th. Piper Jaffray Companies reissued an “overweight” rating and set a $89.00 price objective on shares of IBERIABANK Corporation in a report on Thursday, October 5th. Stephens set a $95.00 price objective on IBERIABANK Corporation and gave the company a “buy” rating in a report on Saturday, July 22nd. Finally, BidaskClub cut IBERIABANK Corporation from a “sell” rating to a “strong sell” rating in a report on Saturday, August 19th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $89.27.
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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