Victory Capital Management Inc. Sells 8,705 Shares of IBERIABANK Corporation (IBKC)
Victory Capital Management Inc. reduced its stake in shares of IBERIABANK Corporation (NASDAQ:IBKC) by 1.4% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 626,945 shares of the bank’s stock after selling 8,705 shares during the period. Victory Capital Management Inc. owned about 1.23% of IBERIABANK Corporation worth $51,096,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in IBKC. Vanguard Group Inc. boosted 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 during the period. BlackRock Inc. boosted 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 during the period. Dimensional Fund Advisors LP boosted 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 during the period. State Street Corp boosted 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 during the period. Finally, JPMorgan Chase & Co. boosted its position in IBERIABANK Corporation by 22.7% in the first quarter. JPMorgan Chase & Co. now owns 1,884,509 shares of the bank’s stock worth $149,065,000 after buying an additional 348,845 shares during the period. 81.13% of the stock is currently owned by institutional investors.
Shares of IBERIABANK Corporation (NASDAQ IBKC) opened at 76.25 on Tuesday. The company has a 50 day moving average of $79.67 and a 200 day moving average of $80.13. The stock has a market capitalization of $4.09 billion, a price-to-earnings ratio of 18.58 and a beta of 1.28. IBERIABANK Corporation has a 52-week low of $62.65 and a 52-week high of $91.10.
IBERIABANK Corporation (NASDAQ:IBKC) last released its quarterly earnings data on Thursday, July 20th. The bank reported $1.10 EPS for the quarter, missing analysts’ consensus estimates of $1.12 by $0.02. The company 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%. Analysts predict that IBERIABANK Corporation will post $4.75 EPS for the current fiscal year.
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A number of equities analysts have recently weighed in on IBKC shares. Piper Jaffray Companies raised shares of IBERIABANK Corporation from a “neutral” rating to an “overweight” rating and set a $89.00 price target on the stock in a research note on Tuesday, August 15th. Zacks Investment Research raised shares of IBERIABANK Corporation from a “hold” rating to a “buy” rating and set a $90.00 price target on the stock in a research note on Tuesday, May 16th. Keefe, Bruyette & Woods set a $90.00 price target on shares of IBERIABANK Corporation and gave the stock a “buy” rating in a research note on Monday, June 5th. JMP Securities upped their price target on shares of IBERIABANK Corporation from $94.00 to $95.00 and gave the stock a “market outperform” rating in a research note on Tuesday, July 25th. Finally, ValuEngine raised shares of IBERIABANK Corporation from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. One analyst has rated the stock with a sell rating, one has given a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company’s stock. IBERIABANK Corporation has a consensus rating of “Buy” and a consensus target price of $89.00.
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 sale, the insider now owns 60,553 shares in the company, valued at $4,851,506.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 2.52% 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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