Zacks Investment Research Lowers IBERIABANK (IBKC) to Hold
IBERIABANK (NASDAQ:IBKC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday.
According to Zacks, “IBERIABANK Corporation is a commercial bank holding company. “
IBKC has been the subject of several other research reports. Stephens lowered shares of IBERIABANK from an “overweight” rating to an “equal weight” rating in a research note on Friday, October 20th. Raymond James Financial reiterated an “outperform” rating on shares of IBERIABANK in a research note on Wednesday, December 20th. Piper Jaffray Companies set a $95.00 price objective on shares of IBERIABANK and gave the company a “buy” rating in a research note on Monday, January 29th. Hovde Group lowered shares of IBERIABANK from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $88.00 to $82.00 in a research note on Monday, October 23rd. Finally, BidaskClub upgraded shares of IBERIABANK from a “hold” rating to a “buy” rating in a research note on Tuesday, January 16th. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $89.82.
IBERIABANK (NASDAQ:IBKC) last issued its quarterly earnings results on Thursday, January 25th. The bank reported $1.33 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.26 by $0.07. The firm had revenue of $290.16 million for the quarter, compared to the consensus estimate of $285.17 million. IBERIABANK had a net margin of 12.66% and a return on equity of 6.92%. The company’s revenue for the quarter was up 35.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.16 EPS. equities research analysts forecast that IBERIABANK will post 6.37 earnings per share for the current fiscal year.
In other IBERIABANK news, Director William H. Fenstermaker purchased 2,500 shares of the firm’s stock in a transaction on Friday, November 17th. The stock was acquired at an average price of $71.81 per share, for a total transaction of $179,525.00. Following the purchase, the director now owns 43,242 shares of the company’s stock, valued at approximately $3,105,208.02. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider John R. Davis sold 3,263 shares of the business’s stock in a transaction on Tuesday, November 21st. The shares were sold at an average price of $74.24, for a total transaction of $242,245.12. Following the sale, the insider now owns 57,886 shares of the company’s stock, valued at approximately $4,297,456.64. The disclosure for this sale can be found here. Insiders own 2.52% of the company’s stock.
A number of hedge funds have recently made changes to their positions in IBKC. Voya Investment Management LLC increased its stake in IBERIABANK by 24.4% during the 2nd quarter. Voya Investment Management LLC now owns 22,835 shares of the bank’s stock valued at $1,861,000 after purchasing an additional 4,475 shares in the last quarter. Stifel Financial Corp increased its stake in IBERIABANK by 12.8% during the 2nd quarter. Stifel Financial Corp now owns 3,444 shares of the bank’s stock valued at $280,000 after purchasing an additional 392 shares in the last quarter. State Street Corp increased its stake in IBERIABANK by 20.2% during the 2nd quarter. State Street Corp now owns 2,555,707 shares of the bank’s stock valued at $208,292,000 after purchasing an additional 428,968 shares in the last quarter. Cubist Systematic Strategies LLC bought a new stake in IBERIABANK during the 2nd quarter valued at $183,000. Finally, The Manufacturers Life Insurance Company increased its stake in IBERIABANK by 12.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 37,954 shares of the bank’s stock valued at $3,093,000 after purchasing an additional 4,124 shares in the last quarter. Institutional investors and hedge funds own 80.87% of the company’s stock.
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IBERIABANK 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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