Zacks Investment Research upgraded shares of IBERIABANK Corp (NASDAQ:IBKC) from a hold rating to a buy rating in a report released on Tuesday morning. The brokerage currently has $90.00 target price on the bank’s stock.
According to Zacks, “IBERIABANK Corporation is a commercial bank holding company. “
Other analysts have also recently issued research reports about the stock. Keefe, Bruyette & Woods set a $90.00 target price on shares of IBERIABANK Corp and gave the stock a buy rating in a research note on Monday, April 3rd. JMP Securities initiated coverage on shares of IBERIABANK Corp in a research note on Thursday, February 2nd. They set a mkt perform rating on the stock. Piper Jaffray Companies cut shares of IBERIABANK Corp from an overweight rating to a neutral rating and decreased their target price for the stock from $92.00 to $89.00 in a research note on Wednesday, March 1st. Barclays PLC raised shares of IBERIABANK Corp to an outperform rating and set a $97.00 target price on the stock in a research note on Monday, May 1st. Finally, Robert W. Baird raised shares of IBERIABANK Corp from a neutral rating to an outperform rating and boosted their target price for the stock from $88.00 to $97.00 in a research note on Monday, May 1st. Two analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. IBERIABANK Corp has an average rating of Buy and an average price target of $85.90.
IBERIABANK Corp (NASDAQ:IBKC) traded up 2.91% on Tuesday, reaching $79.55. The company’s stock had a trading volume of 166,710 shares. The firm’s 50 day moving average is $78.96 and its 200-day moving average is $80.68. The firm has a market cap of $4.05 billion, a P/E ratio of 18.43 and a beta of 1.22. IBERIABANK Corp has a 12 month low of $55.15 and a 12 month high of $91.10.
IBERIABANK Corp (NASDAQ:IBKC) last posted its earnings results on Thursday, April 27th. The bank reported $1.02 earnings per share for the quarter, topping analysts’ consensus estimates of $0.97 by $0.05. The firm had revenue of $220.16 million for the quarter, compared to analysts’ expectations of $219.98 million. IBERIABANK Corp had a net margin of 19.65% and a return on equity of 7.65%. The company’s revenue was up 1.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.01 earnings per share. On average, equities research analysts anticipate that IBERIABANK Corp will post $4.56 EPS for the current year.
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The firm also recently declared a quarterly dividend, which was paid on Friday, April 28th. Stockholders of record on Friday, March 31st were issued a dividend of $0.36 per share. The ex-dividend date was Wednesday, March 29th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 1.86%. IBERIABANK Corp’s dividend payout ratio (DPR) is presently 33.49%.
In other news, EVP Haddon Spurgeon Mackie, Jr. sold 1,490 shares of IBERIABANK Corp stock in a transaction on Friday, March 17th. The shares were sold at an average price of $79.93, for a total transaction of $119,095.70. Following the transaction, the executive vice president now owns 13,912 shares in the company, valued at $1,111,986.16. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director E Stewart Shea III sold 4,147 shares of IBERIABANK Corp stock in a transaction on Monday, May 15th. The stock was sold at an average price of $80.65, for a total transaction of $334,455.55. Following the transaction, the director now owns 13,179 shares in the company, valued at approximately $1,062,886.35. The disclosure for this sale can be found here. In the last quarter, insiders have sold 45,210 shares of company stock worth $3,634,309. 3.17% of the stock is owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in the stock. Advisor Group Inc. raised its position in IBERIABANK Corp by 0.9% in the third quarter. Advisor Group Inc. now owns 2,165 shares of the bank’s stock valued at $145,000 after buying an additional 20 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in IBERIABANK Corp by 37.7% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,899 shares of the bank’s stock valued at $150,000 after buying an additional 520 shares during the last quarter. Seven Eight Capital LP purchased a new position in IBERIABANK Corp during the fourth quarter valued at about $168,000. Pacad Investment Ltd. raised its position in IBERIABANK Corp by 130.0% in the fourth quarter. Pacad Investment Ltd. now owns 2,300 shares of the bank’s stock valued at $193,000 after buying an additional 1,300 shares during the last quarter. Finally, Karp Capital Management Corp purchased a new position in IBERIABANK Corp during the first quarter valued at about $214,000. Institutional investors and hedge funds own 75.99% of the company’s stock.
IBERIABANK Corp 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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