IBERIABANK (IBKC) Lowered to “Hold” at Zacks Investment Research

Zacks Investment Research lowered shares of IBERIABANK (NASDAQ:IBKC) from a buy rating to a hold rating in a research note released on Wednesday.

According to Zacks, “IBERIABANK Corporation is a commercial bank holding company. “

IBKC has been the subject of several other reports. Stephens downgraded IBERIABANK from an overweight rating to an equal weight rating in a research note on Friday, October 20th. Raymond James Financial restated an outperform rating on shares of IBERIABANK in a research note on Wednesday, December 20th. Piper Jaffray Companies set a $95.00 price target on IBERIABANK and gave the stock a buy rating in a research note on Monday, January 29th. Hovde Group downgraded IBERIABANK from an outperform rating to a market perform rating and dropped their price target for the stock from $88.00 to $82.00 in a research note on Monday, October 23rd. Finally, BidaskClub upgraded IBERIABANK from a hold rating to a buy rating in a research note on Tuesday, January 16th. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock currently has an average rating of Buy and an average target price of $89.82.

IBERIABANK (NASDAQ:IBKC) traded up $2.25 during mid-day trading on Wednesday, reaching $84.05. The company’s stock had a trading volume of 299,400 shares, compared to its average volume of 426,714. IBERIABANK has a 1-year low of $68.55 and a 1-year high of $87.55. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.31. The company has a market cap of $4,406.49, a P/E ratio of 31.72, a price-to-earnings-growth ratio of 1.60 and a beta of 1.40.

IBERIABANK (NASDAQ:IBKC) last posted its quarterly earnings results on Thursday, January 25th. The bank reported $1.33 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.26 by $0.07. IBERIABANK had a return on equity of 6.92% and a net margin of 12.66%. The business had revenue of $290.16 million during the quarter, compared to the consensus estimate of $285.17 million. During the same period in the prior year, the company posted $1.16 EPS. The firm’s revenue for the quarter was up 35.0% compared to the same quarter last year. equities analysts predict that IBERIABANK will post 6.37 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, January 26th. Stockholders of record on Friday, December 29th were given a dividend of $0.37 per share. The ex-dividend date of this dividend was Thursday, December 28th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.76%. IBERIABANK’s dividend payout ratio is currently 55.85%.

In other news, Director William H. Fenstermaker bought 2,500 shares of the stock in a transaction dated Friday, November 17th. The stock was purchased at an average cost of $71.81 per share, for a total transaction of $179,525.00. Following the transaction, the director now owns 43,242 shares of the company’s stock, valued at $3,105,208.02. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider John R. Davis sold 3,263 shares of the stock in a transaction that occurred on Tuesday, November 21st. The shares were sold at an average price of $74.24, for a total value of $242,245.12. Following the transaction, the insider now owns 57,886 shares of the company’s stock, valued at $4,297,456.64. The disclosure for this sale can be found here. 3.17% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Millennium Management LLC boosted its position in shares of IBERIABANK by 10.6% during the 4th quarter. Millennium Management LLC now owns 1,982,114 shares of the bank’s stock valued at $153,614,000 after acquiring an additional 190,374 shares during the last quarter. Cornerstone Capital Management Holdings LLC. boosted its position in shares of IBERIABANK by 133.9% during the 4th quarter. Cornerstone Capital Management Holdings LLC. now owns 65,500 shares of the bank’s stock valued at $5,076,000 after acquiring an additional 37,500 shares during the last quarter. Teachers Advisors LLC boosted its position in shares of IBERIABANK by 0.5% during the 4th quarter. Teachers Advisors LLC now owns 377,247 shares of the bank’s stock valued at $29,237,000 after acquiring an additional 1,844 shares during the last quarter. Teachers Retirement System of The State of Kentucky boosted its position in shares of IBERIABANK by 4.1% during the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 21,023 shares of the bank’s stock valued at $1,629,000 after acquiring an additional 837 shares during the last quarter. Finally, Two Sigma Investments LP lifted its position in IBERIABANK by 54.8% in the fourth quarter. Two Sigma Investments LP now owns 7,064 shares of the bank’s stock worth $547,000 after buying an additional 2,500 shares during the last quarter. Hedge funds and other institutional investors 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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