Sterling Capital Management LLC Sells 24,500 Shares of IBERIABANK Corp (NASDAQ:IBKC)

Sterling Capital Management LLC lessened its position in shares of IBERIABANK Corp (NASDAQ:IBKC) by 9.1% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 245,796 shares of the bank’s stock after selling 24,500 shares during the period. Sterling Capital Management LLC owned 0.45% of IBERIABANK worth $18,644,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in IBKC. Captrust Financial Advisors raised its stake in IBERIABANK by 43.8% during the second quarter. Captrust Financial Advisors now owns 509 shares of the bank’s stock worth $39,000 after buying an additional 155 shares during the last quarter. Steward Partners Investment Advisory LLC acquired a new position in shares of IBERIABANK during the second quarter valued at about $64,000. Advisor Group Inc. grew its holdings in shares of IBERIABANK by 7.0% during the second quarter. Advisor Group Inc. now owns 2,754 shares of the bank’s stock valued at $209,000 after buying an additional 180 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of IBERIABANK during the second quarter valued at about $237,000. Finally, Signition LP grew its holdings in shares of IBERIABANK by 9.9% during the second quarter. Signition LP now owns 3,154 shares of the bank’s stock valued at $239,000 after buying an additional 284 shares during the last quarter. 84.87% of the stock is owned by institutional investors and hedge funds.

In other news, CEO Daryl G. Byrd sold 13,750 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $77.70, for a total value of $1,068,375.00. Following the sale, the chief executive officer now owns 274,031 shares of the company’s stock, valued at $21,292,208.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Daryl G. Byrd sold 6,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $70.44, for a total transaction of $422,640.00. Following the completion of the sale, the chief executive officer now directly owns 254,281 shares in the company, valued at approximately $17,911,553.64. The disclosure for this sale can be found here. Insiders have sold 34,050 shares of company stock worth $2,584,943 over the last three months. 2.65% of the stock is owned by insiders.

Shares of IBKC traded down $1.12 during trading hours on Tuesday, reaching $76.14. 11,555 shares of the stock traded hands, compared to its average volume of 263,092. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.34. The stock has a fifty day simple moving average of $71.61 and a 200 day simple moving average of $74.71. IBERIABANK Corp has a 52 week low of $60.82 and a 52 week high of $85.90. The company has a market cap of $4.07 billion, a price-to-earnings ratio of 11.40, a PEG ratio of 1.35 and a beta of 1.55.

IBERIABANK (NASDAQ:IBKC) last released its quarterly earnings results on Friday, July 19th. The bank reported $1.87 earnings per share for the quarter, beating analysts’ consensus estimates of $1.82 by $0.05. IBERIABANK had a net margin of 29.38% and a return on equity of 10.33%. The company had revenue of $315.18 million for the quarter, compared to analyst estimates of $313.34 million. During the same period last year, the firm earned $1.71 earnings per share. The firm’s revenue was up 4.0% on a year-over-year basis. Analysts predict that IBERIABANK Corp will post 7.13 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Monday, September 30th will be given a dividend of $0.45 per share. This is a positive change from IBERIABANK’s previous quarterly dividend of $0.43. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.36%. The ex-dividend date of this dividend is Friday, September 27th. IBERIABANK’s dividend payout ratio (DPR) is presently 25.71%.

A number of research analysts have recently issued reports on the stock. ValuEngine upgraded shares of IBERIABANK from a “sell” rating to a “hold” rating in a report on Wednesday, September 11th. SunTrust Banks reduced their price objective on shares of IBERIABANK to $86.00 and set a “buy” rating for the company in a report on Monday, July 22nd. Zacks Investment Research upgraded shares of IBERIABANK from a “sell” rating to a “hold” rating in a report on Wednesday, July 24th. Stephens set a $89.00 price objective on shares of IBERIABANK and gave the company a “buy” rating in a report on Friday, July 19th. Finally, BidaskClub raised shares of IBERIABANK from a “strong sell” rating to a “sell” rating in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company’s stock. IBERIABANK has a consensus rating of “Hold” and a consensus price target of $86.00.

About IBERIABANK

IBERIABANK Corporation operates as the holding company for IBERIABANK that provides commercial and retail banking products and services in the United States. It offers various commercial, consumer, mortgage, and private banking products and services; cash management services; deposit and annuity products; and brokerage services, as well as sells variable annuities.

Further Reading: Quiet Period Expirations

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Institutional Ownership by Quarter for IBERIABANK (NASDAQ:IBKC)

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