Iberiabank Corp. (IBKC) Upgraded to “Overweight” by Iberia Capital
Iberiabank Corp. (NASDAQ:IBKC) was upgraded by investment analysts at Iberia Capital from a “neutral” rating to an “overweight” rating in a note issued to investors on Friday. The brokerage presently has a $78.00 target price on the stock. Iberia Capital’s target price would suggest a potential upside of 10.29% from the stock’s previous close.
A number of other equities research analysts have also recently commented on the stock. Piper Jaffray Cos. raised shares of Iberiabank Corp. from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $65.00 to $78.00 in a research note on Friday. Sandler O’Neill reaffirmed a “hold” rating and set a $72.00 price objective (up previously from $70.00) on shares of Iberiabank Corp. in a research note on Tuesday, September 13th. FBR & Co raised their price objective on shares of Iberiabank Corp. from $70.00 to $73.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 7th. Raymond James Financial Inc. raised shares of Iberiabank Corp. from a “market perform” rating to an “outperform” rating and set a $64.00 price objective on the stock in a research note on Thursday, August 25th. Finally, Keefe, Bruyette & Woods raised shares of Iberiabank Corp. from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $67.00 to $72.00 in a research note on Wednesday, August 17th. Five investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $66.50.
Iberiabank Corp. (NASDAQ:IBKC) traded up 1.01% during midday trading on Friday, reaching $70.72. 383,178 shares of the company were exchanged. The firm’s 50 day moving average price is $67.81 and its 200-day moving average price is $61.24. The stock has a market capitalization of $2.90 billion, a P/E ratio of 16.46 and a beta of 1.10. Iberiabank Corp. has a 52 week low of $42.20 and a 52 week high of $70.80.
Iberiabank Corp. (NASDAQ:IBKC) last issued its quarterly earnings data on Wednesday, July 27th. The company reported $1.18 EPS for the quarter, topping analysts’ consensus estimates of $1.14 by $0.04. The business had revenue of $227.70 million for the quarter, compared to analysts’ expectations of $224.83 million. Iberiabank Corp. had a net margin of 19.32% and a return on equity of 7.40%. The business’s revenue was up 4.8% on a year-over-year basis. During the same quarter last year, the company earned $1.05 EPS. Equities analysts forecast that Iberiabank Corp. will post $4.56 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 28th. Shareholders of record on Friday, September 30th will be issued a $0.36 dividend. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $1.44 dividend on an annualized basis and a yield of 2.04%. This is a positive change from Iberiabank Corp.’s previous quarterly dividend of $0.34. Iberiabank Corp.’s dividend payout ratio (DPR) is presently 33.57%.
In other Iberiabank Corp. news, insider John R. Davis sold 8,560 shares of the firm’s stock in a transaction on Monday, September 19th. The stock was sold at an average price of $68.02, for a total value of $582,251.20. Following the transaction, the insider now owns 57,264 shares in the company, valued at approximately $3,895,097.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Anthony J. Restel sold 3,342 shares of the firm’s stock in a transaction on Monday, August 29th. The shares were sold at an average price of $69.22, for a total value of $231,333.24. Following the completion of the transaction, the executive vice president now owns 36,405 shares in the company, valued at approximately $2,519,954.10. The disclosure for this sale can be found here. 3.17% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Victory Capital Management Inc. raised its position in Iberiabank Corp. by 77.4% in the second quarter. Victory Capital Management Inc. now owns 1,783 shares of the company’s stock valued at $106,000 after buying an additional 778 shares in the last quarter. BNP Paribas Arbitrage SA raised its position in Iberiabank Corp. by 7,000.0% in the second quarter. BNP Paribas Arbitrage SA now owns 2,059 shares of the company’s stock valued at $123,000 after buying an additional 2,030 shares in the last quarter. Advisor Group Inc. bought a new position in Iberiabank Corp. during the second quarter valued at approximately $125,000. Johnson Financial Group Inc. raised its position in Iberiabank Corp. by 25.0% in the second quarter. Johnson Financial Group Inc. now owns 2,550 shares of the company’s stock valued at $152,000 after buying an additional 510 shares in the last quarter. Finally, Sei Investments Co. raised its position in Iberiabank Corp. by 368.3% in the second quarter. Sei Investments Co. now owns 2,604 shares of the company’s stock valued at $155,000 after buying an additional 2,048 shares in the last quarter. Institutional investors own 81.47% of the company’s stock.
About Iberiabank Corp.
IBERIABANK Corporation is a financial holding company. The Company is the holding company for IBERIABANK, a Louisiana banking corporation; Lenders Title Company, an Arkansas-chartered title insurance and closing services agency; IBERIA Capital Partners, LLC, a corporate finance services firm; 1887 Leasing, LLC, a holding company for its aircraft; IBERIA Asset Management, Inc, which provides wealth management and trust 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., which invests in purchased tax credits.
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