Brokerages Set Iberiabank Corp. (NASDAQ:IBKC) PT at $65.22
Shares of Iberiabank Corp. (NASDAQ:IBKC) have received a consensus rating of “Buy” from the thirteen brokerages that are currently covering the firm. Five research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $66.78.
Several equities analysts recently weighed in on the company. Keefe, Bruyette & Woods upgraded Iberiabank Corp. from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $67.00 to $72.00 in a research report on Wednesday, August 17th. FBR & Co raised their price objective on Iberiabank Corp. from $65.00 to $70.00 and gave the stock an “outperform” rating in a report on Friday, July 29th. Piper Jaffray Cos. upgraded 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 report on Friday. Iberia Capital upgraded Iberiabank Corp. from a “neutral” rating to an “overweight” rating and set a $78.00 price objective on the stock in a report on Friday. Finally, Zacks Investment Research upgraded Iberiabank Corp. from a “hold” rating to a “buy” rating and set a $64.00 price objective on the stock in a report on Wednesday, July 6th.
Iberiabank Corp. (NASDAQ:IBKC) opened at 70.72 on Friday. Iberiabank Corp. has a one year low of $42.20 and a one year high of $70.80. The firm has a market capitalization of $2.90 billion, a P/E ratio of 16.46 and a beta of 1.10. The company has a 50-day moving average price of $67.81 and a 200-day moving average price of $61.24.
Iberiabank Corp. (NASDAQ:IBKC) last released its earnings results on Wednesday, July 27th. The company reported $1.18 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.14 by $0.04. Iberiabank Corp. had a return on equity of 7.40% and a net margin of 19.32%. The firm had revenue of $227.70 million for the quarter, compared to the consensus estimate of $224.83 million. During the same period in the prior year, the business posted $1.05 earnings per share. The firm’s revenue for the quarter was up 4.8% compared to the same quarter last year. On average, equities research analysts anticipate that Iberiabank Corp. will post $4.56 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 28th. Shareholders of record on Friday, September 30th will be paid a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 2.04%. The ex-dividend date is Wednesday, September 28th. This is a positive change from Iberiabank Corp.’s previous quarterly dividend of $0.34. Iberiabank Corp.’s dividend payout ratio (DPR) is 33.57%.
In other Iberiabank Corp. news, insider Elizabeth A. Ardoin sold 2,455 shares of the firm’s stock in a transaction that occurred on Friday, September 2nd. The stock was sold at an average price of $68.58, for a total transaction of $168,363.90. Following the completion of the sale, the insider now owns 16,978 shares in the company, valued at approximately $1,164,351.24. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider John R. Davis sold 8,560 shares of the firm’s stock in a transaction that occurred on Monday, September 19th. The shares were sold at an average price of $68.02, for a total value of $582,251.20. Following the sale, the insider now owns 57,264 shares of the company’s stock, valued at approximately $3,895,097.28. The disclosure for this sale can be found here. Company insiders own 3.17% of the company’s stock.
Large investors have recently modified their holdings of the stock. IFP Advisors Inc raised its stake in shares of Iberiabank Corp. by 0.4% in the first quarter. IFP Advisors Inc now owns 4,300 shares of the company’s stock worth $220,000 after buying an additional 19 shares during the period. TIAA CREF Investment Management LLC raised its position in shares of Iberiabank Corp. by 2.8% in the first quarter. TIAA CREF Investment Management LLC now owns 211,591 shares of the company’s stock valued at $10,848,000 after buying an additional 5,802 shares during the last quarter. Teachers Advisors Inc. raised its position in shares of Iberiabank Corp. by 453.8% in the first quarter. Teachers Advisors Inc. now owns 327,183 shares of the company’s stock valued at $16,775,000 after buying an additional 268,100 shares during the last quarter. Prudential Financial Inc. raised its position in shares of Iberiabank Corp. by 75.0% in the first quarter. Prudential Financial Inc. now owns 152,423 shares of the company’s stock valued at $7,815,000 after buying an additional 65,330 shares during the last quarter. Finally, BlackRock Inc. raised its position in shares of Iberiabank Corp. by 1,134.4% in the first quarter. BlackRock Inc. now owns 12,554 shares of the company’s stock valued at $643,000 after buying an additional 11,537 shares during the last quarter. Hedge funds and other 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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