Iberiabank Corp. (IBKC) Upgraded to Overweight by Piper Jaffray Cos.
Piper Jaffray Cos. upgraded shares of Iberiabank Corp. (NASDAQ:IBKC) from a neutral rating to an overweight rating in a research note released on Friday morning. They currently have $78.00 target price on the stock, up from their previous target price of $65.00.
A number of other equities analysts have also recently commented on the company. Zacks Investment Research raised Iberiabank Corp. from a hold rating to a buy rating and set a $64.00 target price on the stock in a report on Wednesday, July 6th. FBR & Co raised their target price on Iberiabank Corp. from $65.00 to $70.00 and gave the stock an outperform rating in a report on Friday, July 29th. Keefe, Bruyette & Woods raised their target price on Iberiabank Corp. from $62.00 to $67.00 and gave the stock a market perform rating in a report on Friday, July 29th. FIG Partners raised Iberiabank Corp. from a market perform rating to an outperform rating in a report on Monday, August 8th. Finally, Raymond James Financial Inc. raised Iberiabank Corp. from a market perform rating to an outperform rating and set a $64.00 target price on the stock in a report on Thursday, August 25th. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Iberiabank Corp. presently has a consensus rating of Buy and an average price target of $66.50.
Shares of Iberiabank Corp. (NASDAQ:IBKC) traded up 0.25% during midday trading on Friday, reaching $70.90. The company’s stock had a trading volume of 106,168 shares. The company’s 50-day moving average price is $67.81 and its 200-day moving average price is $61.24. Iberiabank Corp. has a 12 month low of $42.20 and a 12 month high of $71.50. The company has a market cap of $2.91 billion, a PE ratio of 16.50 and a beta of 1.10.
Iberiabank Corp. (NASDAQ:IBKC) last released its quarterly earnings results on Wednesday, July 27th. The company reported $1.18 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.04. The firm had revenue of $227.70 million for the quarter, compared to analysts’ expectations of $224.83 million. Iberiabank Corp. had a return on equity of 7.40% and a net margin of 19.32%. The company’s revenue was up 4.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.05 EPS. On average, equities analysts anticipate that Iberiabank Corp. will post $4.56 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 28th. Investors of record on Friday, September 30th will be issued a $0.36 dividend. This is an increase from Iberiabank Corp.’s previous quarterly dividend of $0.34. The ex-dividend date is Wednesday, September 28th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.04%. Iberiabank Corp.’s dividend payout ratio (DPR) is presently 33.57%.
In related news, EVP Anthony J. Restel sold 3,342 shares of the stock in a transaction dated 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 of the company’s stock, valued at approximately $2,519,954.10. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider John R. Davis sold 8,560 shares of the stock in a transaction dated Monday, September 19th. The shares were sold at an average price of $68.02, for a total transaction of $582,251.20. Following the completion of the transaction, the insider now directly 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. 3.17% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in IBKC. Vanguard Group Inc. increased its stake in shares of Iberiabank Corp. by 4.4% in the second quarter. Vanguard Group Inc. now owns 2,930,976 shares of the company’s stock valued at $175,067,000 after buying an additional 123,845 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Iberiabank Corp. by 9.0% in the second quarter. Dimensional Fund Advisors LP now owns 2,555,716 shares of the company’s stock valued at $152,652,000 after buying an additional 210,882 shares during the last quarter. Silvercrest Asset Management Group LLC increased its stake in shares of Iberiabank Corp. by 24.9% in the second quarter. Silvercrest Asset Management Group LLC now owns 2,328,302 shares of the company’s stock valued at $139,069,000 after buying an additional 463,720 shares during the last quarter. State Street Corp increased its stake in shares of Iberiabank Corp. by 12.4% in the first quarter. State Street Corp now owns 1,297,781 shares of the company’s stock valued at $66,538,000 after buying an additional 143,594 shares during the last quarter. Finally, BlackRock Fund Advisors increased its stake in shares of Iberiabank Corp. by 7.2% in the second quarter. BlackRock Fund Advisors now owns 1,038,074 shares of the company’s stock valued at $62,004,000 after buying an additional 69,277 shares during the last quarter. 81.47% of the stock is owned by institutional investors and hedge funds.
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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