Iberiabank Corp. (IBKC) Lowered to Sell at Zacks Investment Research
Iberiabank Corp. (NASDAQ:IBKC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Tuesday.
According to Zacks, “IBERIABANK Corporation is a commercial bank holding company. “
IBKC has been the subject of several other reports. Iberia Capital raised Iberiabank Corp. from a “market perform” rating to an “outperform” rating and set a $64.00 price objective for the company in a research report on Friday, August 26th. FBR & Co raised their target price on Iberiabank Corp. from $65.00 to $70.00 and gave the company an “outperform” rating in a research note on Friday, July 29th. Piper Jaffray Cos. upgraded Iberiabank Corp. from a “neutral” rating to an “overweight” rating and raised their target price for the company from $65.00 to $78.00 in a research note on Friday. FIG Partners upgraded Iberiabank Corp. from a “market perform” rating to an “outperform” rating in a research note on Monday, August 8th. Finally, Keefe, Bruyette & Woods raised their target price on Iberiabank Corp. from $62.00 to $67.00 and gave the company a “market perform” rating in a research note on Friday, July 29th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and eight have given a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $66.50.
Shares of Iberiabank Corp. (NASDAQ:IBKC) opened at 70.45 on Tuesday. The company has a market cap of $2.89 billion, a price-to-earnings ratio of 16.40 and a beta of 1.10. Iberiabank Corp. has a 1-year low of $42.20 and a 1-year high of $71.50. The firm has a 50-day moving average price of $67.91 and a 200 day moving average price of $61.51.
Iberiabank Corp. (NASDAQ:IBKC) last posted its quarterly earnings data 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 earned $227.70 million during the quarter, compared to analyst estimates of $224.83 million. During the same period last year, the company posted $1.05 EPS. The business’s quarterly revenue was up 4.8% on a year-over-year basis. On average, analysts predict that Iberiabank Corp. will post $4.56 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 28th. Stockholders of record on Friday, September 30th will be paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.04%. The ex-dividend date of this dividend is Wednesday, September 28th. This is an increase from Iberiabank Corp.’s previous quarterly dividend of $0.34. Iberiabank Corp.’s payout ratio is presently 33.57%.
In other news, EVP Anthony J. Restel sold 3,342 shares of the business’s stock in a transaction that occurred on Monday, August 29th. The stock was sold at an average price of $69.22, for a total value of $231,333.24. Following the transaction, the executive vice president now owns 36,405 shares in the company, valued at approximately $2,519,954.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider John R. Davis sold 8,560 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the insider now owns 57,264 shares in the company, valued at approximately $3,895,097.28. The disclosure for this sale can be found here. 3.17% of the stock is owned by insiders.
Several institutional investors have recently made changes to their positions in IBKC. Victory Capital Management Inc. increased its position in shares of Iberiabank Corp. by 77.4% in the second quarter. Victory Capital Management Inc. now owns 1,783 shares of the company’s stock worth $106,000 after buying an additional 778 shares during the last quarter. BNP Paribas Arbitrage SA increased its position in shares of Iberiabank Corp. by 7,000.0% in the second quarter. BNP Paribas Arbitrage SA now owns 2,059 shares of the company’s stock worth $123,000 after buying an additional 2,030 shares during the last quarter. Advisor Group Inc. acquired a new position in shares of Iberiabank Corp. during the second quarter worth $125,000. Johnson Financial Group Inc. increased its position in shares of Iberiabank Corp. by 25.0% in the second quarter. Johnson Financial Group Inc. now owns 2,550 shares of the company’s stock worth $152,000 after buying an additional 510 shares during the last quarter. Finally, Sei Investments Co. increased its position in shares of Iberiabank Corp. by 368.3% in the second quarter. Sei Investments Co. now owns 2,604 shares of the company’s stock worth $155,000 after buying an additional 2,048 shares during the last quarter. Hedge funds and other institutional investors own 81.47% of the company’s stock.
Iberiabank Corp. Company Profile
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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