Jefferies Group Brokers Cut Earnings Estimates for Iberiabank Corp. (IBKC)
Iberiabank Corp. (NASDAQ:IBKC) – Analysts at Jefferies Group dropped their Q3 2016 earnings estimates for Iberiabank Corp. in a report released on Tuesday. Jefferies Group analyst E. Harmon now anticipates that the firm will post earnings of $1.17 per share for the quarter, down from their previous forecast of $1.18. Jefferies Group also issued estimates for Iberiabank Corp.’s FY2016 earnings at $4.58 EPS and FY2017 earnings at $4.95 EPS.
Iberiabank Corp. (NASDAQ:IBKC) last released its earnings results on Wednesday, July 27th. The company reported $1.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.14 by $0.04. The business had revenue of $227.70 million for the quarter, compared to the consensus estimate of $224.83 million. Iberiabank Corp. had a return on equity of 7.40% and a net margin of 19.32%. Iberiabank Corp.’s quarterly revenue was up 4.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.05 earnings per share.
A number of other analysts also recently weighed in on IBKC. Zacks Investment Research upgraded Iberiabank Corp. from a “hold” rating to a “buy” rating and set a $64.00 price objective for the company in a report on Wednesday, July 6th. FBR & Co increased their price objective on Iberiabank Corp. from $65.00 to $70.00 and gave the company an “outperform” rating in a report on Friday, July 29th. Keefe, Bruyette & Woods increased their price target 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 upgraded Iberiabank Corp. from a “market perform” rating to an “outperform” rating in a report on Monday, August 8th. Finally, Raymond James Financial Inc. upgraded Iberiabank Corp. from a “market perform” rating to an “outperform” rating and set a $64.00 price target for the company in a report on Thursday, August 25th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $66.50.
Shares of Iberiabank Corp. (NASDAQ:IBKC) opened at 68.34 on Friday. The firm has a market cap of $2.80 billion, a P/E ratio of 15.91 and a beta of 1.10. Iberiabank Corp. has a 52-week low of $42.20 and a 52-week high of $71.50. The company has a 50 day moving average price of $68.12 and a 200-day moving average price of $61.80.
Large investors have recently bought and sold shares of the stock. TIAA CREF Investment Management LLC raised its stake in 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 period. Teachers Advisors Inc. raised its stake in 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 period. Prudential Financial Inc. raised its stake in 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 period. BlackRock Inc. raised its stake in 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 period. Finally, BlackRock Group LTD raised its stake in Iberiabank Corp. by 123.0% in the first quarter. BlackRock Group LTD now owns 43,275 shares of the company’s stock valued at $2,218,000 after buying an additional 23,872 shares during the period. Hedge funds and other institutional investors own 81.47% of the company’s stock.
In other Iberiabank Corp. news, 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 value of $582,251.20. Following the completion of the sale, the insider now owns 57,264 shares in the company, valued at approximately $3,895,097.28. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Elizabeth A. Ardoin sold 2,455 shares of the stock in a transaction dated Friday, September 2nd. The shares were 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 of the company’s stock, valued at approximately $1,164,351.24. The disclosure for this sale can be found here. 3.17% of the stock is currently owned by company insiders.
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 paid a $0.36 dividend. This is a positive change from Iberiabank Corp.’s previous quarterly dividend of $0.34. The ex-dividend date is Wednesday, September 28th. This represents a $1.44 annualized dividend and a yield of 2.11%. Iberiabank Corp.’s dividend payout ratio (DPR) is 33.57%.
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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