Zacks Investment Research Upgrades IBERIABANK Corp (IBKC) to Buy
IBERIABANK Corp (NASDAQ:IBKC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday. The brokerage currently has a $90.00 price objective on the bank’s stock. Zacks Investment Research‘s price target suggests a potential upside of 14.07% from the stock’s previous close.
According to Zacks, “IBERIABANK Corporation is a commercial bank holding company. “
Several other equities analysts have also recently weighed in on the company. JMP Securities upgraded IBERIABANK Corp from a “market perform” rating to an “outperform” rating and set a $94.00 price objective on the stock in a research note on Friday, March 10th. Keefe, Bruyette & Woods set a $90.00 price objective on IBERIABANK Corp and gave the company a “buy” rating in a research note on Monday, April 3rd. Barclays PLC upgraded IBERIABANK Corp to an “outperform” rating and set a $97.00 price objective on the stock in a research note on Monday, May 1st. Robert W. Baird upgraded IBERIABANK Corp from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $88.00 to $97.00 in a research note on Monday, May 1st. Finally, Piper Jaffray Companies cut IBERIABANK Corp from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $92.00 to $89.00 in a research note on Wednesday, March 1st. Two investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $85.90.
Shares of IBERIABANK Corp (NASDAQ:IBKC) opened at 78.90 on Thursday. The stock has a 50 day moving average of $79.14 and a 200-day moving average of $81.18. IBERIABANK Corp has a 12-month low of $55.15 and a 12-month high of $91.10. The firm has a market capitalization of $4.02 billion, a P/E ratio of 18.28 and a beta of 1.22.
IBERIABANK Corp (NASDAQ:IBKC) last issued its quarterly earnings data on Thursday, April 27th. The bank reported $1.02 earnings per share for the quarter, beating the consensus estimate of $0.97 by $0.05. IBERIABANK Corp had a return on equity of 7.65% and a net margin of 19.65%. The business had revenue of $220.16 million for the quarter, compared to analysts’ expectations of $219.98 million. During the same period last year, the business earned $1.01 EPS. The business’s revenue was up 1.4% on a year-over-year basis. On average, equities research analysts predict that IBERIABANK Corp will post $4.56 EPS for the current fiscal year.
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In other news, EVP Haddon Spurgeon Mackie, Jr. sold 1,490 shares of the firm’s stock in a transaction on Friday, March 17th. The stock was sold at an average price of $79.93, for a total transaction of $119,095.70. Following the completion of the sale, the executive vice president now directly owns 13,912 shares of the company’s stock, valued at approximately $1,111,986.16. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Anthony J. Restel sold 19,652 shares of the firm’s stock in a transaction on Wednesday, May 3rd. The shares were sold at an average price of $80.32, for a total value of $1,578,448.64. Following the sale, the executive vice president now directly owns 35,665 shares of the company’s stock, valued at $2,864,612.80. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 70,210 shares of company stock valued at $5,604,809. Insiders own 3.17% of the company’s stock.
Several large investors have recently made changes to their positions in the stock. Blair William & Co. IL raised its stake in shares of IBERIABANK Corp by 5,437.3% in the first quarter. Blair William & Co. IL now owns 213,794 shares of the bank’s stock valued at $16,911,000 after buying an additional 209,933 shares in the last quarter. State Board of Administration of Florida Retirement System raised its stake in shares of IBERIABANK Corp by 23.7% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 18,013 shares of the bank’s stock valued at $1,509,000 after buying an additional 3,452 shares in the last quarter. Norges Bank acquired a new stake in shares of IBERIABANK Corp during the fourth quarter valued at about $33,135,000. State Street Corp raised its stake in shares of IBERIABANK Corp by 33.0% in the fourth quarter. State Street Corp now owns 1,672,654 shares of the bank’s stock valued at $140,083,000 after buying an additional 415,365 shares in the last quarter. Finally, JJJ Advisors Inc. acquired a new stake in shares of IBERIABANK Corp during the fourth quarter valued at about $3,664,000. 75.99% of the stock is owned by hedge funds and other institutional investors.
IBERIABANK Corp Company Profile
IBERIABANK Corporation is a financial holding company. The Company is a holding company for IBERIABANK, a Louisiana state chartered banking corporation; Lenders Title Company, an Arkansas-chartered title insurance and closing services agency (Lenders Title); IBERIA Capital Partners LLC (ICP), a corporate finance services firm; 1887 Leasing, LLC, a holding company for its aircraft; IBERIA Asset Management, Inc (IAM), which provides wealth management and trust advisory 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 (CDE), which invests in purchased tax credits.
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