IBERIABANK Corporation (NASDAQ:IBKC) Upgraded to “Overweight” at Piper Jaffray Companies
IBERIABANK Corporation (NASDAQ:IBKC) was upgraded by investment analysts at Piper Jaffray Companies from a “neutral” rating to an “overweight” rating in a note issued to investors on Tuesday.
Several other analysts have also weighed in on IBKC. Zacks Investment Research raised IBERIABANK Corporation from a “hold” rating to a “buy” rating and set a $91.00 price objective on the stock in a research note on Tuesday, August 1st. Stephens set a $95.00 price target on IBERIABANK Corporation and gave the company a “buy” rating in a research note on Monday, July 31st. JMP Securities lifted their price target on IBERIABANK Corporation from $94.00 to $95.00 and gave the company a “market outperform” rating in a research note on Tuesday, July 25th. Finally, BidaskClub lowered IBERIABANK Corporation from a “hold” rating to a “sell” rating in a research note on Thursday, June 22nd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $86.92.
IBERIABANK Corporation (NASDAQ:IBKC) opened at 79.20 on Tuesday. The firm has a market cap of $4.04 billion, a P/E ratio of 19.30 and a beta of 1.28. The company’s 50-day moving average is $80.65 and its 200 day moving average is $80.46. IBERIABANK Corporation has a 12 month low of $62.65 and a 12 month high of $91.10.
IBERIABANK Corporation (NASDAQ:IBKC) last released its quarterly earnings data on Thursday, July 20th. The bank reported $1.10 earnings per share for the quarter, missing the consensus estimate of $1.12 by $0.02. The business had revenue of $239.61 million during the quarter, compared to analyst estimates of $236.73 million. IBERIABANK Corporation had a net margin of 20.08% and a return on equity of 7.14%. Equities research analysts expect that IBERIABANK Corporation will post $4.75 EPS for the current fiscal year.
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In related news, Vice Chairman Michael J. Brown sold 25,000 shares of IBERIABANK Corporation stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $78.82, for a total value of $1,970,500.00. Following the transaction, the insider now directly owns 93,878 shares of the company’s stock, valued at $7,399,463.96. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider John R. Davis sold 6,141 shares of IBERIABANK Corporation stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $80.12, for a total value of $492,016.92. Following the completion of the transaction, the insider now directly owns 60,553 shares in the company, valued at $4,851,506.36. The disclosure for this sale can be found here. 2.52% of the stock is owned by insiders.
Several institutional investors have recently bought and sold shares of the company. BlackRock Inc. raised its position in IBERIABANK Corporation by 13,809.5% in the first quarter. BlackRock Inc. now owns 3,486,277 shares of the bank’s stock worth $275,765,000 after buying an additional 3,461,213 shares in the last quarter. EJF Capital LLC raised its position in IBERIABANK Corporation by 3,391.7% in the first quarter. EJF Capital LLC now owns 925,925 shares of the bank’s stock worth $73,241,000 after buying an additional 899,407 shares in the last quarter. FMR LLC bought a new position in IBERIABANK Corporation during the first quarter worth approximately $45,538,000. Vanguard Group Inc. raised its position in IBERIABANK Corporation by 14.0% in the first quarter. Vanguard Group Inc. now owns 4,089,357 shares of the bank’s stock worth $323,469,000 after buying an additional 502,701 shares in the last quarter. Finally, State Street Corp raised its position in IBERIABANK Corporation by 27.1% in the first quarter. State Street Corp now owns 2,126,739 shares of the bank’s stock worth $168,230,000 after buying an additional 454,085 shares in the last quarter. 86.06% of the stock is currently owned by institutional investors.
About IBERIABANK Corporation
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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