IBERIABANK Corporation (IBKC) Lowered to “Hold” at Zacks Investment Research
Zacks Investment Research lowered shares of IBERIABANK Corporation (NASDAQ:IBKC) from a buy rating to a hold rating in a research note released on Wednesday morning.
According to Zacks, “IBERIABANK Corporation is a commercial bank holding company. “
Several other equities research analysts have also recently weighed in on IBKC. BidaskClub raised IBERIABANK Corporation from a strong sell rating to a sell rating in a research note on Saturday, June 10th. Stephens set a $95.00 price target on IBERIABANK Corporation and gave the stock a buy rating in a research note on Saturday, July 22nd. JMP Securities upped their price target on IBERIABANK Corporation from $94.00 to $95.00 and gave the stock a market outperform rating in a research note on Tuesday, July 25th. Piper Jaffray Companies raised IBERIABANK Corporation from a neutral rating to an overweight rating and set a $89.00 price target on the stock in a research note on Tuesday, August 15th. Finally, ValuEngine raised IBERIABANK Corporation from a hold rating to a buy rating in a research note on Tuesday, September 26th. One analyst has rated the stock with a sell rating, two have issued a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the stock. IBERIABANK Corporation has a consensus rating of Buy and a consensus target price of $90.50.
Shares of IBERIABANK Corporation (IBKC) traded up 0.61% during trading on Wednesday, hitting $82.25. The company had a trading volume of 111,834 shares. The company’s 50 day moving average is $76.94 and its 200 day moving average is $78.92. IBERIABANK Corporation has a 1-year low of $62.66 and a 1-year high of $91.10. The firm has a market capitalization of $4.41 billion, a P/E ratio of 20.04 and a beta of 1.32.
IBERIABANK Corporation (NASDAQ:IBKC) last posted its earnings results on Thursday, July 20th. The bank reported $1.10 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.12 by ($0.02). The business had revenue of $239.61 million for the quarter, compared to analysts’ expectations of $236.73 million. IBERIABANK Corporation had a net margin of 20.08% and a return on equity of 6.86%. Analysts anticipate that IBERIABANK Corporation will post $4.74 earnings per share for the current fiscal year.
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The business also recently announced a quarterly dividend, which will be paid on Friday, October 27th. Shareholders of record on Friday, September 29th will be issued a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 1.81%. This is an increase from IBERIABANK Corporation’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Thursday, September 28th. IBERIABANK Corporation’s payout ratio is 36.01%.
In other IBERIABANK Corporation news, insider John R. Davis sold 6,141 shares of the business’s stock in a transaction 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 sale, the insider now directly owns 60,553 shares of the company’s stock, valued at $4,851,506.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ernest P. Breaux, Jr. sold 5,000 shares of the business’s stock in a transaction on Thursday, September 28th. The stock was sold at an average price of $78.18, for a total value of $390,900.00. Following the completion of the sale, the director now directly owns 27,963 shares in the company, valued at $2,186,147.34. The disclosure for this sale can be found here. Insiders own 3.17% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the business. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in IBERIABANK Corporation by 12.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,133 shares of the bank’s stock worth $174,000 after acquiring an additional 234 shares in the last quarter. Cubist Systematic Strategies LLC bought a new position in shares of IBERIABANK Corporation during the second quarter valued at $183,000. Nomura Holdings Inc. bought a new position in shares of IBERIABANK Corporation during the second quarter valued at $205,000. Karp Capital Management Corp bought a new position in shares of IBERIABANK Corporation during the first quarter valued at $214,000. Finally, Stephens Inc. AR bought a new position in shares of IBERIABANK Corporation during the first quarter valued at $214,000. 81.11% of the stock is currently owned by institutional investors and hedge funds.
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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