Dimensional Fund Advisors LP Sells 138,280 Shares of IBERIABANK Corp (IBKC)
Dimensional Fund Advisors LP cut its position in shares of IBERIABANK Corp (NASDAQ:IBKC) by 4.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,698,162 shares of the bank’s stock after selling 138,280 shares during the quarter. Dimensional Fund Advisors LP owned approximately 5.01% of IBERIABANK worth $221,654,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of IBKC. State Street Corp grew its holdings in IBERIABANK by 20.2% in the second quarter. State Street Corp now owns 2,555,707 shares of the bank’s stock valued at $208,292,000 after purchasing an additional 428,968 shares during the period. Teachers Advisors LLC grew its holdings in IBERIABANK by 323.3% in the second quarter. Teachers Advisors LLC now owns 363,805 shares of the bank’s stock valued at $29,650,000 after purchasing an additional 277,851 shares during the period. Victory Capital Management Inc. grew its holdings in IBERIABANK by 36.7% in the third quarter. Victory Capital Management Inc. now owns 856,845 shares of the bank’s stock valued at $70,390,000 after purchasing an additional 229,900 shares during the period. Thrivent Financial For Lutherans purchased a new stake in IBERIABANK in the second quarter valued at approximately $16,352,000. Finally, Monarch Partners Asset Management LLC purchased a new stake in IBERIABANK in the third quarter valued at approximately $14,888,000. Institutional investors and hedge funds own 80.42% of the company’s stock.
In other news, Director William H. Fenstermaker bought 2,500 shares of IBERIABANK stock in a transaction dated Friday, November 17th. The shares were acquired at an average cost of $71.81 per share, with a total value of $179,525.00. Following the completion of the transaction, the director now owns 43,242 shares in the company, valued at approximately $3,105,208.02. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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 transaction of $390,900.00. Following the transaction, 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. 2.52% of the stock is owned by insiders.
IBERIABANK (NASDAQ:IBKC) last released its quarterly earnings data on Thursday, October 19th. The bank reported $1.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.13 by ($0.13). IBERIABANK had a return on equity of 6.57% and a net margin of 17.14%. The business had revenue of $270.19 million for the quarter, compared to analysts’ expectations of $276.02 million. During the same quarter in the prior year, the firm earned $1.08 earnings per share. IBERIABANK’s quarterly revenue was up 21.0% compared to the same quarter last year. sell-side analysts predict that IBERIABANK Corp will post 4.27 EPS for the current year.
A number of research firms recently issued reports on IBKC. Zacks Investment Research upgraded shares of IBERIABANK from a “sell” rating to a “hold” rating in a report on Wednesday, October 11th. Jefferies Group upgraded shares of IBERIABANK from a “hold” rating to a “buy” rating and boosted their target price for the company from $89.00 to $94.00 in a report on Monday, October 9th. ValuEngine downgraded shares of IBERIABANK from a “buy” rating to a “hold” rating in a research note on Friday, October 6th. Piper Jaffray Companies reiterated an “overweight” rating and set a $89.00 price objective on shares of IBERIABANK in a research note on Thursday, October 5th. Finally, Stephens downgraded shares of IBERIABANK from an “overweight” rating to an “equal weight” rating in a research note on Friday, October 20th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, six have issued a buy rating and two have given a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $89.27.
IBERIABANK 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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