Clearbridge Investments LLC Cuts Position in IBERIABANK Corp (NASDAQ:IBKC)
Clearbridge Investments LLC cut its stake in IBERIABANK Corp (NASDAQ:IBKC) by 10.6% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 26,690 shares of the bank’s stock after selling 3,149 shares during the period. Clearbridge Investments LLC owned about 0.05% of IBERIABANK worth $965,000 as of its most recent SEC filing.
A number of other large investors also recently made changes to their positions in IBKC. Carroll Financial Associates Inc. boosted its position in IBERIABANK by 147.9% during the first quarter. Carroll Financial Associates Inc. now owns 843 shares of the bank’s stock valued at $30,000 after buying an additional 503 shares during the period. Americana Partners LLC purchased a new stake in shares of IBERIABANK during the fourth quarter worth about $46,000. Chevy Chase Trust Holdings Inc. purchased a new stake in shares of IBERIABANK during the fourth quarter worth about $53,000. Toronto Dominion Bank boosted its holdings in shares of IBERIABANK by 38.2% during the fourth quarter. Toronto Dominion Bank now owns 959 shares of the bank’s stock worth $72,000 after purchasing an additional 265 shares during the period. Finally, Tower Research Capital LLC TRC boosted its holdings in shares of IBERIABANK by 26.2% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,037 shares of the bank’s stock worth $78,000 after purchasing an additional 215 shares during the period. Institutional investors own 82.80% of the company’s stock.
IBKC has been the subject of a number of analyst reports. TheStreet lowered shares of IBERIABANK from a “b-” rating to a “c” rating in a report on Thursday, April 9th. Keefe, Bruyette & Woods upgraded shares of IBERIABANK from a “market perform” rating to an “outperform” rating and set a $60.00 target price for the company in a report on Wednesday, April 1st. ValuEngine upgraded shares of IBERIABANK from a “strong sell” rating to a “sell” rating in a report on Friday, May 1st. Zacks Investment Research raised shares of IBERIABANK from a “strong sell” rating to a “hold” rating in a research note on Tuesday, June 23rd. Finally, SunTrust Banks increased their price target on shares of IBERIABANK from $44.00 to $45.00 and gave the stock a “buy” rating in a research note on Tuesday, May 5th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $67.40.
IBERIABANK (NASDAQ:IBKC) last released its quarterly earnings results on Friday, April 17th. The bank reported $0.67 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.06 by ($0.39). IBERIABANK had a return on equity of 8.07% and a net margin of 20.85%. The company had revenue of $295.00 million during the quarter, compared to the consensus estimate of $281.20 million. During the same period in the previous year, the company earned $1.72 earnings per share. IBERIABANK’s quarterly revenue was down 2.6% on a year-over-year basis. On average, equities research analysts expect that IBERIABANK Corp will post 3.95 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 12th were paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 4.29%. The ex-dividend date was Thursday, June 11th. IBERIABANK’s dividend payout ratio is 26.82%.
IBERIABANK Company Profile
IBERIABANK Corporation operates as the holding company for IBERIABANK that provides commercial and retail banking products and services in the United States. It offers various commercial, consumer, mortgage, and private banking products and services; cash management services; deposit and annuity products; and brokerage services, as well as sells variable annuities.
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