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Investment analysts at Bank of America Corp. initiated coverage on shares of IBERIABANK Corp. (NASDAQ:IBKC) in a note issued to investors on Wednesday, reports. The firm set a “buy” rating and a $66.00 price target on the stock. Bank of America Corp.’s target price suggests a potential upside of 21.66% from the company’s current price.

The analysts wrote, “We initiate coverage on Lafayette, Louisiana based IBERIABANK (IBKC) with a Buy rating and $66 price objective. At $13bn in assets, IBKC is the largest Louisiana based bank, with a footprint ranging from Texas to Florida. Over the last five years, IBKC has more than doubled its assets driven by five FDIC assisted acquisitions and continuing market share gains as the lender capitalized on its balance sheet strength during the housing downturn. We believe IBKC’s acquisitive growth strategy causes bears to argue that management will enter an expensive deal, which would hurt stock performance. However, in our view management has demonstrated its ability to stay disciplined on M&A pricing over the last few years. Moreover, we think investors might be receptive to bank M&A, with shares of recent buyers up a median 4% in the month following deal announcements vs zero for the KBW Regional bank index.”

IBERIABANK Corp. (NASDAQ:IBKC) traded down 0.18% during mid-day trading on Wednesday, hitting $54.15. The stock had a trading volume of 63,573 shares. IBERIABANK Corp. has a one year low of $44.28 and a one year high of $59.81. The stock has a 50-day moving average of $54.02 and a 200-day moving average of $52.70. The company has a market cap of $1.610 billion and a P/E ratio of 26.40.

IBERIABANK Corp. (NASDAQ:IBKC) last posted its quarterly earnings results on Tuesday, July 23rd. The company reported $0.80 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.72 by $0.08. During the same quarter last year, the company posted $0.73 earnings per share. On average, analysts predict that IBERIABANK Corp. will post $2.10 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which is scheduled for Friday, October 25th. Stockholders of record on Monday, September 30th will be given a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 2.51%. The ex-dividend date of this dividend is Thursday, September 26th.

A number of other analysts have also recently weighed in on IBKC. Analysts at Oppenheimer downgraded shares of IBERIABANK Corp. from an “outperform” rating to a “market perform” rating in a research note to investors on Wednesday. They now have a $0.85 price target on the stock. Separately, analysts at Sandler O’Neill initiated coverage on shares of IBERIABANK Corp. in a research note to investors on Tuesday, August 27th. They set a “hold” rating on the stock. Finally, analysts at Jefferies Group raised their price target on shares of IBERIABANK Corp. from $51.00 to $54.00 in a research note to investors on Tuesday, August 6th. They now have a “hold” rating on the stock. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $52.54.

IBERIABANK Corporation (NASDAQ:IBKC), incorporated on November 21, 1994, is a financial holding company.

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