Insider Selling: Iberiabank Corp. (IBKC) Insider Sells 8,560 Shares of Stock
Iberiabank Corp. (NASDAQ:IBKC) insider John R. Davis sold 8,560 shares of the stock in a transaction dated Monday, September 19th. The stock was sold at an average price of $68.02, for a total transaction of $582,251.20. Following the completion of the transaction, the insider now directly owns 57,264 shares of the company’s stock, valued at approximately $3,895,097.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.
Iberiabank Corp. (NASDAQ:IBKC) opened at 67.58 on Wednesday. The company has a market cap of $2.77 billion, a price-to-earnings ratio of 15.73 and a beta of 1.02. The firm’s 50-day moving average is $66.55 and its 200 day moving average is $59.89. Iberiabank Corp. has a 12-month low of $42.20 and a 12-month high of $69.93.
Iberiabank Corp. (NASDAQ:IBKC) last issued its quarterly earnings data on Wednesday, July 27th. The company reported $1.18 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.14 by $0.04. Iberiabank Corp. had a return on equity of 7.40% and a net margin of 19.32%. The company earned $227.70 million during the quarter, compared to analyst estimates of $224.83 million. During the same quarter in the previous year, the firm earned $1.05 earnings per share. Iberiabank Corp.’s revenue was up 4.8% on a year-over-year basis. On average, equities analysts expect that Iberiabank Corp. will post $4.56 earnings per share for the current fiscal year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 28th. Stockholders of record on Friday, September 30th will be issued a dividend of $0.36 per share. This is a positive change from Iberiabank Corp.’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $1.44 annualized dividend and a dividend yield of 2.13%. Iberiabank Corp.’s payout ratio is presently 31.70%.
Hedge funds and other institutional investors have recently modified their holdings of the company. Victory Capital Management Inc. raised its position in shares of Iberiabank Corp. by 77.4% in the second quarter. Victory Capital Management Inc. now owns 1,783 shares of the company’s stock valued at $106,000 after buying an additional 778 shares during the last quarter. BNP Paribas Arbitrage SA raised its position in shares of Iberiabank Corp. by 7,000.0% in the second quarter. BNP Paribas Arbitrage SA now owns 2,059 shares of the company’s stock valued at $123,000 after buying an additional 2,030 shares during the last quarter. Advisor Group Inc. acquired a new position in shares of Iberiabank Corp. during the second quarter valued at approximately $125,000. Johnson Financial Group Inc. raised its position in shares of Iberiabank Corp. by 25.0% in the second quarter. Johnson Financial Group Inc. now owns 2,550 shares of the company’s stock valued at $152,000 after buying an additional 510 shares during the last quarter. Finally, Sei Investments Co. raised its position in shares of Iberiabank Corp. by 368.3% in the second quarter. Sei Investments Co. now owns 2,604 shares of the company’s stock valued at $155,000 after buying an additional 2,048 shares during the last quarter. 81.47% of the stock is owned by institutional investors.
IBKC has been the subject of a number of research reports. Zacks Investment Research raised shares of Iberiabank Corp. from a “hold” rating to a “buy” rating and set a $64.00 target price for the company in a report on Wednesday, July 6th. FBR & Co raised their price objective on shares of Iberiabank Corp. from $65.00 to $70.00 and gave the company an “outperform” rating in a report on Friday, July 29th. Keefe, Bruyette & Woods raised their price objective on shares of Iberiabank Corp. from $62.00 to $67.00 and gave the company a “market perform” rating in a report on Friday, July 29th. FIG Partners upgraded shares of Iberiabank Corp. from a “market perform” rating to an “outperform” rating in a report on Monday, August 8th. Finally, Raymond James Financial Inc. upgraded shares of Iberiabank Corp. from a “market perform” rating to an “outperform” rating and set a $64.00 price objective for the company in a report on Thursday, August 25th. Six analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Iberiabank Corp. has an average rating of “Buy” and a consensus price target of $63.15.
Iberiabank Corp. Company Profile
IBERIABANK Corporation is a financial holding company. The Company is the holding company for IBERIABANK, a Louisiana banking corporation; Lenders Title Company, an Arkansas-chartered title insurance and closing services agency; IBERIA Capital Partners, LLC, a corporate finance services firm; 1887 Leasing, LLC, a holding company for its aircraft; IBERIA Asset Management, Inc, which provides wealth management and trust 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., which invests in purchased tax credits.
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