SunTrust Banks Comments on Iberiabank Corp.’s FY2016 Earnings (IBKC)
Iberiabank Corp. (NASDAQ:IBKC) – Research analysts at SunTrust Banks reduced their FY2016 earnings per share (EPS) estimates for Iberiabank Corp. in a report issued on Monday. SunTrust Banks analyst J. Demba now anticipates that the brokerage will post earnings of $4.58 per share for the year, down from their prior forecast of $4.59.
IBKC has been the topic of a number of other research reports. Keefe, Bruyette & Woods raised shares of Iberiabank Corp. from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $67.00 to $72.00 in a research note on Wednesday, August 17th. FBR & Co lifted their price target on shares of Iberiabank Corp. from $65.00 to $70.00 and gave the company an “outperform” rating in a research report on Friday, July 29th. Zacks Investment Research raised shares of Iberiabank Corp. from a “hold” rating to a “buy” rating and set a $64.00 price target for the company in a research report on Wednesday, July 6th. FIG Partners raised shares of Iberiabank Corp. from a “market perform” rating to an “outperform” rating in a research report on Monday, August 8th. Finally, Raymond James Financial Inc. raised shares of Iberiabank Corp. from a “market perform” rating to an “outperform” rating and set a $64.00 price target for the company in a research report on Thursday, August 25th. Six research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $63.15.
Iberiabank Corp. (NASDAQ:IBKC) traded up 0.73% on Wednesday, hitting $68.07. 68,685 shares of the stock were exchanged. The stock has a market cap of $2.79 billion, a price-to-earnings ratio of 15.84 and a beta of 1.02. The company has a 50-day moving average of $66.55 and a 200-day moving average of $59.89. Iberiabank Corp. has a 12 month low of $42.20 and a 12 month high of $69.93.
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Iberiabank Corp. (NASDAQ:IBKC) last released its earnings results on Wednesday, July 27th. The company reported $1.18 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.14 by $0.04. Iberiabank Corp. had a net margin of 19.32% and a return on equity of 7.40%. The firm earned $227.70 million during the quarter, compared to the consensus estimate of $224.83 million. During the same period in the prior year, the firm earned $1.05 EPS. The company’s revenue was up 4.8% compared to the same quarter last year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 28th. Stockholders of record on Friday, September 30th will be paid a $0.36 dividend. The ex-dividend date is Wednesday, September 28th. This is a positive change from Iberiabank Corp.’s previous quarterly dividend of $0.34. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.13%. Iberiabank Corp.’s payout ratio is currently 31.70%.
In other news, EVP Anthony J. Restel sold 3,342 shares of Iberiabank Corp. stock in a transaction that occurred on Monday, August 29th. The shares were sold at an average price of $69.22, for a total value of $231,333.24. Following the completion of the sale, the executive vice president now directly owns 36,405 shares in the company, valued at $2,519,954.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider John R. Davis sold 8,560 shares of Iberiabank Corp. stock in a transaction that occurred on 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 sale, the insider now owns 57,264 shares of the company’s stock, valued at $3,895,097.28. The disclosure for this sale can be found here. 3.17% of the stock is currently owned by insiders.
Several hedge funds have recently made changes to their positions in the company. Emerald Acquisition Ltd. acquired a new stake in shares of Iberiabank Corp. during the second quarter valued at about $29,246,000. Silvercrest Asset Management Group LLC raised its stake in shares of Iberiabank Corp. by 24.9% in the second quarter. Silvercrest Asset Management Group LLC now owns 2,328,302 shares of the company’s stock valued at $139,069,000 after buying an additional 463,720 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Iberiabank Corp. by 152.0% in the second quarter. Bank of New York Mellon Corp now owns 731,424 shares of the company’s stock valued at $43,689,000 after buying an additional 441,224 shares during the period. Norges Bank acquired a new stake in shares of Iberiabank Corp. during the fourth quarter valued at about $18,836,000. Finally, JPMorgan Chase & Co. raised its stake in shares of Iberiabank Corp. by 50.1% in the first quarter. JPMorgan Chase & Co. now owns 973,023 shares of the company’s stock valued at $49,888,000 after buying an additional 324,737 shares during the period. Hedge funds and other institutional investors own 81.47% of the company’s stock.
About Iberiabank Corp.
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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