Iberiabank Corp. (IBKC) Rating Increased to Overweight at Iberia Capital
Iberiabank Corp. (NASDAQ:IBKC) was upgraded by research analysts at Iberia Capital from a “neutral” rating to an “overweight” rating in a research note issued on Friday. The brokerage currently has a $78.00 price target on the stock. Iberia Capital’s price target indicates a potential upside of 10.29% from the company’s previous close.
Several other research firms have also recently issued reports on IBKC. Keefe, Bruyette & Woods raised their target price on shares of Iberiabank Corp. from $62.00 to $67.00 and gave the stock a “market perform” rating in a research report on Friday, July 29th. FBR & Co raised their target price on shares of Iberiabank Corp. from $70.00 to $73.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 7th. Sandler O’Neill reaffirmed a “hold” rating and set a $72.00 price target (up from $70.00) on shares of Iberiabank Corp. in a research report on Tuesday, September 13th. 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 on the stock in a research report on Thursday, August 25th. Finally, FIG Partners raised shares of Iberiabank Corp. from a “market perform” rating to an “outperform” rating in a research report on Monday, August 8th. Five investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $66.50.
Shares of Iberiabank Corp. (NASDAQ:IBKC) traded up 1.01% during midday trading on Friday, reaching $70.72. 383,178 shares of the company traded hands. The company’s 50 day moving average is $67.81 and its 200-day moving average is $61.24. Iberiabank Corp. has a 12 month low of $42.20 and a 12 month high of $70.80. The stock has a market capitalization of $2.90 billion, a price-to-earnings ratio of 16.46 and a beta of 1.10.
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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 (EPS) for the quarter, topping the Thomson Reuters’ 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 business had revenue of $227.70 million for the quarter, compared to analysts’ expectations of $224.83 million. During the same period last year, the company earned $1.05 earnings per share. The company’s quarterly revenue was up 4.8% on a year-over-year basis. Equities research analysts forecast that Iberiabank Corp. will post $4.56 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 28th. Stockholders of record on Friday, September 30th will be paid a dividend of $0.36 per share. The ex-dividend date is Wednesday, September 28th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.04%. This is a positive change from Iberiabank Corp.’s previous quarterly dividend of $0.34. Iberiabank Corp.’s dividend payout ratio (DPR) is currently 33.57%.
In related news, insider John R. Davis sold 8,560 shares of Iberiabank Corp. stock in a transaction on Monday, September 19th. The shares were sold at an average price of $68.02, for a total value of $582,251.20. Following the completion of the sale, the insider now owns 57,264 shares in the company, valued at $3,895,097.28. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Elizabeth A. Ardoin sold 2,455 shares of Iberiabank Corp. stock in a transaction on Friday, September 2nd. The stock was sold at an average price of $68.58, for a total transaction of $168,363.90. Following the completion of the sale, the insider now owns 16,978 shares of the company’s stock, valued at approximately $1,164,351.24. The disclosure for this sale can be found here. Insiders own 3.17% of the company’s stock.
Several hedge funds have recently modified their holdings of IBKC. Vanguard Group Inc. raised its stake in shares of Iberiabank Corp. by 4.4% in the second quarter. Vanguard Group Inc. now owns 2,930,976 shares of the company’s stock worth $175,067,000 after buying an additional 123,845 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Iberiabank Corp. by 9.0% in the second quarter. Dimensional Fund Advisors LP now owns 2,555,716 shares of the company’s stock worth $152,652,000 after buying an additional 210,882 shares during the period. 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 worth $139,069,000 after buying an additional 463,720 shares during the period. State Street Corp raised its stake in shares of Iberiabank Corp. by 12.4% in the first quarter. State Street Corp now owns 1,297,781 shares of the company’s stock worth $66,538,000 after buying an additional 143,594 shares during the period. Finally, BlackRock Fund Advisors raised its stake in shares of Iberiabank Corp. by 7.2% in the second quarter. BlackRock Fund Advisors now owns 1,038,074 shares of the company’s stock worth $62,004,000 after buying an additional 69,277 shares during the period. Institutional investors and hedge funds 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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