Iberiabank Corp. (IBKC) Upgraded to “Overweight” by Piper Jaffray Cos.
Iberiabank Corp. (NASDAQ:IBKC) was upgraded by research analysts at Piper Jaffray Cos. from a “neutral” rating to an “overweight” rating in a report issued on Friday. The firm currently has a $78.00 price target on the stock, up from their prior price target of $65.00. Piper Jaffray Cos.’s target price suggests a potential upside of 11.43% from the stock’s previous close.
Other equities research analysts also recently issued reports about the company. Keefe, Bruyette & Woods upgraded Iberiabank Corp. from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $67.00 to $72.00 in a report on Wednesday, August 17th. FBR & Co lifted their price objective on Iberiabank Corp. from $65.00 to $70.00 and gave the stock an “outperform” rating in a report on Friday, July 29th. Zacks Investment Research upgraded Iberiabank Corp. from a “hold” rating to a “buy” rating and set a $64.00 price objective on the stock in a report on Wednesday, July 6th. FIG Partners upgraded Iberiabank Corp. from a “market perform” rating to an “outperform” rating in a report on Monday, August 8th. Finally, Raymond James Financial Inc. upgraded Iberiabank Corp. from a “market perform” rating to an “outperform” rating and set a $64.00 price objective on the stock in a report on Thursday, August 25th. Five investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Iberiabank Corp. currently has a consensus rating of “Buy” and an average price target of $65.10.
Shares of Iberiabank Corp. (NASDAQ:IBKC) traded up 0.24% during midday trading on Friday, hitting $70.18. The company had a trading volume of 80,581 shares. Iberiabank Corp. has a 12 month low of $42.20 and a 12 month high of $70.76. The company has a market cap of $2.88 billion, a price-to-earnings ratio of 16.34 and a beta of 1.10. The stock’s 50-day moving average price is $67.70 and its 200-day moving average price is $61.11.
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Iberiabank Corp. (NASDAQ:IBKC) last announced its earnings results on Wednesday, July 27th. The company reported $1.18 EPS for the quarter, beating the consensus estimate of $1.14 by $0.04. The business had revenue of $227.70 million for the quarter, compared to the consensus estimate of $224.83 million. Iberiabank Corp. had a return on equity of 7.40% and a net margin of 19.32%. The company’s revenue was up 4.8% on a year-over-year basis. During the same period last year, the business posted $1.05 EPS. On average, equities research analysts forecast that Iberiabank Corp. will post $4.56 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 28th. Investors of record on Friday, September 30th will be given 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 yield of 2.06%. This is a positive change from Iberiabank Corp.’s previous quarterly dividend of $0.34. Iberiabank Corp.’s payout ratio is currently 33.57%.
In related news, insider Elizabeth A. Ardoin sold 2,455 shares of the business’s stock in a transaction that occurred 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 transaction, the insider now owns 16,978 shares in the company, valued at approximately $1,164,351.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John R. Davis sold 8,560 shares of the business’s stock in a transaction that occurred 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 transaction, the insider now owns 57,264 shares of the company’s stock, valued at approximately $3,895,097.28. The disclosure for this sale can be found here. Corporate insiders own 3.17% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. raised its position in Iberiabank Corp. by 77.4% in the second quarter. Victory Capital Management Inc. now owns 1,783 shares of the company’s stock worth $106,000 after buying an additional 778 shares in the last quarter. BNP Paribas Arbitrage SA raised its position in Iberiabank Corp. by 7,000.0% in the second quarter. BNP Paribas Arbitrage SA now owns 2,059 shares of the company’s stock worth $123,000 after buying an additional 2,030 shares in the last quarter. Advisor Group Inc. bought a new position in Iberiabank Corp. during the second quarter worth about $125,000. Johnson Financial Group Inc. raised its position in Iberiabank Corp. by 25.0% in the second quarter. Johnson Financial Group Inc. now owns 2,550 shares of the company’s stock worth $152,000 after buying an additional 510 shares in the last quarter. Finally, Sei Investments Co. raised its position in Iberiabank Corp. by 368.3% in the second quarter. Sei Investments Co. now owns 2,604 shares of the company’s stock worth $155,000 after buying an additional 2,048 shares in the last quarter. 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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