Iberiabank Corp. (IBKC) Upgraded to Overweight by Piper Jaffray Cos.
Iberiabank Corp. (NASDAQ:IBKC) was upgraded by equities 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 objective on the stock, up from their prior price objective of $65.00. Piper Jaffray Cos.’s target price points to a potential upside of 11.43% from the company’s previous close.
A number of other research firms have also recently issued reports on IBKC. Iberia Capital raised shares of Iberiabank Corp. from a “market perform” rating to an “outperform” rating and set a $64.00 price objective on the stock in a research report on Friday, August 26th. Keefe, Bruyette & Woods raised their price target on shares of Iberiabank Corp. from $62.00 to $67.00 and gave the company a “market perform” rating in a research report on Friday, July 29th. FBR & Co raised their price target on shares of Iberiabank Corp. from $70.00 to $73.00 and gave the company an “outperform” rating in a research report on Wednesday, September 7th. Sandler O’Neill reaffirmed a “hold” rating and issued a $72.00 price target (up previously from $70.00) on shares of Iberiabank Corp. in a research report on Tuesday, September 13th. 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 on the stock in a research report on Thursday, August 25th. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $65.10.
Shares of Iberiabank Corp. (NASDAQ:IBKC) traded up 0.1268% during midday trading on Friday, hitting $70.0988. The stock had a trading volume of 72,004 shares. The company has a market cap of $2.88 billion, a price-to-earnings ratio of 16.3172 and a beta of 1.10. Iberiabank Corp. has a 52 week low of $42.20 and a 52 week high of $70.76. The stock’s 50-day moving average price is $67.70 and its 200 day moving average price is $61.11.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/10/07/iberiabank-corp-ibkc-upgraded-to-overweight-by-piper-jaffray-cos.html
Iberiabank Corp. (NASDAQ:IBKC) last released its quarterly earnings data on Wednesday, July 27th. The company reported $1.18 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.14 by $0.04. The company had revenue of $227.70 million for the quarter, compared to analysts’ expectations of $224.83 million. Iberiabank Corp. had a net margin of 19.32% and a return on equity of 7.40%. The business’s revenue was up 4.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.05 EPS. On average, equities analysts forecast that Iberiabank Corp. will post $4.56 earnings per share for the current 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 dividend of $0.36 per share. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $1.44 annualized dividend and a dividend yield of 2.06%. This is a positive change from Iberiabank Corp.’s previous quarterly dividend of $0.34. Iberiabank Corp.’s dividend payout ratio (DPR) is presently 33.57%.
In other news, insider Elizabeth A. Ardoin sold 2,455 shares of the firm’s stock in a transaction that occurred on Friday, September 2nd. The shares were 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 in the company, valued at approximately $1,164,351.24. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Anthony J. Restel sold 3,342 shares of the firm’s stock in a transaction that occurred on Monday, August 29th. The stock was sold at an average price of $69.22, for a total transaction of $231,333.24. Following the sale, the executive vice president now owns 36,405 shares of the company’s stock, valued at approximately $2,519,954.10. The disclosure for this sale can be found here. Insiders own 3.17% of the company’s stock.
Large investors have recently modified their holdings of the company. BNP Paribas Arbitrage SA raised its stake in shares of Iberiabank Corp. by 77.9% in the third quarter. BNP Paribas Arbitrage SA now owns 3,662 shares of the company’s stock valued at $246,000 after buying an additional 1,603 shares during the last quarter. Investment Centers of America Inc. bought a new stake in shares of Iberiabank Corp. during the second quarter valued at about $340,000. Schwab Charles Investment Management Inc. raised its stake in shares of Iberiabank Corp. by 5.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 148,035 shares of the company’s stock valued at $8,843,000 after buying an additional 8,058 shares during the last quarter. Amalgamated Bank raised its stake in shares of Iberiabank Corp. by 9.1% in the second quarter. Amalgamated Bank now owns 4,472 shares of the company’s stock valued at $288,000 after buying an additional 372 shares during the last quarter. Finally, Legal & General Group Plc raised its stake in shares of Iberiabank Corp. by 32.0% in the second quarter. Legal & General Group Plc now owns 11,428 shares of the company’s stock valued at $680,000 after buying an additional 2,770 shares during the last quarter. Institutional investors own 81.47% of the company’s stock.
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.
Receive News & Ratings for Iberiabank Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Iberiabank Corp. and related companies with MarketBeat.com's FREE daily email newsletter.