Iberiabank Corp. (NASDAQ:IBKC) Given Consensus Rating of “Buy” by Brokerages
Iberiabank Corp. (NASDAQ:IBKC) has earned an average rating of “Buy” from the thirteen research firms that are currently covering the firm. Five equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $65.22.
Several analysts recently issued reports on the stock. Piper Jaffray Cos. upgraded shares of Iberiabank Corp. from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $65.00 to $78.00 in a research report on Friday. Sandler O’Neill reiterated a “hold” rating and set a $72.00 price target (up previously from $70.00) on shares of Iberiabank Corp. in a research report on Tuesday, September 13th. FBR & Co increased their price target 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. Iberia Capital upgraded 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 Friday, August 26th. Finally, Raymond James Financial Inc. upgraded shares of Iberiabank Corp. from a “market perform” rating to an “outperform” rating and set a $64.00 target price on the stock in a research report on Thursday, August 25th.
In other news, insider John R. Davis sold 8,560 shares of the firm’s stock in a transaction on Monday, September 19th. The shares were 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 owns 57,264 shares of the company’s stock, valued at $3,895,097.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Anthony J. Restel sold 3,342 shares of the firm’s stock in a transaction on Monday, August 29th. The shares were sold at an average price of $69.22, for a total transaction of $231,333.24. Following the transaction, the executive vice president now directly 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.
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Several institutional investors have recently added to or reduced their stakes in the stock. Emerald Acquisition Ltd. acquired a new position in Iberiabank Corp. during the second quarter valued at about $29,246,000. Silvercrest Asset Management Group LLC increased its position 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 in the last quarter. Bank of New York Mellon Corp increased its position 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 worth $43,689,000 after buying an additional 441,224 shares in the last quarter. JPMorgan Chase & Co. increased its position 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 worth $49,888,000 after buying an additional 324,737 shares in the last quarter. Finally, Monarch Partners Asset Management LLC purchased a new position in shares of Iberiabank Corp. during the second quarter worth $19,021,000. 81.47% of the stock is owned by hedge funds and other institutional investors.
Shares of Iberiabank Corp. (NASDAQ:IBKC) traded down 0.293% during trading on Friday, hitting $69.805. 180,563 shares of the stock traded hands. Iberiabank Corp. has a 1-year low of $42.20 and a 1-year high of $70.76. The firm has a market capitalization of $2.86 billion, a price-to-earnings ratio of 16.249 and a beta of 1.10. The firm has a 50-day moving average of $67.70 and a 200-day moving average of $61.11.
Iberiabank Corp. (NASDAQ:IBKC) last posted its quarterly 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. The business had revenue of $227.70 million for the quarter, compared to analyst estimates of $224.83 million. Iberiabank Corp. had a net margin of 19.32% and a return on equity of 7.40%. The firm’s revenue for the quarter was up 4.8% on a year-over-year basis. During the same quarter last year, the business posted $1.05 EPS. On average, equities analysts forecast that Iberiabank Corp. will post $4.56 earnings per share for the current year.
The firm 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 is Wednesday, September 28th. This represents a $1.44 annualized dividend and a dividend yield of 2.06%. This is an increase from Iberiabank Corp.’s previous quarterly dividend of $0.34. Iberiabank Corp.’s dividend payout ratio (DPR) is presently 33.57%.
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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