Iberiabank Corp. (IBKC) Lowered to Sell at Zacks Investment Research
Iberiabank Corp. (NASDAQ:IBKC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday.
According to Zacks, “IBERIABANK Corporation is a commercial bank holding company. “
A number of other research firms have also recently commented on IBKC. 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 report on Friday, August 26th. 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 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 report on Wednesday, September 7th. Sandler O’Neill restated a “hold” rating and issued a $72.00 target price (up previously from $70.00) on shares of Iberiabank Corp. in a report on Tuesday, September 13th. 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 report on Thursday, August 25th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the company. Iberiabank Corp. currently has a consensus rating of “Buy” and a consensus target price of $66.50.
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Iberiabank Corp. (NASDAQ:IBKC) opened at 70.45 on Tuesday. The stock’s 50 day moving average is $67.91 and its 200-day moving average is $61.51. Iberiabank Corp. has a 52-week low of $42.20 and a 52-week high of $71.50. The stock has a market capitalization of $2.89 billion, a price-to-earnings ratio of 16.40 and a beta of 1.10.
Iberiabank Corp. (NASDAQ:IBKC) last posted its quarterly earnings results on Wednesday, July 27th. The company reported $1.18 EPS 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 had revenue of $227.70 million for the quarter, compared to analysts’ expectations of $224.83 million. During the same quarter in the prior year, the company posted $1.05 earnings per share. The business’s revenue for the quarter was up 4.8% on a year-over-year basis. Equities research analysts anticipate that Iberiabank Corp. will post $4.56 EPS 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 given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 2.04%. This is an increase from Iberiabank Corp.’s previous quarterly dividend of $0.34. The ex-dividend date is Wednesday, September 28th. 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 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 sale, the insider now directly owns 16,978 shares in the company, valued at approximately $1,164,351.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 sale, the executive vice president now owns 36,405 shares in the company, valued at $2,519,954.10. The disclosure for this sale can be found here. Insiders own 3.17% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Silvercrest Asset Management Group LLC increased its stake in shares of Iberiabank Corp. by 32.7% in the first quarter. Silvercrest Asset Management Group LLC now owns 1,864,582 shares of the company’s stock valued at $95,597,000 after buying an additional 459,120 shares during the last quarter. State Street Corp increased 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 valued at $66,538,000 after buying an additional 143,594 shares during the last quarter. BlackRock Institutional Trust Company N.A. increased its stake in shares of Iberiabank Corp. by 3.2% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 938,201 shares of the company’s stock valued at $48,102,000 after buying an additional 29,085 shares during the last quarter. BlackRock Group LTD increased its stake in shares of Iberiabank Corp. by 123.0% in the first quarter. BlackRock Group LTD now owns 43,275 shares of the company’s stock valued at $2,218,000 after buying an additional 23,872 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its stake in shares of Iberiabank Corp. by 5.3% in the second quarter. JPMorgan Chase & Co. now owns 1,024,392 shares of the company’s stock valued at $61,187,000 after buying an additional 51,369 shares during the last quarter. 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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