Jefferies Group Equities Analysts Boost Earnings Estimates for IBERIABANK Corporation (NASDAQ:IBKC)
IBERIABANK Corporation (NASDAQ:IBKC) – Research analysts at Jefferies Group raised their FY2018 earnings per share estimates for IBERIABANK Corporation in a report released on Wednesday. Jefferies Group analyst C. Haire now anticipates that the bank will post earnings of $5.80 per share for the year, up from their prior forecast of $5.75.
A number of other equities research analysts have also recently issued reports on IBKC. BidaskClub upgraded shares of IBERIABANK Corporation from a “sell” rating to a “hold” rating in a report on Thursday, June 29th. Zacks Investment Research upgraded shares of IBERIABANK Corporation from a “hold” rating to a “buy” rating and set a $91.00 price target for the company in a report on Monday, July 3rd. ValuEngine upgraded shares of IBERIABANK Corporation from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Hovde Group upgraded shares of IBERIABANK Corporation from a “market perform” rating to an “outperform” rating and set a $87.00 price target for the company in a report on Monday, June 5th. Finally, Keefe, Bruyette & Woods set a $90.00 price target on shares of IBERIABANK Corporation and gave the company a “buy” rating in a report on Monday, June 5th. Three research analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company’s stock. IBERIABANK Corporation has an average rating of “Buy” and an average price target of $86.09.
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Shares of IBERIABANK Corporation (NASDAQ:IBKC) opened at 82.20 on Monday. The stock’s 50 day moving average price is $79.77 and its 200-day moving average price is $81.20. The stock has a market capitalization of $4.19 billion, a price-to-earnings ratio of 19.04 and a beta of 1.28. IBERIABANK Corporation has a 12 month low of $58.72 and a 12 month high of $91.10.
IBERIABANK Corporation (NASDAQ:IBKC) last announced its earnings results on Thursday, April 27th. The bank reported $1.02 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.97 by $0.05. IBERIABANK Corporation had a return on equity of 7.10% and a net margin of 20.30%. The business had revenue of $220.16 million for the quarter, compared to analyst estimates of $219.98 million. During the same period in the previous year, the company earned $1.01 earnings per share. The company’s revenue for the quarter was up 1.4% compared to the same quarter last year.
A number of hedge funds and other institutional investors have recently bought and sold shares of IBKC. TFS Capital LLC acquired a new position in IBERIABANK Corporation during the first quarter valued at about $353,000. Blair William & Co. IL boosted its stake in shares of IBERIABANK Corporation by 5,437.3% in the first quarter. Blair William & Co. IL now owns 213,794 shares of the bank’s stock valued at $16,911,000 after buying an additional 209,933 shares in the last quarter. State Board of Administration of Florida Retirement System boosted its stake in shares of IBERIABANK Corporation by 23.7% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 18,013 shares of the bank’s stock valued at $1,509,000 after buying an additional 3,452 shares in the last quarter. Menta Capital LLC purchased a new stake in shares of IBERIABANK Corporation during the first quarter valued at $1,044,000. Finally, Norges Bank purchased a new stake in shares of IBERIABANK Corporation during the fourth quarter valued at $33,135,000. 86.21% of the stock is owned by hedge funds and other institutional investors.
In related news, Vice Chairman Michael J. Brown sold 25,000 shares of the stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $78.82, for a total value of $1,970,500.00. Following the completion of the transaction, the insider now owns 93,878 shares of the company’s stock, valued at $7,399,463.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John R. Davis sold 15,704 shares of the stock in a transaction dated Tuesday, May 2nd. The stock was sold at an average price of $80.05, for a total transaction of $1,257,105.20. Following the completion of the transaction, the insider now directly owns 64,220 shares of the company’s stock, valued at approximately $5,140,811. The disclosure for this sale can be found here. Insiders sold 68,720 shares of company stock valued at $5,485,713 in the last three months. Company insiders own 3.17% of the company’s stock.
The firm also recently declared a quarterly dividend, which will be paid on Friday, July 28th. Investors of record on Friday, June 30th will be given a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 1.75%. The ex-dividend date is Wednesday, June 28th. IBERIABANK Corporation’s dividend payout ratio (DPR) is presently 33.26%.
About IBERIABANK Corporation
IBERIABANK Corporation is a financial holding company. The Company is a holding company for IBERIABANK, a Louisiana state chartered banking corporation; Lenders Title Company, an Arkansas-chartered title insurance and closing services agency (Lenders Title); IBERIA Capital Partners LLC (ICP), a corporate finance services firm; 1887 Leasing, LLC, a holding company for its aircraft; IBERIA Asset Management, Inc (IAM), which provides wealth management and trust advisory 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 (CDE), which invests in purchased tax credits.
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