Piper Jaffray Companies Reaffirms Overweight Rating for IBERIABANK Corporation (IBKC)
IBERIABANK Corporation (NASDAQ:IBKC)‘s stock had its “overweight” rating reissued by analysts at Piper Jaffray Companies in a research note issued to investors on Thursday, MarketBeat Ratings reports. They currently have a $89.00 price objective on the bank’s stock. Piper Jaffray Companies’ target price would indicate a potential upside of 8.87% from the stock’s current price.
Several other analysts have also recently issued reports on IBKC. BidaskClub raised shares of IBERIABANK Corporation from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 10th. Zacks Investment Research raised shares of IBERIABANK Corporation from a “hold” rating to a “buy” rating and set a $91.00 price target on the stock in a research report on Monday, July 3rd. Stephens set a $95.00 price target on shares of IBERIABANK Corporation and gave the stock a “buy” rating in a research report on Saturday, July 22nd. JMP Securities increased their price target on shares of IBERIABANK Corporation from $94.00 to $95.00 and gave the stock a “market outperform” rating in a research report on Tuesday, July 25th. Finally, ValuEngine raised shares of IBERIABANK Corporation from a “hold” rating to a “buy” rating in a research report on Tuesday, September 26th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $90.50.
IBERIABANK Corporation (IBKC) traded up 0.67% on Thursday, reaching $82.30. 329,777 shares of the company’s stock were exchanged. IBERIABANK Corporation has a one year low of $62.66 and a one year high of $91.10. The firm has a 50 day moving average of $76.94 and a 200-day moving average of $78.92. The stock has a market cap of $4.41 billion, a price-to-earnings ratio of 20.05 and a beta of 1.32.
IBERIABANK Corporation (NASDAQ:IBKC) last issued its quarterly earnings results on Thursday, July 20th. The bank reported $1.10 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.12 by ($0.02). The business had revenue of $239.61 million for the quarter, compared to analyst estimates of $236.73 million. IBERIABANK Corporation had a return on equity of 6.86% and a net margin of 20.08%. Equities research analysts forecast that IBERIABANK Corporation will post $4.74 EPS for the current fiscal year.
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In related news, Director Ernest P. Breaux, Jr. sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, September 28th. The shares were sold at an average price of $78.18, for a total transaction of $390,900.00. Following the sale, the director now directly owns 27,963 shares in the company, valued at $2,186,147.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John R. Davis sold 6,141 shares of the company’s stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $80.12, for a total transaction of $492,016.92. Following the sale, the insider now owns 60,553 shares in the company, valued at $4,851,506.36. The disclosure for this sale can be found here. 3.17% of the stock is currently owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in shares of IBERIABANK Corporation by 1.3% during the second quarter. Vanguard Group Inc. now owns 4,141,740 shares of the bank’s stock worth $337,551,000 after buying an additional 52,383 shares during the period. BlackRock Inc. increased its stake in shares of IBERIABANK Corporation by 13,809.5% during the first quarter. BlackRock Inc. now owns 3,486,277 shares of the bank’s stock worth $275,765,000 after buying an additional 3,461,213 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of IBERIABANK Corporation by 2.0% during the first quarter. Dimensional Fund Advisors LP now owns 3,020,769 shares of the bank’s stock worth $238,943,000 after buying an additional 59,390 shares during the period. State Street Corp increased its stake in shares of IBERIABANK Corporation by 20.2% during the second quarter. State Street Corp now owns 2,555,707 shares of the bank’s stock worth $208,292,000 after buying an additional 428,968 shares during the period. Finally, Northern Trust Corp increased its stake in shares of IBERIABANK Corporation by 18.0% during the second quarter. Northern Trust Corp now owns 1,104,662 shares of the bank’s stock worth $90,030,000 after buying an additional 168,174 shares during the period. Hedge funds and other institutional investors own 81.11% of the company’s stock.
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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