Hovde Group Downgrades IBERIABANK Corporation (IBKC) to Market Perform
IBERIABANK Corporation (NASDAQ:IBKC) was downgraded by Hovde Group from an “outperform” rating to a “market perform” rating in a note issued to investors on Monday. They presently have a $82.00 price target on the bank’s stock, down from their prior price target of $88.00. Hovde Group’s target price suggests a potential upside of 8.68% from the stock’s previous close.
Several other brokerages have also recently commented on IBKC. Zacks Investment Research upgraded shares of IBERIABANK Corporation from a “sell” rating to a “hold” rating in a research report on Wednesday, October 11th. ValuEngine cut shares of IBERIABANK Corporation from a “buy” rating to a “hold” rating in a research report on Friday, October 6th. Jefferies Group LLC upgraded shares of IBERIABANK Corporation from a “hold” rating to a “buy” rating and upped their target price for the company from $89.00 to $94.00 in a research report on Monday, October 9th. JMP Securities upped their target price on shares of IBERIABANK Corporation from $94.00 to $95.00 and gave the company a “market outperform” rating in a research report on Tuesday, July 25th. Finally, Piper Jaffray Companies reiterated an “overweight” rating and set a $89.00 target price on shares of IBERIABANK Corporation in a research report on Thursday, October 5th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company. IBERIABANK Corporation currently has a consensus rating of “Buy” and a consensus price target of $88.64.
Shares of IBERIABANK Corporation (NASDAQ IBKC) opened at 75.45 on Monday. IBERIABANK Corporation has a 1-year low of $62.65 and a 1-year high of $91.10. The company has a market capitalization of $4.05 billion, a price-to-earnings ratio of 18.38 and a beta of 1.32. The stock’s 50 day moving average price is $78.52 and its 200 day moving average price is $79.23.
IBERIABANK Corporation (NASDAQ:IBKC) last issued its earnings results on Thursday, October 19th. The bank reported $1.00 EPS for the quarter, missing the consensus estimate of $1.13 by ($0.13). The business had revenue of $270.19 million for the quarter, compared to the consensus estimate of $276.02 million. IBERIABANK Corporation had a net margin of 17.14% and a return on equity of 6.79%. The business’s revenue was up 21.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.08 EPS. Analysts expect that IBERIABANK Corporation will post $4.62 EPS for the current year.
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In related news, insider John R. Davis sold 6,141 shares of the company’s stock in a transaction on Monday, August 7th. The shares were sold at an average price of $80.12, for a total value of $492,016.92. Following the completion of the transaction, the insider now directly owns 60,553 shares of the company’s stock, valued at approximately $4,851,506.36. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Ernest P. Breaux, Jr. sold 5,000 shares of the company’s stock in a transaction on Thursday, September 28th. The stock was sold at an average price of $78.18, for a total transaction of $390,900.00. Following the completion of the transaction, the director now directly owns 27,963 shares of the company’s stock, valued at $2,186,147.34. The disclosure for this sale can be found here. 3.17% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in IBKC. UBS Asset Management Americas Inc. boosted its stake in IBERIABANK Corporation by 49.4% in the 1st quarter. UBS Asset Management Americas Inc. now owns 28,837 shares of the bank’s stock worth $2,281,000 after purchasing an additional 9,540 shares during the period. Karp Capital Management Corp acquired a new position in IBERIABANK Corporation in the 1st quarter worth $214,000. Neuberger Berman Group LLC boosted its stake in IBERIABANK Corporation by 31.1% in the 1st quarter. Neuberger Berman Group LLC now owns 3,496 shares of the bank’s stock worth $277,000 after purchasing an additional 830 shares during the period. Alliancebernstein L.P. boosted its stake in IBERIABANK Corporation by 1.1% in the 1st quarter. Alliancebernstein L.P. now owns 62,556 shares of the bank’s stock worth $4,948,000 after purchasing an additional 700 shares during the period. Finally, FMR LLC acquired a new position in IBERIABANK Corporation in the 1st quarter worth $45,538,000. 81.10% of the stock is owned by hedge funds and other institutional investors.
IBERIABANK Corporation Company Profile
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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