IBERIABANK Corporation (IBKC) Downgraded by Robert W. Baird
IBERIABANK Corporation (NASDAQ:IBKC) was downgraded by equities researchers at Robert W. Baird from an “outperform” rating to a “neutral” rating in a research note issued to investors on Monday. They presently have a $78.00 price objective on the bank’s stock, down from their prior price objective of $97.00. Robert W. Baird’s target price would suggest a potential upside of 3.38% from the stock’s previous close.
Other equities research analysts have also recently issued reports about the company. Zacks Investment Research upgraded IBERIABANK Corporation from a “hold” rating to a “buy” rating and set a $91.00 target price on the stock in a research report on Tuesday, August 1st. Stephens set a $95.00 target price on IBERIABANK Corporation and gave the company a “buy” rating in a research report on Monday, July 31st. ValuEngine upgraded IBERIABANK Corporation from a “hold” rating to a “buy” rating in a research report on Tuesday, September 26th. Jefferies Group LLC upgraded IBERIABANK Corporation from a “hold” rating to a “buy” rating and raised their target price for the company from $89.00 to $94.00 in a research report on Monday, October 9th. Finally, BidaskClub upgraded IBERIABANK Corporation from a “sell” rating to a “hold” rating in a research report on Thursday, June 29th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, eight 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 a consensus target price of $89.09.
IBERIABANK Corporation (NASDAQ IBKC) opened at 75.45 on Monday. IBERIABANK Corporation has a 12 month low of $62.65 and a 12 month high of $91.10. The stock has a 50 day moving average price of $78.52 and a 200 day moving average price of $79.23. The stock has a market capitalization of $4.05 billion, a P/E ratio of 18.38 and a beta of 1.32.
IBERIABANK Corporation (NASDAQ:IBKC) last posted its earnings results on Thursday, October 19th. The bank reported $1.00 EPS for the quarter, missing the Zacks’ consensus estimate of $1.13 by ($0.13). IBERIABANK Corporation had a net margin of 17.14% and a return on equity of 6.79%. The business had revenue of $270.19 million for the quarter, compared to analyst estimates of $276.02 million. During the same quarter last year, the business earned $1.08 earnings per share. IBERIABANK Corporation’s revenue was up 21.0% on a year-over-year basis. Equities analysts predict that IBERIABANK Corporation will post $4.62 EPS for the current fiscal year.
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In other IBERIABANK Corporation news, Director Ernest P. Breaux, Jr. sold 5,000 shares of the firm’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 value of $390,900.00. Following the transaction, the director now directly owns 27,963 shares of the company’s stock, valued at approximately $2,186,147.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John R. Davis sold 6,141 shares of the firm’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 completion of the transaction, the insider now directly owns 60,553 shares in the company, valued at $4,851,506.36. The disclosure for this sale can be found here. Company insiders own 3.17% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in IBKC. Victory Capital Management Inc. lifted its stake in IBERIABANK Corporation by 77.4% in the 2nd quarter. Victory Capital Management Inc. now owns 1,783 shares of the bank’s stock worth $106,000 after purchasing an additional 778 shares in the last quarter. BNP Paribas Arbitrage SA lifted its stake in IBERIABANK Corporation by 7,000.0% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 2,059 shares of the bank’s stock worth $123,000 after purchasing an additional 2,030 shares in the last quarter. Advisor Group Inc. lifted its stake in IBERIABANK Corporation by 0.9% in the 3rd quarter. Advisor Group Inc. now owns 2,165 shares of the bank’s stock worth $145,000 after purchasing an additional 20 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in IBERIABANK Corporation by 37.7% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,899 shares of the bank’s stock worth $150,000 after purchasing an additional 520 shares in the last quarter. Finally, Seven Eight Capital LP purchased a new position in IBERIABANK Corporation in the 4th quarter worth approximately $168,000. 81.10% of the stock is currently owned by institutional investors and hedge funds.
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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