Seaward Management Limited Partnership Sells 705 Shares of Iberiabank Corp. (IBKC)
Seaward Management Limited Partnership lowered its position in shares of Iberiabank Corp. (NASDAQ:IBKC) by 0.3% during the second quarter, according to its most recent filing with the SEC. The fund owned 229,584 shares of the company’s stock after selling 705 shares during the period. Seaward Management Limited Partnership’s holdings in Iberiabank Corp. were worth $13,713,000 at the end of the most recent quarter.
Other hedge funds have also made changes to their positions in the company. BNP Paribas Arbitrage SA boosted its stake in shares of Iberiabank Corp. by 7,000.0% in the second quarter. BNP Paribas Arbitrage SA now owns 2,059 shares of the company’s stock worth $123,000 after buying an additional 2,030 shares during the period. Meeder Asset Management Inc. acquired a new stake in shares of Iberiabank Corp. during the second quarter worth approximately $179,000. IFP Advisors Inc boosted its stake in shares of Iberiabank Corp. by 0.4% in the first quarter. IFP Advisors Inc now owns 4,300 shares of the company’s stock worth $220,000 after buying an additional 19 shares during the period. Squarepoint Ops LLC acquired a new stake in shares of Iberiabank Corp. during the first quarter worth approximately $251,000. Finally, Parametrica Management Ltd acquired a new stake in shares of Iberiabank Corp. during the first quarter worth approximately $296,000. Hedge funds and other institutional investors own 81.47% of the company’s stock.
Iberiabank Corp. (NASDAQ:IBKC) traded down 0.34% during trading on Tuesday, reaching $67.58. 187,476 shares of the company’s stock traded hands. The company has a 50 day moving average of $66.55 and a 200 day moving average of $59.89. Iberiabank Corp. has a one year low of $42.20 and a one year high of $69.93. The firm has a market cap of $2.77 billion, a price-to-earnings ratio of 15.73 and a beta of 1.02.
Iberiabank Corp. (NASDAQ:IBKC) last announced its quarterly earnings results on Wednesday, July 27th. The company reported $1.18 EPS for the quarter, beating the consensus estimate of $1.14 by $0.04. The firm had revenue of $227.70 million for the quarter, compared to analyst estimates of $224.83 million. Iberiabank Corp. had a return on equity of 7.40% and a net margin of 19.32%. The business’s revenue for the quarter was up 4.8% on a year-over-year basis. During the same quarter last year, the firm posted $1.05 earnings per share. Equities research analysts predict that Iberiabank Corp. will post $4.56 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 28th. Stockholders of record on Friday, September 30th will be paid a dividend of $0.36 per share. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $1.44 annualized dividend and a dividend yield of 2.13%. This is a positive change from Iberiabank Corp.’s previous quarterly dividend of $0.34. Iberiabank Corp.’s dividend payout ratio (DPR) is currently 31.70%.
A number of analysts have recently commented on the stock. Keefe, Bruyette & Woods upgraded shares of Iberiabank Corp. from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $67.00 to $72.00 in a report on Wednesday, August 17th. FBR & Co upped their price target on shares of Iberiabank Corp. from $65.00 to $70.00 and gave the stock an “outperform” rating in a research note on Friday, July 29th. Zacks Investment Research upgraded shares of Iberiabank Corp. from a “hold” rating to a “buy” rating and set a $64.00 price target on the stock in a research note on Wednesday, July 6th. FIG Partners upgraded shares of Iberiabank Corp. from a “market perform” rating to an “outperform” rating in a research note on Monday, August 8th. Finally, Raymond James Financial Inc. 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 research note on Thursday, August 25th. Six research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Iberiabank Corp. currently has a consensus rating of “Buy” and a consensus target price of $63.15.
In other news, insider Elizabeth A. Ardoin sold 2,455 shares of the firm’s stock in a transaction on Friday, September 2nd. The stock was sold at an average price of $68.58, for a total transaction of $168,363.90. Following the transaction, the insider now owns 16,978 shares in the company, valued at $1,164,351.24. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 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 value of $231,333.24. Following the transaction, the executive vice president now owns 36,405 shares in the company, valued at approximately $2,519,954.10. The disclosure for this sale can be found here. Insiders own 3.17% of the company’s stock.
Iberiabank Corp. Company Profile
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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