Brokerages Set Iberiabank Corp. (NASDAQ:IBKC) PT at $65.22
Shares of Iberiabank Corp. (NASDAQ:IBKC) have received a consensus rating of “Buy” from the thirteen brokerages that are covering the company. Five analysts have rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $66.78.
A number of equities research analysts recently commented on the company. Iberia Capital upgraded Iberiabank Corp. from a “neutral” rating to an “overweight” rating and set a $78.00 price target on the stock in a research report on Friday. Piper Jaffray Cos. upgraded Iberiabank Corp. from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $65.00 to $78.00 in a research report on Friday. Sandler O’Neill reaffirmed a “hold” rating and set a $72.00 price objective (up previously from $70.00) on shares of Iberiabank Corp. in a report on Tuesday, September 13th. FBR & Co upped their price objective on Iberiabank Corp. from $70.00 to $73.00 and gave the stock an “outperform” rating in a report on Wednesday, September 7th. Finally, Raymond James Financial Inc. raised Iberiabank Corp. from a “market perform” rating to an “outperform” rating and set a $64.00 price objective on the stock in a report on Thursday, August 25th.
Iberiabank Corp. (NASDAQ:IBKC) opened at 70.72 on Friday. Iberiabank Corp. has a one year low of $42.20 and a one year high of $70.80. The stock has a market cap of $2.90 billion, a P/E ratio of 16.46 and a beta of 1.10. The stock’s 50 day moving average price is $67.81 and its 200-day moving average price is $61.24.
Iberiabank Corp. (NASDAQ:IBKC) last released its quarterly earnings results on Wednesday, July 27th. The company reported $1.18 EPS for the quarter, topping the Zacks’ consensus estimate of $1.14 by $0.04. The business 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%. Iberiabank Corp.’s revenue for the quarter was up 4.8% on a year-over-year basis. During the same period in the prior year, the company earned $1.05 EPS. On average, analysts predict that Iberiabank Corp. will post $4.56 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 28th. Investors of record on Friday, September 30th will be paid a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 2.04%. The ex-dividend date is Wednesday, September 28th. This is an increase from Iberiabank Corp.’s previous quarterly dividend of $0.34. Iberiabank Corp.’s dividend payout ratio (DPR) is presently 33.57%.
In related 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 sale, the insider now owns 16,978 shares of the company’s stock, valued at approximately $1,164,351.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider John R. Davis sold 8,560 shares of the firm’s stock in a transaction on Monday, September 19th. The stock was sold at an average price of $68.02, for a total value of $582,251.20. Following the sale, the insider now directly owns 57,264 shares in the company, valued at approximately $3,895,097.28. The disclosure for this sale can be found here. Corporate insiders own 3.17% of the company’s stock.
A number of hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of Iberiabank Corp. by 4.4% in the second quarter. Vanguard Group Inc. now owns 2,930,976 shares of the company’s stock valued at $175,067,000 after buying an additional 123,845 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Iberiabank Corp. by 9.0% in the second quarter. Dimensional Fund Advisors LP now owns 2,555,716 shares of the company’s stock valued at $152,652,000 after buying an additional 210,882 shares during the last quarter. Silvercrest Asset Management Group LLC increased its stake in shares of Iberiabank Corp. by 24.9% in the second quarter. Silvercrest Asset Management Group LLC now owns 2,328,302 shares of the company’s stock valued at $139,069,000 after buying an additional 463,720 shares during the last quarter. State Street Corp increased its stake in shares of Iberiabank Corp. by 12.4% in the first quarter. State Street Corp now owns 1,297,781 shares of the company’s stock valued at $66,538,000 after buying an additional 143,594 shares during the last quarter. Finally, BlackRock Fund Advisors increased its stake in shares of Iberiabank Corp. by 7.2% in the second quarter. BlackRock Fund Advisors now owns 1,038,074 shares of the company’s stock valued at $62,004,000 after buying an additional 69,277 shares during the last quarter. 81.47% of the stock is currently owned by institutional investors and hedge funds.
About Iberiabank Corp.
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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