Iberiabank Corp. (IBKC) Upgraded to “Overweight” by Iberia Capital
Iberia Capital upgraded shares of Iberiabank Corp. (NASDAQ:IBKC) from a neutral rating to an overweight rating in a research report released on Friday. They currently have $78.00 target price on the stock.
A number of other brokerages have also recently weighed in on IBKC. Zacks Investment Research upgraded Iberiabank Corp. from a hold rating to a buy rating and set a $64.00 price target for the company in a research report on Wednesday, July 6th. FBR & Co raised their price target on Iberiabank Corp. from $65.00 to $70.00 and gave the company an outperform rating in a research report on Friday, July 29th. Keefe, Bruyette & Woods raised their price target on Iberiabank Corp. from $62.00 to $67.00 and gave the company a market perform rating in a research report on Friday, July 29th. FIG Partners upgraded Iberiabank Corp. from a market perform rating to an outperform rating in a research report on Monday, August 8th. Finally, Raymond James Financial Inc. upgraded Iberiabank Corp. from a market perform rating to an outperform rating and set a $64.00 price target for the company in a research report on Thursday, August 25th. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Iberiabank Corp. presently has an average rating of Buy and an average target price of $66.50.
Shares of Iberiabank Corp. (NASDAQ:IBKC) traded up 0.898% during mid-day trading on Friday, reaching $71.355. 93,208 shares of the company traded hands. The company’s 50 day moving average is $67.81 and its 200 day moving average is $61.24. Iberiabank Corp. has a 52-week low of $42.20 and a 52-week high of $71.50. The stock has a market capitalization of $2.93 billion, a price-to-earnings ratio of 16.610 and a beta of 1.10.
Iberiabank Corp. (NASDAQ:IBKC) last released its quarterly earnings data on Wednesday, July 27th. The company reported $1.18 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.14 by $0.04. The firm earned $227.70 million during the quarter, compared to analysts’ expectations 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 was up 4.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.05 earnings per share. On average, equities analysts forecast that Iberiabank Corp. will post $4.56 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 28th. Shareholders of record on Friday, September 30th will be paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 2.04%. This is a positive change from Iberiabank Corp.’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Wednesday, September 28th. Iberiabank Corp.’s dividend payout ratio (DPR) is presently 33.57%.
In other Iberiabank Corp. news, insider John R. Davis sold 8,560 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at approximately $3,895,097.28. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Anthony J. Restel sold 3,342 shares of the firm’s stock in a transaction dated Monday, August 29th. The stock was sold at an average price of $69.22, for a total value of $231,333.24. Following the completion of the sale, the executive vice president now directly owns 36,405 shares in the company, valued at $2,519,954.10. The disclosure for this sale can be found here. 3.17% of the stock is owned by company insiders.
A number of hedge funds have recently modified their holdings of IBKC. AXA acquired a new stake in shares of Iberiabank Corp. during the first quarter worth about $395,000. State Street Corp raised 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 worth $66,538,000 after buying an additional 143,594 shares during the last quarter. Credit Agricole S A raised its stake in shares of Iberiabank Corp. by 417.9% in the first quarter. Credit Agricole S A now owns 130,000 shares of the company’s stock worth $6,666,000 after buying an additional 104,900 shares during the last quarter. NN Investment Partners Holdings N.V. acquired a new stake in shares of Iberiabank Corp. during the first quarter worth about $593,000. Finally, JPMorgan Chase & Co. raised its stake in shares of Iberiabank Corp. by 50.1% in the first quarter. JPMorgan Chase & Co. now owns 973,023 shares of the company’s stock worth $49,888,000 after buying an additional 324,737 shares during the last quarter. 81.47% of the stock is currently owned by hedge funds and other institutional investors.
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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