Iberiabank Corp. (IBKC) Position Increased by Teacher Retirement System of Texas
Teacher Retirement System of Texas raised its position in shares of Iberiabank Corp. (NASDAQ:IBKC) by 13.7% during the second quarter, Holdings Channel reports. The fund owned 5,760 shares of the company’s stock after buying an additional 695 shares during the period. Teacher Retirement System of Texas’ holdings in Iberiabank Corp. were worth $344,000 as of its most recent filing with the SEC.
Several other institutional investors have also made changes to their positions in the stock. Emerald Acquisition Ltd. purchased a new stake in Iberiabank Corp. during the second quarter valued at about $29,246,000. Silvercrest Asset Management Group LLC increased its position in shares of Iberiabank Corp. by 32.7% in the first quarter. Silvercrest Asset Management Group LLC now owns 1,864,582 shares of the company’s stock worth $95,597,000 after buying an additional 459,120 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Iberiabank Corp. by 152.0% in the second quarter. Bank of New York Mellon Corp now owns 731,424 shares of the company’s stock worth $43,689,000 after buying an additional 441,224 shares during the last quarter. JPMorgan Chase & Co. increased its position 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. Finally, Monarch Partners Asset Management LLC bought a new position in shares of Iberiabank Corp. during the second quarter worth approximately $19,021,000. 81.47% of the stock is currently owned by institutional investors.
Shares of Iberiabank Corp. (NASDAQ:IBKC) traded down 3.20% on Thursday, reaching $67.52. The company had a trading volume of 52,010 shares. The firm has a market cap of $2.77 billion, a P/E ratio of 15.72 and a beta of 1.10. Iberiabank Corp. has a one year low of $42.20 and a one year high of $71.50. The company has a 50-day moving average price of $68.10 and a 200-day moving average price of $61.64.
Iberiabank Corp. (NASDAQ:IBKC) last announced its quarterly earnings data on Wednesday, July 27th. The company reported $1.18 EPS for the quarter, topping the Zacks’ consensus estimate of $1.14 by $0.04. Iberiabank Corp. had a return on equity of 7.40% and a net margin of 19.32%. The company earned $227.70 million during the quarter, compared to the consensus estimate of $224.83 million. During the same quarter last year, the company earned $1.05 EPS. The company’s quarterly revenue was up 4.8% on a year-over-year basis. On average, analysts expect that Iberiabank Corp. will post $4.56 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 28th. Shareholders of record on Friday, September 30th will be given a $0.36 dividend. The ex-dividend date is Wednesday, September 28th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.06%. This is an increase from Iberiabank Corp.’s previous quarterly dividend of $0.34. Iberiabank Corp.’s dividend payout ratio (DPR) is currently 33.57%.
A number of research analysts recently commented on the company. FBR & Co upped their price objective on Iberiabank Corp. from $65.00 to $70.00 and gave the stock an “outperform” rating in a research note on Friday, July 29th. Keefe, Bruyette & Woods upped their price objective on Iberiabank Corp. from $62.00 to $67.00 and gave the stock a “market perform” rating in a research note on Friday, July 29th. Zacks Investment Research downgraded Iberiabank Corp. from a “hold” rating to a “sell” rating in a research note on Tuesday. Piper Jaffray Cos. upgraded Iberiabank Corp. from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $65.00 to $78.00 in a research note on Friday, October 7th. Finally, Iberia Capital upgraded Iberiabank Corp. from a “market perform” rating to an “outperform” rating and set a $64.00 price objective for the company in a research note on Friday, August 26th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and eight have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $66.50.
In other Iberiabank Corp. news, insider John R. Davis sold 8,560 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the insider now owns 57,264 shares in the company, valued at approximately $3,895,097.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Elizabeth A. Ardoin sold 2,455 shares of the firm’s stock in a transaction that occurred on Friday, September 2nd. The stock was sold at an average price of $68.58, for a total value of $168,363.90. Following the transaction, the insider now owns 16,978 shares of the company’s stock, valued at approximately $1,164,351.24. The disclosure for this sale can be found here. 3.17% of the stock is owned by company insiders.
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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