Iberiabank Corp. (IBKC) Stock Rating Lowered by Zacks Investment Research
Iberiabank Corp. (NASDAQ:IBKC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday.
According to Zacks, “IBERIABANK Corporation is a commercial bank holding company. “
A number of other equities analysts have also weighed in on the company. Iberia Capital raised Iberiabank Corp. from a “neutral” rating to an “overweight” rating and set a $78.00 price objective on the stock in a research note on Friday, October 7th. Piper Jaffray Cos. raised Iberiabank Corp. from a “neutral” rating to an “overweight” rating and upped their price target for the company from $65.00 to $78.00 in a research note on Friday, October 7th. Sandler O’Neill reaffirmed a “hold” rating and issued a $72.00 price target (up previously from $70.00) on shares of Iberiabank Corp. in a research note on Tuesday, September 13th. FBR & Co upped their price target on Iberiabank Corp. from $70.00 to $73.00 and gave the company an “outperform” rating in a research note 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 target on the stock in a research note on Thursday, August 25th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $66.50.
Shares of Iberiabank Corp. (NASDAQ:IBKC) opened at 69.75 on Tuesday. The company’s 50-day moving average price is $68.10 and its 200-day moving average price is $61.64. The company has a market cap of $2.86 billion, a P/E ratio of 16.24 and a beta of 1.10. Iberiabank Corp. has a 12 month low of $42.20 and a 12 month high of $71.50.
Iberiabank Corp. (NASDAQ:IBKC) last released its quarterly earnings data on Wednesday, July 27th. The company reported $1.18 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.14 by $0.04. The company 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 firm’s revenue for the quarter was up 4.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.05 earnings per share. Equities analysts forecast that Iberiabank Corp. will post $4.56 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 28th. Shareholders of record on Friday, September 30th will be issued a dividend of $0.36 per share. This is an increase from Iberiabank Corp.’s previous quarterly dividend of $0.34. The ex-dividend date is Wednesday, September 28th. This represents a $1.44 annualized dividend and a yield of 2.06%. Iberiabank Corp.’s dividend payout ratio is 33.57%.
In other Iberiabank Corp. news, EVP Anthony J. Restel sold 3,342 shares of the company’s stock in a transaction dated Monday, August 29th. The stock was sold at an average price of $69.22, for a total transaction of $231,333.24. Following the sale, the executive vice president now owns 36,405 shares in the company, valued at approximately $2,519,954.10. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider John R. Davis sold 8,560 shares of the company’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 owns 57,264 shares in the company, valued at approximately $3,895,097.28. The disclosure for this sale can be found here. Company insiders own 3.17% of the company’s stock.
Large investors have recently modified their holdings of the company. Silvercrest Asset Management Group LLC increased its stake 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 valued at $95,597,000 after buying an additional 459,120 shares during the period. 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 period. BlackRock Institutional Trust Company N.A. increased its stake in shares of Iberiabank Corp. by 3.2% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 938,201 shares of the company’s stock valued at $48,102,000 after buying an additional 29,085 shares during the period. BlackRock Group LTD increased its stake in shares of Iberiabank Corp. by 123.0% in the first quarter. BlackRock Group LTD now owns 43,275 shares of the company’s stock valued at $2,218,000 after buying an additional 23,872 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in shares of Iberiabank Corp. by 5.3% in the second quarter. JPMorgan Chase & Co. now owns 1,024,392 shares of the company’s stock valued at $61,187,000 after buying an additional 51,369 shares during the period. Institutional investors own 81.47% of the company’s stock.
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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