Fifth Third Bancorp Has $356,000 Position in IBERIABANK Corporation (IBKC)
Fifth Third Bancorp cut its stake in IBERIABANK Corporation (NASDAQ:IBKC) by 1.5% during the first quarter, Holdings Channel reports. The fund owned 4,500 shares of the bank’s stock after selling 70 shares during the period. Fifth Third Bancorp’s holdings in IBERIABANK Corporation were worth $356,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of IBERIABANK Corporation by 37.7% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,899 shares of the bank’s stock valued at $150,000 after buying an additional 520 shares during the last quarter. Seven Eight Capital LP purchased a new position in shares of IBERIABANK Corporation during the fourth quarter valued at approximately $168,000. Pacad Investment Ltd. boosted its position in shares of IBERIABANK Corporation by 130.0% in the fourth quarter. Pacad Investment Ltd. now owns 2,300 shares of the bank’s stock valued at $193,000 after buying an additional 1,300 shares during the last quarter. Karp Capital Management Corp purchased a new position in shares of IBERIABANK Corporation during the first quarter valued at approximately $214,000. Finally, Stephens Inc. AR purchased a new position in shares of IBERIABANK Corporation during the first quarter valued at approximately $214,000. Institutional investors own 86.21% of the company’s stock.
IBERIABANK Corporation (NASDAQ:IBKC) traded down 0.44% during mid-day trading on Thursday, hitting $78.60. 67,446 shares of the stock were exchanged. The stock has a market capitalization of $4.01 billion, a P/E ratio of 18.21 and a beta of 1.29. IBERIABANK Corporation has a 12-month low of $55.15 and a 12-month high of $91.10. The firm has a 50-day moving average price of $80.26 and a 200-day moving average price of $81.54.
IBERIABANK Corporation (NASDAQ:IBKC) last issued its quarterly earnings data on Thursday, April 27th. The bank reported $1.02 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.97 by $0.05. IBERIABANK Corporation had a return on equity of 7.10% and a net margin of 20.30%. The business had revenue of $220.16 million during the quarter, compared to analyst estimates of $219.98 million. During the same period in the previous year, the firm earned $1.01 EPS. IBERIABANK Corporation’s quarterly revenue was up 1.4% compared to the same quarter last year. Equities analysts predict that IBERIABANK Corporation will post $4.60 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 28th. Investors of record on Friday, June 30th will be given a $0.36 dividend. The ex-dividend date is Wednesday, June 28th. This represents a $1.44 annualized dividend and a dividend yield of 1.82%. IBERIABANK Corporation’s dividend payout ratio is presently 33.26%.
Several research analysts have commented on IBKC shares. Keefe, Bruyette & Woods set a $90.00 target price on shares of IBERIABANK Corporation and gave the stock a “buy” rating in a report on Monday, April 3rd. Zacks Investment Research upgraded shares of IBERIABANK Corporation from a “hold” rating to a “buy” rating and set a $90.00 target price for the company in a report on Thursday, May 25th. ValuEngine upgraded shares of IBERIABANK Corporation from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Finally, Piper Jaffray Companies cut shares of IBERIABANK Corporation from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $92.00 to $89.00 in a report on Wednesday, March 1st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $85.82.
In related news, Director E Stewart Shea III sold 4,147 shares of the business’s stock in a transaction that occurred on Monday, May 15th. The stock was sold at an average price of $80.65, for a total value of $334,455.55. Following the completion of the transaction, the director now directly owns 13,179 shares in the company, valued at approximately $1,062,886.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Anthony J. Restel sold 19,652 shares of the business’s stock in a transaction that occurred on Wednesday, May 3rd. The shares were sold at an average price of $80.32, for a total value of $1,578,448.64. Following the completion of the transaction, the executive vice president now owns 35,665 shares of the company’s stock, valued at $2,864,612.80. The disclosure for this sale can be found here. Insiders sold a total of 68,720 shares of company stock valued at $5,485,713 over the last quarter. 3.17% of the stock is owned by insiders.
About IBERIABANK Corporation
IBERIABANK Corporation is a financial holding company. The Company is a holding company for IBERIABANK, a Louisiana state chartered banking corporation; Lenders Title Company, an Arkansas-chartered title insurance and closing services agency (Lenders Title); IBERIA Capital Partners LLC (ICP), a corporate finance services firm; 1887 Leasing, LLC, a holding company for its aircraft; IBERIA Asset Management, Inc (IAM), which provides wealth management and trust advisory 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 (CDE), which invests in purchased tax credits.
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