IBERIABANK Corporation (IBKC) Stake Raised by BlueMountain Capital Management LLC
BlueMountain Capital Management LLC grew its position in IBERIABANK Corporation (NASDAQ:IBKC) by 321.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,510 shares of the bank’s stock after acquiring an additional 7,256 shares during the quarter. BlueMountain Capital Management LLC’s holdings in IBERIABANK Corporation were worth $775,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Menta Capital LLC purchased a new stake in shares of IBERIABANK Corporation in the first quarter valued at $1,044,000. BlackRock Inc. grew its holdings in shares of IBERIABANK Corporation by 13,809.5% in the first quarter. BlackRock Inc. now owns 3,486,277 shares of the bank’s stock worth $275,765,000 after purchasing an additional 3,461,213 shares during the last quarter. Prudential Financial Inc. grew its holdings in shares of IBERIABANK Corporation by 49.7% in the second quarter. Prudential Financial Inc. now owns 238,413 shares of the bank’s stock worth $19,431,000 after purchasing an additional 79,178 shares during the last quarter. Rhumbline Advisers grew its holdings in shares of IBERIABANK Corporation by 6.9% in the second quarter. Rhumbline Advisers now owns 65,064 shares of the bank’s stock worth $5,303,000 after purchasing an additional 4,205 shares during the last quarter. Finally, Prospera Financial Services Inc bought a new position in shares of IBERIABANK Corporation in the second quarter worth about $301,000. 81.11% of the stock is currently owned by institutional investors and hedge funds.
In other IBERIABANK Corporation news, insider John R. Davis sold 6,141 shares of the business’s stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $80.12, for a total transaction of $492,016.92. Following the sale, the insider now directly owns 60,553 shares in the company, valued at $4,851,506.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.17% of the stock is owned by corporate insiders.
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IBERIABANK Corporation (NASDAQ IBKC) opened at 77.45 on Friday. The firm’s 50-day moving average is $76.83 and its 200 day moving average is $78.99. IBERIABANK Corporation has a one year low of $62.66 and a one year high of $91.10. The company has a market capitalization of $4.15 billion, a PE ratio of 18.87 and a beta of 1.30.
IBERIABANK Corporation (NASDAQ:IBKC) last issued its quarterly earnings results on Thursday, July 20th. The bank reported $1.10 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.12 by ($0.02). The business had revenue of $239.61 million for the quarter, compared to analysts’ expectations of $236.73 million. IBERIABANK Corporation had a return on equity of 6.86% and a net margin of 20.08%. On average, equities analysts expect that IBERIABANK Corporation will post $4.76 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 27th. Shareholders of record on Friday, September 29th will be paid a dividend of $0.37 per share. The ex-dividend date is Thursday, September 28th. This is a positive change from IBERIABANK Corporation’s previous quarterly dividend of $0.36. This represents a $1.48 dividend on an annualized basis and a yield of 1.91%. IBERIABANK Corporation’s dividend payout ratio is 35.04%.
A number of research analysts have recently commented on the stock. BidaskClub cut shares of IBERIABANK Corporation from a “sell” rating to a “strong sell” rating in a report on Saturday, August 19th. Piper Jaffray Companies upgraded shares of IBERIABANK Corporation from a “neutral” rating to an “overweight” rating and set a $89.00 price target on the stock in a report on Tuesday, August 15th. Zacks Investment Research upgraded shares of IBERIABANK Corporation from a “hold” rating to a “buy” rating and set a $91.00 price target on the stock in a report on Tuesday, August 1st. Stephens set a $95.00 price target on shares of IBERIABANK Corporation and gave the stock a “buy” rating in a report on Monday, July 31st. Finally, JMP Securities upped their price target on shares of IBERIABANK Corporation from $94.00 to $95.00 and gave the stock a “market outperform” rating in a report on Tuesday, July 25th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $90.70.
IBERIABANK Corporation Company Profile
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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