Raymond James Financial Services Advisors Inc. Raises Holdings in IBERIABANK Corporation (IBKC)
Raymond James Financial Services Advisors Inc. raised its position in IBERIABANK Corporation (NASDAQ:IBKC) by 263.5% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 41,995 shares of the bank’s stock after buying an additional 30,442 shares during the quarter. Raymond James Financial Services Advisors Inc. owned 0.08% of IBERIABANK Corporation worth $3,450,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently modified their holdings of IBKC. Nations Financial Group Inc. IA ADV grew its holdings in shares of IBERIABANK Corporation by 0.4% during the 2nd quarter. Nations Financial Group Inc. IA ADV now owns 3,185 shares of the bank’s stock worth $260,000 after purchasing an additional 14 shares in the last quarter. IFP Advisors Inc grew its holdings in shares of IBERIABANK Corporation by 0.7% during the 2nd quarter. IFP Advisors Inc now owns 2,815 shares of the bank’s stock worth $229,000 after purchasing an additional 20 shares in the last quarter. Summit Financial Wealth Advisors LLC grew its holdings in shares of IBERIABANK Corporation by 0.6% during the 2nd quarter. Summit Financial Wealth Advisors LLC now owns 9,309 shares of the bank’s stock worth $759,000 after purchasing an additional 52 shares in the last quarter. Commerce Bank grew its holdings in shares of IBERIABANK Corporation by 1.0% during the 2nd quarter. Commerce Bank now owns 6,015 shares of the bank’s stock worth $490,000 after purchasing an additional 60 shares in the last quarter. Finally, Teacher Retirement System of Texas grew its holdings in shares of IBERIABANK Corporation by 3.1% during the 2nd quarter. Teacher Retirement System of Texas now owns 4,096 shares of the bank’s stock worth $334,000 after purchasing an additional 124 shares in the last quarter. 80.81% of the stock is currently owned by hedge funds and other institutional investors.
In related news, insider John R. Davis sold 3,263 shares of the company’s stock in a transaction on Tuesday, November 21st. The stock was sold at an average price of $74.24, for a total transaction of $242,245.12. Following the completion of the sale, the insider now directly owns 57,886 shares in the company, valued at approximately $4,297,456.64. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director William H. Fenstermaker acquired 2,500 shares of the company’s stock in a transaction that occurred on Friday, November 17th. The shares were acquired at an average price of $71.81 per share, with a total value of $179,525.00. Following the completion of the transaction, the director now owns 43,242 shares in the company, valued at $3,105,208.02. The disclosure for this purchase can be found here. 3.17% of the stock is owned by corporate insiders.
Several analysts have recently issued reports on the company. Zacks Investment Research raised IBERIABANK Corporation from a “hold” rating to a “buy” rating and set a $91.00 target price on the stock in a report on Tuesday, August 1st. Robert W. Baird lowered IBERIABANK Corporation from an “outperform” rating to a “neutral” rating and reduced their target price for the stock from $97.00 to $78.00 in a report on Monday, October 23rd. Stephens set a $95.00 target price on IBERIABANK Corporation and gave the stock a “buy” rating in a report on Monday, July 31st. Piper Jaffray Companies reissued an “overweight” rating and set a $89.00 target price on shares of IBERIABANK Corporation in a report on Thursday, October 5th. Finally, Jefferies Group LLC raised IBERIABANK Corporation from a “hold” rating to a “buy” rating and increased their target price for the stock from $89.00 to $94.00 in a report on Monday, October 9th. Two analysts have rated the stock with a sell rating, six have given a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $89.27.
Shares of IBERIABANK Corporation (NASDAQ IBKC) opened at $73.60 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.31. IBERIABANK Corporation has a 1 year low of $68.55 and a 1 year high of $91.10. The firm has a market capitalization of $3,964.84, a price-to-earnings ratio of 17.20, a P/E/G ratio of 2.16 and a beta of 1.37.
IBERIABANK Corporation (NASDAQ:IBKC) last announced its quarterly earnings data on Thursday, October 19th. The bank reported $1.00 earnings per share for the quarter, missing the consensus estimate of $1.13 by ($0.13). IBERIABANK Corporation had a return on equity of 6.57% and a net margin of 17.14%. The business had revenue of $270.19 million for the quarter, compared to the consensus estimate of $276.02 million. During the same quarter in the prior year, the company earned $1.08 earnings per share. IBERIABANK Corporation’s quarterly revenue was up 21.0% compared to the same quarter last year. analysts predict that IBERIABANK Corporation will post 4.27 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 27th. Investors of record on Friday, September 29th were given a dividend of $0.37 per share. This is an increase from IBERIABANK Corporation’s previous quarterly dividend of $0.36. This represents a $1.48 annualized dividend and a dividend yield of 2.01%. The ex-dividend date of this dividend was Thursday, September 28th. IBERIABANK Corporation’s dividend payout ratio is currently 42.05%.
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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