IBERIABANK (IBKC) Raised to Buy at SunTrust Banks
SunTrust Banks upgraded shares of IBERIABANK (NASDAQ:IBKC) from a hold rating to a buy rating in a report published on Tuesday, Marketbeat Ratings reports.
IBKC has been the subject of several other reports. ValuEngine lowered IBERIABANK from a buy rating to a hold rating in a report on Friday, October 6th. Jefferies Group upgraded IBERIABANK from a hold rating to a buy rating and lifted their price target for the company from $89.00 to $94.00 in a report on Monday, October 9th. Piper Jaffray Companies reiterated an overweight rating and set a $89.00 price target on shares of IBERIABANK in a report on Thursday, October 5th. BidaskClub lowered IBERIABANK from a sell rating to a strong sell rating in a report on Saturday, August 19th. Finally, Zacks Investment Research downgraded IBERIABANK from a hold rating to a sell rating in a research note on Tuesday, October 17th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the stock. The stock has a consensus rating of Buy and an average price target of $89.27.
Shares of IBERIABANK (IBKC) traded down $0.90 during trading on Tuesday, hitting $77.75. The stock had a trading volume of 586,400 shares, compared to its average volume of 440,458. The firm has a market cap of $4,270.00, a price-to-earnings ratio of 17.89, a price-to-earnings-growth ratio of 2.24 and a beta of 1.37. 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 has a fifty-two week low of $68.55 and a fifty-two week high of $91.10.
IBERIABANK (NASDAQ:IBKC) last announced its quarterly earnings results on Thursday, October 19th. The bank reported $1.00 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.13 by ($0.13). The firm had revenue of $270.19 million for the quarter, compared to analyst estimates of $276.02 million. IBERIABANK had a net margin of 17.14% and a return on equity of 6.57%. The firm’s quarterly revenue was up 21.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.08 earnings per share. equities research analysts predict that IBERIABANK will post 4.27 EPS for the current year.
In other IBERIABANK news, Director Ernest P. Breaux, Jr. sold 5,000 shares of IBERIABANK stock in a transaction that occurred on Thursday, September 28th. The stock was sold at an average price of $78.18, for a total value of $390,900.00. Following the transaction, the director now directly owns 27,963 shares of the company’s stock, valued at approximately $2,186,147.34. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director William H. Fenstermaker purchased 2,500 shares of the company’s stock in a transaction on Friday, November 17th. The stock was acquired at an average cost of $71.81 per share, for a total transaction 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. 2.52% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Nations Financial Group Inc. IA ADV increased its position in IBERIABANK by 0.4% in the 2nd quarter. Nations Financial Group Inc. IA ADV now owns 3,185 shares of the bank’s stock worth $260,000 after buying an additional 14 shares during the period. IFP Advisors Inc increased its position in IBERIABANK by 0.7% in the 2nd quarter. IFP Advisors Inc now owns 2,815 shares of the bank’s stock worth $229,000 after buying an additional 20 shares during the period. Summit Financial Wealth Advisors LLC increased its position in IBERIABANK by 0.6% in the 2nd quarter. Summit Financial Wealth Advisors LLC now owns 9,309 shares of the bank’s stock worth $759,000 after buying an additional 52 shares during the period. Commerce Bank increased its position in shares of IBERIABANK by 1.0% during the second quarter. Commerce Bank now owns 6,015 shares of the bank’s stock valued at $490,000 after purchasing an additional 60 shares during the period. Finally, Teacher Retirement System of Texas increased its position in shares of IBERIABANK by 3.1% during the second quarter. Teacher Retirement System of Texas now owns 4,096 shares of the bank’s stock valued at $334,000 after purchasing an additional 124 shares during the period. 80.42% of the stock is currently owned by institutional investors.
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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