Zacks Investment Research Downgrades County Bancorp (ICBK) to Hold
Zacks Investment Research downgraded shares of County Bancorp (NASDAQ:ICBK) from a buy rating to a hold rating in a research report released on Wednesday morning.
According to Zacks, “County Bancorp, Inc. is a bank holding company. It provides a range of consumer and commercial banking services to individuals, businesses, and industries. The basic services offered by the Bank include demand interest bearing and noninterest bearing accounts, money market deposit accounts, NOW accounts, time deposits, remote merchant deposit capture, Internet banking, cash management services, safe deposit services, credit cards, debit cards, direct deposits, notary services, night depository, cashiers’ checks, drive-in tellers, banking by mail, and the full range of consumer loans, both collateralized and uncollateralized. The Bank also makes secured and unsecured commercial loans, as well as loans secured by residential and commercial real estate, and issues stand-by letters of credit. County Bancorp, Inc. is headquartered in Manitowoc, Wisconsin. “
Several other research firms have also recently issued reports on ICBK. ValuEngine cut County Bancorp from a buy rating to a hold rating in a report on Friday, December 1st. Maxim Group restated a buy rating and set a $35.00 price objective on shares of County Bancorp in a report on Friday, January 19th. TheStreet upgraded County Bancorp from a c rating to a b- rating in a report on Tuesday, January 16th. Hovde Group began coverage on County Bancorp in a report on Tuesday, January 23rd. They set a market perform rating and a $34.00 price objective on the stock. Finally, DA Davidson began coverage on County Bancorp in a report on Friday, February 9th. They set a neutral rating and a $31.00 price objective on the stock. Five equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The stock presently has an average rating of Hold and a consensus target price of $32.40.
County Bancorp (NASDAQ:ICBK) last posted its quarterly earnings data on Friday, January 19th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.47 by ($0.02). County Bancorp had a return on equity of 8.10% and a net margin of 19.80%. The business had revenue of $12.16 million for the quarter, compared to analyst estimates of $11.97 million. research analysts expect that County Bancorp will post 2.15 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, March 23rd. Investors of record on Friday, March 9th will be issued a $0.07 dividend. The ex-dividend date is Thursday, March 8th. This represents a $0.28 dividend on an annualized basis and a yield of 0.98%. This is a boost from County Bancorp’s previous quarterly dividend of $0.06. County Bancorp’s dividend payout ratio (DPR) is presently 16.11%.
In related news, CFO Glen L. Stiteley acquired 1,615 shares of the business’s stock in a transaction on Wednesday, January 24th. The shares were bought at an average cost of $30.84 per share, with a total value of $49,806.60. Following the completion of the transaction, the chief financial officer now directly owns 5,109 shares of the company’s stock, valued at approximately $157,561.56. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Wayne D. Mueller sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $27.17, for a total value of $135,850.00. Following the completion of the transaction, the director now directly owns 95,000 shares in the company, valued at $2,581,150. The disclosure for this sale can be found here. 26.30% of the stock is currently owned by company insiders.
A number of large investors have recently added to or reduced their stakes in the business. Deutsche Bank AG raised its position in County Bancorp by 92.7% in the fourth quarter. Deutsche Bank AG now owns 15,976 shares of the financial services provider’s stock valued at $473,000 after purchasing an additional 7,685 shares during the period. Context BH Capital Management LP purchased a new position in County Bancorp in the fourth quarter valued at about $517,000. Wells Fargo & Company MN raised its position in County Bancorp by 47.8% in the fourth quarter. Wells Fargo & Company MN now owns 7,313 shares of the financial services provider’s stock valued at $218,000 after purchasing an additional 2,365 shares during the period. WoodTrust Financial Corp purchased a new position in County Bancorp in the fourth quarter valued at about $238,000. Finally, Royce & Associates LP raised its position in County Bancorp by 45.9% in the third quarter. Royce & Associates LP now owns 165,595 shares of the financial services provider’s stock valued at $4,976,000 after purchasing an additional 52,100 shares during the period. 25.95% of the stock is currently owned by institutional investors.
County Bancorp Company Profile
County Bancorp, Inc is a bank holding company. The Company’s primary activities consist of holding the stock of its subsidiary bank, Investors Community Bank (the Bank), and providing banking and related business activities through the Bank and its other subsidiaries. It operates in the community banking segment.
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