GW&K Investment Management LLC Sells 5,218 Shares of IBERIABANK Corp (NASDAQ:IBKC)
GW&K Investment Management LLC reduced its position in IBERIABANK Corp (NASDAQ:IBKC) by 2.0% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 260,654 shares of the bank’s stock after selling 5,218 shares during the period. GW&K Investment Management LLC owned 0.48% of IBERIABANK worth $19,771,000 as of its most recent SEC filing.
A number of other institutional investors have also recently made changes to their positions in the stock. Steward Partners Investment Advisory LLC bought a new stake in shares of IBERIABANK during the second quarter valued at about $64,000. Advisor Group Inc. increased its position in shares of IBERIABANK by 7.0% during the second quarter. Advisor Group Inc. now owns 2,754 shares of the bank’s stock valued at $209,000 after buying an additional 180 shares during the period. Starr International Co. Inc. bought a new stake in shares of IBERIABANK during the first quarter valued at about $231,000. Signition LP increased its position in shares of IBERIABANK by 9.9% during the second quarter. Signition LP now owns 3,154 shares of the bank’s stock valued at $239,000 after buying an additional 284 shares during the period. Finally, Cerebellum GP LLC increased its position in shares of IBERIABANK by 16.4% during the first quarter. Cerebellum GP LLC now owns 4,622 shares of the bank’s stock valued at $331,000 after buying an additional 652 shares during the period. Institutional investors and hedge funds own 86.86% of the company’s stock.
Several brokerages have recently weighed in on IBKC. ValuEngine cut IBERIABANK from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. BidaskClub upgraded IBERIABANK from a “strong sell” rating to a “sell” rating in a research report on Tuesday, July 2nd. Zacks Investment Research upgraded IBERIABANK from a “sell” rating to a “hold” rating in a research report on Wednesday, July 24th. Stephens set a $89.00 price target on IBERIABANK and gave the company a “buy” rating in a research report on Friday, July 19th. Finally, SunTrust Banks decreased their price target on IBERIABANK to $86.00 and set a “buy” rating on the stock in a research report on Monday, July 22nd. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $86.00.
IBERIABANK (NASDAQ:IBKC) last issued its quarterly earnings data on Friday, July 19th. The bank reported $1.87 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.82 by $0.05. IBERIABANK had a return on equity of 10.33% and a net margin of 29.38%. The company had revenue of $315.18 million during the quarter, compared to analyst estimates of $313.34 million. During the same quarter in the previous year, the firm earned $1.71 earnings per share. IBERIABANK’s revenue was up 4.0% on a year-over-year basis. Equities analysts expect that IBERIABANK Corp will post 7.13 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Monday, September 30th will be issued a dividend of $0.45 per share. This is a positive change from IBERIABANK’s previous quarterly dividend of $0.43. The ex-dividend date is Friday, September 27th. This represents a $1.80 annualized dividend and a dividend yield of 2.66%. IBERIABANK’s payout ratio is presently 25.71%.
In other news, Director John E. Koerner III bought 13,000 shares of the business’s stock in a transaction on Tuesday, May 28th. The stock was acquired at an average price of $74.81 per share, with a total value of $972,530.00. Following the completion of the purchase, the director now directly owns 7,800 shares in the company, valued at $583,518. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Daryl G. Byrd sold 13,750 shares of the company’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $77.70, for a total value of $1,068,375.00. Following the completion of the sale, the chief executive officer now directly owns 274,031 shares of the company’s stock, valued at approximately $21,292,208.70. The disclosure for this sale can be found here. Insiders have sold 34,050 shares of company stock valued at $2,584,943 in the last three months. 2.65% of the stock is owned by insiders.
IBERIABANK Corporation operates as the holding company for IBERIABANK that provides commercial and retail banking products and services in the United States. It offers various commercial, consumer, mortgage, and private banking products and services; cash management services; deposit and annuity products; and brokerage services, as well as sells variable annuities.
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