Iberiabank Corp. (NASDAQ:IBKC) was upgraded by investment analysts at Iberia Capital from a “neutral” rating to an “overweight” rating in a note issued to investors on Friday. The firm currently has a $78.00 price objective on the stock. Iberia Capital’s target price would suggest a potential upside of 10.72% from the stock’s current price.
Several other research firms have also recently commented on IBKC. Keefe, Bruyette & Woods boosted their price objective on shares of Iberiabank Corp. from $62.00 to $67.00 and gave the company a “market perform” rating in a research report on Friday, July 29th. FBR & Co boosted their price objective on shares of Iberiabank Corp. from $70.00 to $73.00 and gave the company an “outperform” rating in a research report on Wednesday, September 7th. Sandler O’Neill reaffirmed a “hold” rating and issued a $72.00 price objective (up from $70.00) on shares of Iberiabank Corp. in a research report on Tuesday, September 13th. Raymond James Financial Inc. raised shares of Iberiabank Corp. from a “market perform” rating to an “outperform” rating and set a $64.00 price objective on the stock in a research report on Thursday, August 25th. Finally, FIG Partners raised shares of Iberiabank Corp. from a “market perform” rating to an “outperform” rating in a research report on Monday, August 8th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $66.50.
Shares of Iberiabank Corp. (NASDAQ:IBKC) opened at 70.45 on Friday. The stock has a 50 day moving average price of $67.91 and a 200 day moving average price of $61.51. Iberiabank Corp. has a 12 month low of $42.20 and a 12 month high of $71.50. The firm has a market capitalization of $2.89 billion, a P/E ratio of 16.40 and a beta of 1.10.
Iberiabank Corp. (NASDAQ:IBKC) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $1.18 EPS for the quarter, beating the consensus estimate of $1.14 by $0.04. The business had revenue of $227.70 million for the quarter, compared to analysts’ expectations of $224.83 million. Iberiabank Corp. had a net margin of 19.32% and a return on equity of 7.40%. The firm’s revenue was up 4.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.05 EPS. On average, analysts expect that Iberiabank Corp. will post $4.56 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 28th. Shareholders of record on Friday, September 30th will be issued a $0.36 dividend. This is a boost from Iberiabank Corp.’s previous quarterly dividend of $0.34. This represents a $1.44 annualized dividend and a yield of 2.04%. The ex-dividend date of this dividend is Wednesday, September 28th. Iberiabank Corp.’s dividend payout ratio is currently 33.57%.
In other Iberiabank Corp. news, EVP Anthony J. Restel sold 3,342 shares of the stock in a transaction dated Monday, August 29th. The shares were sold at an average price of $69.22, for a total value of $231,333.24. Following the transaction, the executive vice president now directly owns 36,405 shares of the company’s stock, valued at approximately $2,519,954.10. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider John R. Davis sold 8,560 shares of the stock in a transaction dated Monday, September 19th. The shares were sold at an average price of $68.02, for a total transaction of $582,251.20. Following the completion of the transaction, the insider now directly owns 57,264 shares in the company, valued at $3,895,097.28. The disclosure for this sale can be found here. 3.17% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IBKC. BNP Paribas Arbitrage SA boosted its position in Iberiabank Corp. by 77.9% in the third quarter. BNP Paribas Arbitrage SA now owns 3,662 shares of the company’s stock valued at $246,000 after buying an additional 1,603 shares in the last quarter. Investment Centers of America Inc. bought a new position in Iberiabank Corp. during the second quarter valued at $340,000. Schwab Charles Investment Management Inc. boosted its position in Iberiabank Corp. by 5.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 148,035 shares of the company’s stock valued at $8,843,000 after buying an additional 8,058 shares in the last quarter. Amalgamated Bank boosted its position in Iberiabank Corp. by 9.1% in the second quarter. Amalgamated Bank now owns 4,472 shares of the company’s stock valued at $288,000 after buying an additional 372 shares in the last quarter. Finally, Legal & General Group Plc boosted its position in Iberiabank Corp. by 32.0% in the second quarter. Legal & General Group Plc now owns 11,428 shares of the company’s stock valued at $680,000 after buying an additional 2,770 shares in the last quarter. 81.47% of the stock is currently owned by hedge funds and other institutional investors.
Iberiabank Corp. Company Profile
IBERIABANK Corporation is a financial holding company. The Company is the holding company for IBERIABANK, a Louisiana banking corporation; Lenders Title Company, an Arkansas-chartered title insurance and closing services agency; IBERIA Capital Partners, LLC, a corporate finance services firm; 1887 Leasing, LLC, a holding company for its aircraft; IBERIA Asset Management, Inc, which provides wealth management and trust 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., which invests in purchased tax credits.
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