Kalos Management Inc. purchased a new position in shares of Iberiabank Corp. (NASDAQ:IBKC) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 35,512 shares of the company’s stock, valued at approximately $2,121,000. Iberiabank Corp. comprises approximately 1.6% of Kalos Management Inc.’s investment portfolio, making the stock its 11th largest position.
Other hedge funds have also recently added to or reduced their stakes in the company. Silvercrest Asset Management Group LLC increased its stake in Iberiabank Corp. by 32.7% in the first quarter. Silvercrest Asset Management Group LLC now owns 1,864,582 shares of the company’s stock worth $95,597,000 after buying an additional 459,120 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Iberiabank Corp. by 50.1% in the first quarter. JPMorgan Chase & Co. now owns 973,023 shares of the company’s stock worth $49,888,000 after buying an additional 324,737 shares during the last quarter. Monarch Partners Asset Management LLC purchased a new stake in Iberiabank Corp. during the second quarter worth $19,021,000. Teachers Advisors Inc. increased its stake in Iberiabank Corp. by 453.8% in the first quarter. Teachers Advisors Inc. now owns 327,183 shares of the company’s stock worth $16,775,000 after buying an additional 268,100 shares during the last quarter. Finally, State Street Corp increased its stake in Iberiabank Corp. by 12.4% in the first quarter. State Street Corp now owns 1,297,781 shares of the company’s stock worth $66,538,000 after buying an additional 143,594 shares during the last quarter. Institutional investors own 81.46% of the company’s stock.
Iberiabank Corp. (NASDAQ:IBKC) traded up 1.570% during trading on Wednesday, hitting $69.525. The stock had a trading volume of 136,250 shares. The stock has a market cap of $2.85 billion, a price-to-earnings ratio of 16.184 and a beta of 1.10. The stock has a 50 day moving average price of $68.08 and a 200-day moving average price of $62.22. Iberiabank Corp. has a 12 month low of $42.20 and a 12 month high of $71.50.
Iberiabank Corp. (NASDAQ:IBKC) last released its earnings results on Wednesday, July 27th. The company reported $1.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.04. Iberiabank Corp. had a return on equity of 7.40% and a net margin of 19.32%. The firm earned $227.70 million during the quarter, compared to analysts’ expectations of $224.83 million. During the same quarter last year, the business posted $1.05 earnings per share. The firm’s revenue was up 4.8% on a year-over-year basis. On average, equities analysts predict that Iberiabank Corp. will post $4.56 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 28th. Investors of record on Friday, September 30th will be paid a dividend of $0.36 per share. The ex-dividend date of this dividend is Wednesday, September 28th. This is a positive change from Iberiabank Corp.’s previous quarterly dividend of $0.34. This represents a $1.44 dividend on an annualized basis and a yield of 2.10%. Iberiabank Corp.’s dividend payout ratio is presently 33.57%.
A number of analysts recently weighed in on IBKC shares. FIG Partners upgraded Iberiabank Corp. from a “market perform” rating to an “outperform” rating in a research report on Monday, August 8th. Raymond James Financial Inc. upgraded Iberiabank Corp. from a “market perform” rating to an “outperform” rating and set a $64.00 target price for the company in a research report on Thursday, August 25th. Iberia Capital upgraded Iberiabank Corp. from a “neutral” rating to an “overweight” rating and set a $78.00 target price for the company in a research report on Friday, October 7th. Sandler O’Neill restated a “hold” rating and issued a $72.00 target price (up previously from $70.00) on shares of Iberiabank Corp. in a research report on Tuesday, September 13th. Finally, Zacks Investment Research downgraded Iberiabank Corp. from a “hold” rating to a “sell” rating in a research report on Tuesday, October 11th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and eight have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $66.50.
In related news, insider Elizabeth A. Ardoin sold 2,455 shares of the stock in a transaction that occurred on Friday, September 2nd. The stock was sold at an average price of $68.58, for a total transaction of $168,363.90. Following the completion of the transaction, the insider now directly owns 16,978 shares of the company’s stock, valued at $1,164,351.24. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Anthony J. Restel sold 3,342 shares of the stock in a transaction that occurred on 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 $2,519,954.10. The disclosure for this sale can be found here. Corporate insiders own 3.17% of the company’s stock.
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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