Los Angeles Capital Management & Equity Research Inc. decreased its position in Iberiabank Corp. (NASDAQ:IBKC) by 14.6% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 6,417 shares of the company’s stock after selling 1,100 shares during the period. Los Angeles Capital Management & Equity Research Inc.’s holdings in Iberiabank Corp. were worth $383,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. State Street Corp boosted its stake in shares of 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 in the last quarter. Credit Agricole S A boosted its stake in shares of Iberiabank Corp. by 417.9% in the first quarter. Credit Agricole S A now owns 130,000 shares of the company’s stock worth $6,666,000 after buying an additional 104,900 shares in the last quarter. NN Investment Partners Holdings N.V. purchased a new stake in Iberiabank Corp. during the first quarter valued at approximately $593,000. JPMorgan Chase & Co. boosted 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 valued at $49,888,000 after buying an additional 324,737 shares during the period. Finally, Columbia Partners L L C Investment Management purchased a new stake in Iberiabank Corp. during the first quarter valued at approximately $2,006,000. Hedge funds and other institutional investors own 81.47% of the company’s stock.
Iberiabank Corp. (NASDAQ:IBKC) traded down 2.45% during trading on Monday, reaching $65.79. 96,277 shares of the company’s stock traded hands. The company has a 50-day moving average of $67.04 and a 200 day moving average of $60.10. The stock has a market capitalization of $2.70 billion, a P/E ratio of 15.31 and a beta of 1.02. Iberiabank Corp. has a 12 month low of $42.20 and a 12 month high of $69.93.
Iberiabank Corp. (NASDAQ:IBKC) last released its quarterly earnings results on Wednesday, July 27th. The company reported $1.18 EPS for the quarter, topping the consensus estimate of $1.14 by $0.04. The business earned $227.70 million during the quarter, compared to analyst estimates of $224.83 million. Iberiabank Corp. had a net margin of 19.32% and a return on equity of 7.40%. The company’s quarterly revenue was up 4.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.05 earnings per share. On average, equities research analysts expect that Iberiabank Corp. will post $4.56 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 28th. Stockholders of record on Friday, September 30th will be given a dividend of $0.36 per share. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $1.44 annualized dividend and a dividend yield of 2.14%. This is a positive change from Iberiabank Corp.’s previous quarterly dividend of $0.34. Iberiabank Corp.’s dividend payout ratio is currently 31.70%.
Several analysts have recently commented on the stock. Keefe, Bruyette & Woods upgraded shares of Iberiabank Corp. from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $67.00 to $72.00 in a research note on Wednesday, August 17th. FBR & Co raised their target price on shares of Iberiabank Corp. from $65.00 to $70.00 and gave the stock an “outperform” rating in a research note on Friday, July 29th. Zacks Investment Research upgraded shares of Iberiabank Corp. from a “hold” rating to a “buy” rating and set a $64.00 target price for the company in a research note on Wednesday, July 6th. FIG Partners upgraded shares of Iberiabank Corp. from a “market perform” rating to an “outperform” rating in a research note on Monday, August 8th. Finally, Raymond James Financial Inc. upgraded shares of Iberiabank Corp. from a “market perform” rating to an “outperform” rating and set a $64.00 target price for the company in a research note on Thursday, August 25th. Six analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $63.15.
In other news, insider John R. Davis sold 8,560 shares of the company’s 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 owns 57,264 shares in the company, valued at $3,895,097.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Anthony J. Restel sold 3,342 shares of the company’s stock in a transaction dated Monday, August 29th. The stock was sold at an average price of $69.22, for a total transaction of $231,333.24. Following the completion of the sale, the executive vice president now directly owns 36,405 shares of the company’s stock, valued at approximately $2,519,954.10. The disclosure for this sale can be found here. Insiders own 3.17% of the company’s stock.
About Iberiabank Corp.
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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