IBERIABANK Corporation (NASDAQ:IBKC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Wednesday.
According to Zacks, “IBERIABANK Corporation is a commercial bank holding company. “
A number of other analysts have also recently commented on the company. BidaskClub cut IBERIABANK Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. Stephens set a $95.00 target price on IBERIABANK Corporation and gave the stock a “buy” rating in a research report on Saturday, July 22nd. JMP Securities lifted their target price on IBERIABANK Corporation from $94.00 to $95.00 and gave the stock a “market outperform” rating in a research report on Tuesday, July 25th. Piper Jaffray Companies upgraded IBERIABANK Corporation from a “neutral” rating to an “overweight” rating and set a $89.00 target price on the stock in a research report on Tuesday, August 15th. Finally, ValuEngine upgraded IBERIABANK Corporation from a “hold” rating to a “buy” rating in a research report on Tuesday, September 26th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $90.82.
IBERIABANK Corporation (NASDAQ:IBKC) last posted its quarterly earnings results on Thursday, July 20th. The bank reported $1.10 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.12 by ($0.02). IBERIABANK Corporation had a net margin of 20.08% and a return on equity of 6.86%. The business had revenue of $239.61 million during the quarter, compared to analyst estimates of $236.73 million.
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In related news, Director Ernest P. Breaux, Jr. sold 5,000 shares of the company’s stock in a transaction on Thursday, September 28th. The shares were sold at an average price of $78.18, for a total transaction of $390,900.00. Following the completion of the sale, the director now directly owns 27,963 shares of the company’s stock, valued at approximately $2,186,147.34. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider John R. Davis sold 6,141 shares of the company’s stock in a transaction on Monday, August 7th. The stock was sold at an average price of $80.12, for a total transaction of $492,016.92. Following the sale, the insider now directly owns 60,553 shares of the company’s stock, valued at $4,851,506.36. The disclosure for this sale can be found here. Insiders own 3.17% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in IBERIABANK Corporation by 1.3% during the 2nd quarter. Vanguard Group Inc. now owns 4,141,740 shares of the bank’s stock worth $337,551,000 after purchasing an additional 52,383 shares during the period. BlackRock Inc. boosted its position in IBERIABANK Corporation by 13,809.5% during the 1st quarter. BlackRock Inc. now owns 3,486,277 shares of the bank’s stock worth $275,765,000 after purchasing an additional 3,461,213 shares during the period. State Street Corp boosted its position in IBERIABANK Corporation by 20.2% during the 2nd quarter. State Street Corp now owns 2,555,707 shares of the bank’s stock worth $208,292,000 after purchasing an additional 428,968 shares during the period. Northern Trust Corp boosted its position in IBERIABANK Corporation by 18.0% during the 2nd quarter. Northern Trust Corp now owns 1,104,662 shares of the bank’s stock worth $90,030,000 after purchasing an additional 168,174 shares during the period. Finally, EJF Capital LLC boosted its position in IBERIABANK Corporation by 3,391.7% during the 1st quarter. EJF Capital LLC now owns 925,925 shares of the bank’s stock worth $73,241,000 after purchasing an additional 899,407 shares during the period. 81.11% of the stock is owned by hedge funds and other institutional investors.
IBERIABANK Corporation Company Profile
IBERIABANK Corporation is a financial holding company. The Company is a holding company for IBERIABANK, a Louisiana state chartered banking corporation; Lenders Title Company, an Arkansas-chartered title insurance and closing services agency (Lenders Title); IBERIA Capital Partners LLC (ICP), a corporate finance services firm; 1887 Leasing, LLC, a holding company for its aircraft; IBERIA Asset Management, Inc (IAM), which provides wealth management and trust advisory 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 (CDE), which invests in purchased tax credits.
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