IBERIABANK Corporation (NASDAQ:IBKC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Wednesday, October 11th.
According to Zacks, “IBERIABANK Corporation is a commercial bank holding company. “
A number of other brokerages have also recently commented on IBKC. Piper Jaffray Companies raised IBERIABANK Corporation from a “neutral” rating to an “overweight” rating and set a $89.00 price target on the stock in a research note on Tuesday, August 15th. ValuEngine raised IBERIABANK Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday, September 26th. JMP Securities lifted their price target on IBERIABANK Corporation from $94.00 to $95.00 and gave the stock a “market outperform” rating in a research note on Tuesday, July 25th. Stephens set a $95.00 price target on IBERIABANK Corporation and gave the stock a “buy” rating in a research note on Monday, July 31st. Finally, BidaskClub cut IBERIABANK Corporation from a “hold” rating to a “sell” rating in a research note on Thursday, June 22nd. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $90.82.
Shares of IBERIABANK Corporation (IBKC) traded down 5.86% during mid-day trading on Wednesday, reaching $75.45. 3,012,264 shares of the company’s stock were exchanged. The stock’s 50-day moving average is $78.52 and its 200-day moving average is $79.23. The stock has a market cap of $4.06 billion, a price-to-earnings ratio of 18.36 and a beta of 1.32. IBERIABANK Corporation has a 52-week low of $62.65 and a 52-week high of $91.10.
IBERIABANK Corporation (NASDAQ:IBKC) last issued its quarterly earnings results on Thursday, October 19th. The bank reported $1.00 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.13 by ($0.13). The business had revenue of $270.19 million for the quarter, compared to the consensus estimate of $276.02 million. IBERIABANK Corporation had a net margin of 17.14% and a return on equity of 6.79%. The business’s revenue was up 21.0% compared to the same quarter last year. During the same quarter last year, the business posted $1.08 EPS. On average, equities analysts expect that IBERIABANK Corporation will post $4.62 EPS for the current year.
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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 stock was 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 owns 27,963 shares in the company, valued at $2,186,147.34. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider John R. Davis sold 6,141 shares of the company’s stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $80.12, for a total value of $492,016.92. Following the completion of the sale, the insider now owns 60,553 shares of the company’s stock, valued at approximately $4,851,506.36. The disclosure for this sale can be found here. Corporate insiders own 3.17% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased its position in IBERIABANK Corporation by 1.3% in the second quarter. Vanguard Group Inc. now owns 4,141,740 shares of the bank’s stock worth $337,551,000 after buying an additional 52,383 shares in the last quarter. BlackRock Inc. increased its position in IBERIABANK Corporation by 13,809.5% in the first quarter. BlackRock Inc. now owns 3,486,277 shares of the bank’s stock worth $275,765,000 after buying an additional 3,461,213 shares in the last quarter. State Street Corp increased its position in IBERIABANK Corporation by 20.2% in the second quarter. State Street Corp now owns 2,555,707 shares of the bank’s stock worth $208,292,000 after buying an additional 428,968 shares in the last quarter. Northern Trust Corp increased its position in IBERIABANK Corporation by 18.0% in the second quarter. Northern Trust Corp now owns 1,104,662 shares of the bank’s stock worth $90,030,000 after buying an additional 168,174 shares in the last quarter. Finally, EJF Capital LLC increased its position in IBERIABANK Corporation by 3,391.7% in the first quarter. EJF Capital LLC now owns 925,925 shares of the bank’s stock worth $73,241,000 after buying an additional 899,407 shares in the last quarter. Institutional investors and hedge funds own 81.10% of the company’s stock.
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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