Iberiabank (IBKC) Downgraded to “Hold” at Zacks Investment Research

Zacks Investment Research downgraded shares of Iberiabank (NASDAQ:IBKC) from a buy rating to a hold rating in a report released on Tuesday morning.

According to Zacks, “IBERIABANK Corporation is a commercial bank holding company. “

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IBKC has been the topic of a number of other reports. Piper Jaffray set a $95.00 target price on Iberiabank and gave the stock a buy rating in a research report on Monday, January 29th. BidaskClub upgraded Iberiabank from a hold rating to a buy rating in a research report on Tuesday, January 16th. Raymond James Financial reiterated an outperform rating on shares of Iberiabank in a research report on Wednesday, December 20th. Finally, Iberia Capital downgraded Iberiabank from a strong-buy rating to an outperform rating in a research report on Wednesday, December 20th. Five analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The company has an average rating of Buy and an average target price of $89.55.

Shares of Iberiabank stock opened at $78.00 on Tuesday. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.42. The stock has a market capitalization of $4,267.15, a PE ratio of 17.45, a price-to-earnings-growth ratio of 1.54 and a beta of 1.41. Iberiabank has a 52 week low of $68.55 and a 52 week high of $87.55.

Iberiabank (NASDAQ:IBKC) last posted its earnings results on Thursday, January 25th. The bank reported $1.33 EPS for the quarter, topping analysts’ consensus estimates of $1.26 by $0.07. The company had revenue of $290.16 million for the quarter, compared to the consensus estimate of $285.17 million. Iberiabank had a return on equity of 6.86% and a net margin of 12.66%. The firm’s revenue for the quarter was up 35.0% on a year-over-year basis. During the same period in the previous year, the business earned $1.16 earnings per share. equities research analysts anticipate that Iberiabank will post 6.42 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 27th. Shareholders of record on Friday, March 30th will be given a dividend of $0.38 per share. The ex-dividend date is Wednesday, March 28th. This is an increase from Iberiabank’s previous quarterly dividend of $0.37. This represents a $1.52 dividend on an annualized basis and a yield of 1.95%. Iberiabank’s dividend payout ratio is 34.00%.

A number of hedge funds have recently modified their holdings of the business. Xact Kapitalforvaltning AB purchased a new stake in Iberiabank during the fourth quarter valued at approximately $389,000. Segall Bryant & Hamill LLC raised its position in Iberiabank by 26.0% during the fourth quarter. Segall Bryant & Hamill LLC now owns 279,731 shares of the bank’s stock valued at $21,679,000 after purchasing an additional 57,672 shares during the period. MetLife Investment Advisors LLC purchased a new stake in Iberiabank during the fourth quarter valued at approximately $1,740,000. Millennium Management LLC raised its position in Iberiabank by 10.6% during the fourth quarter. Millennium Management LLC now owns 1,982,114 shares of the bank’s stock valued at $153,614,000 after purchasing an additional 190,374 shares during the period. Finally, Cornerstone Capital Management Holdings LLC. raised its position in Iberiabank by 133.9% during the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 65,500 shares of the bank’s stock valued at $5,076,000 after purchasing an additional 37,500 shares during the period. Institutional investors and hedge funds own 88.36% of the company’s stock.

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About Iberiabank

IBERIABANK Corporation operates as the holding company for IBERIABANK that provides commercial and retail banking products and services in the United States. It offers various commercial, consumer, mortgage, and private banking products and services; cash management services; deposit and annuity products; and brokerage services, as well as sells variable annuities.

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