County Bancorp (ICBK) Cut to Strong Sell at Zacks Investment Research

County Bancorp (NASDAQ:ICBK) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report issued on Wednesday, March 14th.

According to Zacks, “County Bancorp, Inc. is a bank holding company. It provides a range of consumer and commercial banking services to individuals, businesses, and industries. The basic services offered by the Bank include demand interest bearing and noninterest bearing accounts, money market deposit accounts, NOW accounts, time deposits, remote merchant deposit capture, Internet banking, cash management services, safe deposit services, credit cards, debit cards, direct deposits, notary services, night depository, cashiers’ checks, drive-in tellers, banking by mail, and the full range of consumer loans, both collateralized and uncollateralized. The Bank also makes secured and unsecured commercial loans, as well as loans secured by residential and commercial real estate, and issues stand-by letters of credit. County Bancorp, Inc. is headquartered in Manitowoc, Wisconsin. “

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A number of other equities research analysts also recently issued reports on the stock. ValuEngine downgraded shares of County Bancorp from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. DA Davidson initiated coverage on shares of County Bancorp in a research report on Friday, February 9th. They issued a “neutral” rating and a $31.00 price objective for the company. Hovde Group initiated coverage on shares of County Bancorp in a research report on Tuesday, January 23rd. They issued a “market perform” rating and a $34.00 price objective for the company. Maxim Group reaffirmed a “buy” rating and issued a $35.00 price objective on shares of County Bancorp in a research report on Friday, January 19th. Finally, TheStreet raised shares of County Bancorp from a “c” rating to a “b-” rating in a research report on Tuesday, January 16th. Five analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $32.20.

Shares of ICBK traded up $0.09 on Wednesday, reaching $29.02. The company’s stock had a trading volume of 3,817 shares, compared to its average volume of 6,868. The company has a debt-to-equity ratio of 1.03, a quick ratio of 1.08 and a current ratio of 1.09. County Bancorp has a twelve month low of $22.73 and a twelve month high of $33.94.

County Bancorp (NASDAQ:ICBK) last posted its earnings results on Friday, January 19th. The financial services provider reported $0.45 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.47 by ($0.02). County Bancorp had a return on equity of 8.03% and a net margin of 17.17%. The business had revenue of $12.16 million during the quarter, compared to analyst estimates of $11.97 million. research analysts predict that County Bancorp will post 2.15 EPS for the current year.

In other County Bancorp news, CFO Glen L. Stiteley acquired 1,615 shares of the business’s stock in a transaction that occurred on Wednesday, January 24th. The stock was bought at an average cost of $30.84 per share, with a total value of $49,806.60. Following the acquisition, the chief financial officer now owns 5,109 shares in the company, valued at $157,561.56. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Wayne D. Mueller sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $27.17, for a total transaction of $135,850.00. Following the completion of the transaction, the director now directly owns 95,000 shares of the company’s stock, valued at $2,581,150. The disclosure for this sale can be found here. 26.30% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ICBK. Teachers Advisors LLC boosted its holdings in County Bancorp by 15.4% in the 2nd quarter. Teachers Advisors LLC now owns 9,038 shares of the financial services provider’s stock worth $217,000 after buying an additional 1,205 shares during the period. TIAA CREF Investment Management LLC boosted its holdings in County Bancorp by 1.3% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 14,053 shares of the financial services provider’s stock worth $337,000 after buying an additional 180 shares during the period. Vanguard Group Inc. boosted its holdings in County Bancorp by 9.0% in the 2nd quarter. Vanguard Group Inc. now owns 177,216 shares of the financial services provider’s stock worth $4,253,000 after buying an additional 14,563 shares during the period. State Street Corp boosted its holdings in County Bancorp by 12.7% in the 2nd quarter. State Street Corp now owns 64,821 shares of the financial services provider’s stock worth $1,557,000 after buying an additional 7,323 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in County Bancorp by 11.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 18,501 shares of the financial services provider’s stock worth $556,000 after buying an additional 1,971 shares during the period. 26.14% of the stock is owned by institutional investors.

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About County Bancorp

County Bancorp, Inc operates as the bank holding company for Investors Community Bank that provides a range of banking and related financial services to individuals, businesses, and industries in northeastern and central Wisconsin. The company accepts demand interest bearing and noninterest bearing, money market deposit, NOW, checking, and savings accounts, as well as time deposits.

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