Iberiabank Corp. (NASDAQ:IBKC) was upgraded by investment analysts at Iberia Capital from a “neutral” rating to an “overweight” rating in a report released on Friday. The firm currently has a $78.00 price target on the stock. Iberia Capital’s target price points to a potential upside of 10.29% from the company’s current price.
Other analysts have also issued research reports about the company. Keefe, Bruyette & Woods raised Iberiabank Corp. from a “market perform” rating to an “outperform” rating and upped their target price for the company from $67.00 to $72.00 in a report on Wednesday, August 17th. FBR & Co upped their target price on Iberiabank Corp. from $65.00 to $70.00 and gave the company an “outperform” rating in a report on Friday, July 29th. Piper Jaffray Cos. raised Iberiabank Corp. from a “neutral” rating to an “overweight” rating and upped their target price for the company from $65.00 to $78.00 in a report on Friday. Zacks Investment Research raised Iberiabank Corp. from a “hold” rating to a “buy” rating and set a $64.00 target price on the stock in a report on Wednesday, July 6th. Finally, FIG Partners raised Iberiabank Corp. from a “market perform” rating to an “outperform” rating in a report on Monday, August 8th. Five research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Iberiabank Corp. has an average rating of “Buy” and an average price target of $66.50.
Shares of Iberiabank Corp. (NASDAQ:IBKC) traded up 1.01% during mid-day trading on Friday, reaching $70.72. 383,178 shares of the company traded hands. The stock has a market capitalization of $2.90 billion, a price-to-earnings ratio of 16.46 and a beta of 1.10. The company’s 50 day moving average is $67.81 and its 200 day moving average is $61.24. Iberiabank Corp. has a 52-week low of $42.20 and a 52-week high of $70.80.
Iberiabank Corp. (NASDAQ:IBKC) last announced its quarterly earnings data on Wednesday, July 27th. The company reported $1.18 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.14 by $0.04. Iberiabank Corp. had a return on equity of 7.40% and a net margin of 19.32%. The firm had revenue of $227.70 million for the quarter, compared to analyst estimates of $224.83 million. During the same quarter in the prior year, the company posted $1.05 earnings per share. Iberiabank Corp.’s quarterly revenue was up 4.8% on a year-over-year basis. On average, equities analysts forecast that Iberiabank Corp. will post $4.56 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 28th. Shareholders of record on Friday, September 30th will be paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 2.04%. This is a positive change from Iberiabank Corp.’s previous quarterly dividend of $0.34. The ex-dividend date is Wednesday, September 28th. Iberiabank Corp.’s dividend payout ratio (DPR) is presently 33.57%.
In other Iberiabank Corp. news, EVP Anthony J. Restel sold 3,342 shares of the firm’s stock in a transaction dated Monday, August 29th. The stock was sold at an average price of $69.22, for a total value of $231,333.24. Following 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 sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider John R. Davis sold 8,560 shares of the firm’s stock in a transaction dated Monday, September 19th. The stock was sold at an average price of $68.02, for a total value of $582,251.20. Following the completion of the sale, the insider now directly owns 57,264 shares in the company, valued at $3,895,097.28. The disclosure for this sale can be found here. 3.17% of the stock is owned by company insiders.
A number of hedge funds have recently modified their holdings of the company. Victory Capital Management Inc. raised its stake in shares of Iberiabank Corp. by 77.4% in the second quarter. Victory Capital Management Inc. now owns 1,783 shares of the company’s stock worth $106,000 after buying an additional 778 shares during the last quarter. BNP Paribas Arbitrage SA raised its stake in shares of Iberiabank Corp. by 7,000.0% in the second quarter. BNP Paribas Arbitrage SA now owns 2,059 shares of the company’s stock worth $123,000 after buying an additional 2,030 shares during the last quarter. Advisor Group Inc. acquired a new stake in shares of Iberiabank Corp. during the second quarter worth about $125,000. Johnson Financial Group Inc. raised its stake in shares of Iberiabank Corp. by 25.0% in the second quarter. Johnson Financial Group Inc. now owns 2,550 shares of the company’s stock worth $152,000 after buying an additional 510 shares during the last quarter. Finally, Sei Investments Co. raised its stake in shares of Iberiabank Corp. by 368.3% in the second quarter. Sei Investments Co. now owns 2,604 shares of the company’s stock worth $155,000 after buying an additional 2,048 shares during the last quarter. 81.47% of the stock is currently owned by hedge funds and other institutional investors.
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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