IBERIABANK Corporation (NASDAQ:IBKC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday, May 24th.
According to Zacks, “IBERIABANK Corporation is a commercial bank holding company. “
Several other equities research analysts have also recently weighed in on IBKC. Piper Jaffray Companies cut shares of IBERIABANK Corporation from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $92.00 to $89.00 in a research report on Wednesday, March 1st. Iberia Capital upgraded shares of IBERIABANK Corporation from an “outperform” rating to a “strong-buy” rating and set a $93.00 price objective for the company in a research report on Friday, May 19th. JMP Securities assumed coverage on shares of IBERIABANK Corporation in a research report on Thursday, February 2nd. They issued a “mkt perform” rating for the company. Robert W. Baird upgraded shares of IBERIABANK Corporation from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $88.00 to $97.00 in a research report on Monday, May 1st. Finally, Keefe, Bruyette & Woods set a $90.00 price objective on shares of IBERIABANK Corporation and gave the company a “buy” rating in a research report on Monday, April 3rd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $85.82.
Shares of IBERIABANK Corporation (IBKC) traded down 0.91% during midday trading on Wednesday, reaching $81.65. 1,048,265 shares of the company were exchanged. The stock has a market capitalization of $4.16 billion, a price-to-earnings ratio of 18.91 and a beta of 1.29. The company’s 50-day moving average price is $80.20 and its 200 day moving average price is $81.57. IBERIABANK Corporation has a 52-week low of $55.15 and a 52-week high of $91.10.
IBERIABANK Corporation (NASDAQ:IBKC) last announced its quarterly earnings results on Thursday, April 27th. The bank reported $1.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.05. IBERIABANK Corporation had a net margin of 20.30% and a return on equity of 7.10%. The firm had revenue of $220.16 million during the quarter, compared to the consensus estimate of $219.98 million. During the same period last year, the firm posted $1.01 EPS. The firm’s quarterly revenue was up 1.4% on a year-over-year basis. On average, equities analysts predict that IBERIABANK Corporation will post $4.60 earnings per share for the current year.
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In related news, Vice Chairman Michael J. Brown sold 25,000 shares of IBERIABANK Corporation stock in a transaction that occurred on Monday, May 22nd. The shares were sold at an average price of $78.82, for a total transaction of $1,970,500.00. Following the transaction, the insider now owns 93,878 shares of the company’s stock, valued at approximately $7,399,463.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director E Stewart Shea III sold 4,147 shares of IBERIABANK Corporation stock in a transaction that occurred on Monday, May 15th. The stock was sold at an average price of $80.65, for a total transaction of $334,455.55. Following the transaction, the director now directly owns 13,179 shares in the company, valued at approximately $1,062,886.35. The disclosure for this sale can be found here. Insiders have sold a total of 68,720 shares of company stock worth $5,485,713 in the last three months. 3.17% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in IBKC. BlackRock Inc. raised its position in shares of 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 during the last quarter. EJF Capital LLC raised its position in shares of 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 during the last quarter. FMR LLC bought a new position in shares of IBERIABANK Corporation during the first quarter worth $45,538,000. William Blair Investment Management LLC raised its position in shares of IBERIABANK Corporation by 161.3% in the fourth quarter. William Blair Investment Management LLC now owns 931,029 shares of the bank’s stock worth $77,974,000 after buying an additional 574,745 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in shares of IBERIABANK Corporation by 14.0% in the first quarter. Vanguard Group Inc. now owns 4,089,357 shares of the bank’s stock worth $323,469,000 after buying an additional 502,701 shares during the last quarter. 87.07% of the stock is currently owned by hedge funds and other institutional investors.
About IBERIABANK Corporation
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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