Zacks Investment Research Lowers IBERIABANK (IBKC) to Hold

Zacks Investment Research cut shares of IBERIABANK (NASDAQ:IBKC) from a buy rating to a hold rating in a research report released on Wednesday.

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

Other equities analysts have also issued reports about the company. BidaskClub lowered IBERIABANK from a buy rating to a hold rating in a research note on Tuesday, August 28th. ValuEngine lowered IBERIABANK from a hold rating to a sell rating in a research note on Tuesday, October 2nd. Finally, Stephens set a $91.00 target price on IBERIABANK and gave the stock a hold rating in a research note on Friday, October 19th. Two analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the stock. The company has an average rating of Hold and a consensus target price of $92.33.

Shares of IBKC opened at $75.88 on Wednesday. The stock has a market cap of $4.25 billion, a P/E ratio of 16.98, a P/E/G ratio of 1.44 and a beta of 1.36. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.93 and a current ratio of 0.93. IBERIABANK has a 52-week low of $68.55 and a 52-week high of $87.55.

IBERIABANK (NASDAQ:IBKC) last issued its quarterly earnings data on Friday, October 19th. The bank reported $1.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.68 by $0.06. The business had revenue of $312.30 million for the quarter, compared to analysts’ expectations of $311.77 million. IBERIABANK had a return on equity of 9.44% and a net margin of 18.32%. The firm’s quarterly revenue was up 16.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.00 EPS. As a group, research analysts expect that IBERIABANK will post 6.58 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 25th. Shareholders of record on Monday, December 31st will be paid a $0.41 dividend. This is a positive change from IBERIABANK’s previous quarterly dividend of $0.39. This represents a $1.64 dividend on an annualized basis and a yield of 2.16%. The ex-dividend date of this dividend is Friday, December 28th. IBERIABANK’s dividend payout ratio is currently 34.90%.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. increased its stake in IBERIABANK by 13.4% in the 2nd quarter. BlackRock Inc. now owns 3,951,506 shares of the bank’s stock worth $299,525,000 after acquiring an additional 468,347 shares during the last quarter. Millennium Management LLC increased its stake in IBERIABANK by 25.2% in the 2nd quarter. Millennium Management LLC now owns 2,277,140 shares of the bank’s stock worth $172,607,000 after acquiring an additional 458,810 shares during the last quarter. FMR LLC increased its stake in IBERIABANK by 48.8% in the 2nd quarter. FMR LLC now owns 1,351,625 shares of the bank’s stock worth $102,453,000 after acquiring an additional 443,127 shares during the last quarter. Victory Capital Management Inc. increased its stake in IBERIABANK by 2.2% in the 2nd quarter. Victory Capital Management Inc. now owns 1,128,362 shares of the bank’s stock worth $85,530,000 after acquiring an additional 24,478 shares during the last quarter. Finally, Deprince Race & Zollo Inc. increased its stake in IBERIABANK by 1.1% in the 2nd quarter. Deprince Race & Zollo Inc. now owns 721,519 shares of the bank’s stock worth $54,691,000 after acquiring an additional 7,873 shares during the last quarter. Institutional investors and hedge funds own 86.64% of the company’s stock.

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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