IBERIABANK (NASDAQ:IBKC) Cut to Sell at Zacks Investment Research

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Zacks Investment Research lowered shares of IBERIABANK (NASDAQ:IBKC) from a hold rating to a sell rating in a research note released on Wednesday morning, Zacks.com reports.

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

Other analysts have also recently issued research reports about the stock. Stephens set a $100.00 price objective on shares of Cullen/Frost Bankers and gave the stock a hold rating in a report on Friday, April 26th. Raymond James reaffirmed a buy rating on shares of Teck Resources in a report on Thursday, April 4th. ValuEngine cut shares of Wave Life Sciences from a buy rating to a hold rating in a report on Tuesday, April 16th. Finally, BidaskClub raised shares of Zillow Group from a buy rating to a strong-buy rating in a report on Tuesday, July 2nd. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the stock. IBERIABANK has an average rating of Hold and an average target price of $86.25.

IBERIABANK stock opened at $77.04 on Wednesday. The business has a 50-day simple moving average of $74.80. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.93 and a current ratio of 0.94. IBERIABANK has a 1 year low of $60.82 and a 1 year high of $87.50. The company has a market cap of $4.15 billion, a P/E ratio of 10.85, a P/E/G ratio of 1.34 and a beta of 1.50.

IBERIABANK (NASDAQ:IBKC) last posted its quarterly earnings results on Thursday, April 25th. The bank reported $1.72 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.64 by $0.08. IBERIABANK had a net margin of 28.29% and a return on equity of 10.34%. The company had revenue of $302.99 million for the quarter, compared to the consensus estimate of $304.28 million. During the same period last year, the firm posted $1.37 EPS. As a group, equities analysts expect that IBERIABANK will post 7.14 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 26th. Investors of record on Friday, June 28th will be issued a $0.43 dividend. The ex-dividend date is Thursday, June 27th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.23%. IBERIABANK’s dividend payout ratio (DPR) is presently 25.71%.

In related news, Director Harry V. Barton, Jr. sold 6,812 shares of the stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $74.47, for a total value of $507,289.64. Following the sale, the director now owns 29,158 shares of the company’s stock, valued at approximately $2,171,396.26. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director John E. Koerner III bought 13,000 shares of the stock in a transaction on Tuesday, May 28th. The shares were bought at an average cost of $74.81 per share, for a total transaction of $972,530.00. Following the purchase, the director now owns 7,800 shares in the company, valued at approximately $583,518. The disclosure for this purchase can be found here. 2.65% of the stock is owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in IBKC. PNC Financial Services Group Inc. increased its stake in IBERIABANK by 20.3% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,892 shares of the bank’s stock valued at $122,000 after buying an additional 319 shares during the period. New York State Common Retirement Fund increased its stake in IBERIABANK by 1.0% during the 4th quarter. New York State Common Retirement Fund now owns 126,996 shares of the bank’s stock valued at $8,163,000 after buying an additional 1,249 shares during the period. BlackRock Inc. increased its stake in IBERIABANK by 5.1% during the 4th quarter. BlackRock Inc. now owns 4,136,443 shares of the bank’s stock valued at $265,890,000 after buying an additional 198,875 shares during the period. Martingale Asset Management L P acquired a new position in IBERIABANK during the 4th quarter valued at about $894,000. Finally, Great West Life Assurance Co. Can increased its stake in IBERIABANK by 15.9% during the 4th quarter. Great West Life Assurance Co. Can now owns 6,504 shares of the bank’s stock valued at $403,000 after buying an additional 892 shares during the period. 84.13% of the stock is currently owned by hedge funds and other institutional investors.

IBERIABANK Company Profile

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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