Strs Ohio lowered its stake in IBERIABANK Corp (NASDAQ:IBKC) by 17.2% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 418,600 shares of the bank’s stock after selling 87,200 shares during the quarter. Strs Ohio owned approximately 0.74% of IBERIABANK worth $31,729,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently bought and sold shares of the stock. Wells Fargo & Company MN lifted its stake in shares of IBERIABANK by 144.8% during the 1st quarter. Wells Fargo & Company MN now owns 711,409 shares of the bank’s stock worth $55,490,000 after purchasing an additional 420,831 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its stake in shares of IBERIABANK by 82.4% during the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 299,994 shares of the bank’s stock worth $22,740,000 after purchasing an additional 135,489 shares during the period. Frontier Capital Management Co. LLC purchased a new position in shares of IBERIABANK during the 2nd quarter worth $7,443,000. Bessemer Group Inc. purchased a new position in shares of IBERIABANK during the 2nd quarter worth $7,421,000. Finally, Mackay Shields LLC purchased a new position in shares of IBERIABANK during the 1st quarter worth $4,259,000. 81.86% of the stock is currently owned by hedge funds and other institutional investors.
IBKC has been the topic of a number of recent analyst reports. Zacks Investment Research raised IBERIABANK from a “hold” rating to a “buy” rating and set a $93.00 price target on the stock in a research note on Wednesday, July 25th. BidaskClub raised IBERIABANK from a “hold” rating to a “buy” rating in a research note on Thursday, May 24th. Piper Jaffray Companies set a $92.00 price target on IBERIABANK and gave the stock a “buy” rating in a research note on Monday, April 23rd. Finally, ValuEngine raised IBERIABANK from a “sell” rating to a “hold” rating in a research note on Thursday, July 19th. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. IBERIABANK currently has a consensus rating of “Buy” and an average target price of $86.83.
IBERIABANK (NASDAQ:IBKC) last released its quarterly earnings data on Friday, July 20th. The bank reported $1.71 EPS for the quarter, topping analysts’ consensus estimates of $1.59 by $0.12. The business had revenue of $311.50 million during the quarter, compared to the consensus estimate of $304.08 million. IBERIABANK had a return on equity of 8.29% and a net margin of 13.77%. The business’s revenue for the quarter was up 29.8% on a year-over-year basis. During the same period in the prior year, the firm posted $1.10 EPS. analysts expect that IBERIABANK Corp will post 6.53 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 26th. Stockholders of record on Friday, September 28th will be issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.82%. This is an increase from IBERIABANK’s previous quarterly dividend of $0.38. The ex-dividend date is Thursday, September 27th. IBERIABANK’s dividend payout ratio is presently 34.00%.
In other news, Director Ernest P. Breaux, Jr. sold 1,200 shares of the company’s stock in a transaction on Wednesday, June 6th. The stock was sold at an average price of $82.05, for a total transaction of $98,460.00. Following the completion of the sale, the director now directly owns 27,647 shares in the company, valued at approximately $2,268,436.35. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 2.53% of the company’s stock.
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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