Keefe, Bruyette & Woods Downgrades IBERIABANK (NASDAQ:IBKC) to Market Perform

IBERIABANK (NASDAQ:IBKC) was downgraded by research analysts at Keefe, Bruyette & Woods from an “outperform” rating to a “market perform” rating in a research report issued to clients and investors on Thursday, Marketbeat Ratings reports. They currently have a $87.00 target price on the bank’s stock, up from their previous target price of $85.00. Keefe, Bruyette & Woods’ target price indicates a potential upside of 13.06% from the company’s previous close.

A number of other research firms have also commented on IBKC. BidaskClub raised IBERIABANK from a “strong sell” rating to a “sell” rating in a research note on Tuesday, September 17th. Zacks Investment Research raised IBERIABANK from a “sell” rating to a “hold” rating in a research note on Tuesday, October 22nd. SunTrust Banks set a $80.00 price objective on IBERIABANK and gave the stock a “buy” rating in a research note on Friday, October 18th. Stephens set a $83.00 price objective on IBERIABANK and gave the stock a “buy” rating in a research note on Friday, October 18th. Finally, Sandler O’Neill lowered IBERIABANK from a “buy” rating to a “hold” rating and cut their price objective for the stock from $86.00 to $76.00 in a research note on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $83.00.

IBKC stock traded up $0.25 during trading hours on Thursday, hitting $76.95. 622,900 shares of the stock were exchanged, compared to its average volume of 340,046. The company has a 50-day simple moving average of $74.83 and a two-hundred day simple moving average of $74.75. IBERIABANK has a 12 month low of $60.82 and a 12 month high of $81.86. The firm has a market capitalization of $4.12 billion, a P/E ratio of 11.50, a P/E/G ratio of 1.37 and a beta of 1.53. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.34.

IBERIABANK (NASDAQ:IBKC) last posted its quarterly earnings data on Friday, October 18th. The bank reported $1.82 EPS for the quarter, topping the Zacks’ consensus estimate of $1.79 by $0.03. The company had revenue of $313.01 million for the quarter, compared to analyst estimates of $312.94 million. IBERIABANK had a return on equity of 10.16% and a net margin of 28.75%. The firm’s quarterly revenue was down .4% on a year-over-year basis. During the same period in the previous year, the firm earned $1.74 earnings per share. On average, equities research analysts predict that IBERIABANK will post 7.12 earnings per share for the current year.

In related news, CEO Daryl G. Byrd sold 6,000 shares of IBERIABANK stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $70.44, for a total value of $422,640.00. Following the transaction, the chief executive officer now directly owns 254,281 shares of the company’s stock, valued at $17,911,553.64. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.65% of the stock is owned by insiders.

A number of hedge funds have recently modified their holdings of IBKC. WINTON GROUP Ltd bought a new stake in IBERIABANK in the second quarter worth approximately $390,000. First Hawaiian Bank increased its holdings in IBERIABANK by 20.4% in the second quarter. First Hawaiian Bank now owns 5,648 shares of the bank’s stock worth $428,000 after purchasing an additional 958 shares in the last quarter. Summit Financial Wealth Advisors LLC increased its holdings in IBERIABANK by 102.1% in the second quarter. Summit Financial Wealth Advisors LLC now owns 25,607 shares of the bank’s stock worth $1,942,000 after purchasing an additional 12,936 shares in the last quarter. New York State Teachers Retirement System bought a new stake in IBERIABANK in the second quarter worth approximately $372,000. Finally, AE Wealth Management LLC bought a new stake in IBERIABANK in the second quarter worth approximately $681,000. Institutional investors and hedge funds own 85.23% of the company’s stock.

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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Analyst Recommendations for IBERIABANK (NASDAQ:IBKC)

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