Schwab Charles Investment Management Inc. increased its position in IBERIABANK Corporation (NASDAQ:IBKC) by 21.8% during the first quarter, Holdings Channel reports. The institutional investor owned 241,007 shares of the bank’s stock after buying an additional 43,190 shares during the period. Schwab Charles Investment Management Inc.’s holdings in IBERIABANK Corporation were worth $19,064,000 at the end of the most recent quarter.
Other institutional investors also recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of IBERIABANK Corporation by 37.7% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,899 shares of the bank’s stock worth $150,000 after buying an additional 520 shares in the last quarter. Karp Capital Management Corp bought a new position in shares of IBERIABANK Corporation during the first quarter worth $214,000. Stephens Inc. AR bought a new position in shares of IBERIABANK Corporation during the first quarter worth $214,000. US Bancorp DE raised its position in shares of IBERIABANK Corporation by 1.4% in the first quarter. US Bancorp DE now owns 2,851 shares of the bank’s stock worth $225,000 after buying an additional 38 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its stake in IBERIABANK Corporation by 0.6% in the first quarter. PNC Financial Services Group Inc. now owns 3,138 shares of the bank’s stock worth $248,000 after buying an additional 20 shares during the last quarter. Hedge funds and other institutional investors own 86.21% of the company’s stock.
Shares of IBERIABANK Corporation (NASDAQ:IBKC) opened at 82.20 on Monday. The stock has a market cap of $4.19 billion, a P/E ratio of 19.04 and a beta of 1.28. The stock has a 50 day moving average of $79.77 and a 200 day moving average of $81.20. IBERIABANK Corporation has a 52 week low of $58.72 and a 52 week high of $91.10.
IBERIABANK Corporation (NASDAQ:IBKC) last posted its quarterly earnings results on Thursday, April 27th. The bank reported $1.02 EPS for the quarter, topping the consensus estimate of $0.97 by $0.05. IBERIABANK Corporation had a return on equity of 7.10% and a net margin of 20.30%. The business had revenue of $220.16 million for the quarter, compared to analyst estimates of $219.98 million. During the same quarter in the previous year, the firm earned $1.01 EPS. The company’s quarterly revenue was up 1.4% compared to the same quarter last year. On average, analysts expect that IBERIABANK Corporation will post $4.60 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, July 28th. Stockholders of record on Friday, June 30th will be issued a dividend of $0.36 per share. The ex-dividend date of this dividend is Wednesday, June 28th. This represents a $1.44 annualized dividend and a dividend yield of 1.75%. IBERIABANK Corporation’s dividend payout ratio is presently 33.26%.
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IBKC has been the topic of a number of recent research reports. Zacks Investment Research raised shares of IBERIABANK Corporation from a “hold” rating to a “buy” rating and set a $90.00 price target on the stock in a research note on Thursday, May 25th. Raymond James Financial, Inc. raised shares of IBERIABANK Corporation from an “outperform” rating to a “strong-buy” rating in a research note on Friday, May 19th. Barclays PLC raised shares of IBERIABANK Corporation to an “outperform” rating and set a $97.00 price target on the stock in a research note on Monday, May 1st. Keefe, Bruyette & Woods set a $90.00 price target on shares of IBERIABANK Corporation and gave the company a “buy” rating in a research note on Monday, April 3rd. Finally, Iberia Capital raised shares of IBERIABANK Corporation from an “outperform” rating to a “strong-buy” rating and set a $93.00 price target on the stock in a research note on Friday, May 19th. Three equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company’s stock. IBERIABANK Corporation currently has an average rating of “Buy” and a consensus target price of $86.09.
In other news, insider John R. Davis sold 15,704 shares of IBERIABANK Corporation stock in a transaction on Tuesday, May 2nd. The stock was sold at an average price of $80.05, for a total transaction of $1,257,105.20. Following the transaction, the insider now owns 64,220 shares in the company, valued at approximately $5,140,811. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Vice Chairman Michael J. Brown sold 25,000 shares of IBERIABANK Corporation stock in a transaction on Monday, May 22nd. The stock was sold at an average price of $78.82, for a total value of $1,970,500.00. Following the transaction, the insider now owns 93,878 shares in the company, valued at approximately $7,399,463.96. The disclosure for this sale can be found here. In the last quarter, insiders have sold 68,720 shares of company stock worth $5,485,713. Insiders own 3.17% of the company’s stock.
IBERIABANK Corporation Company Profile
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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