Zacks Investment Research Lowers IBERIABANK (NASDAQ:IBKC) to Sell

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

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

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

IBERIABANK stock opened at $77.04 on Wednesday. The firm has a market cap of $4.15 billion, a PE ratio of 11.52, a price-to-earnings-growth ratio of 1.34 and a beta of 1.50. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.93 and a current ratio of 0.94. The firm’s 50-day moving average is $74.80. IBERIABANK has a 52 week low of $60.82 and a 52 week high of $87.50.

IBERIABANK (NASDAQ:IBKC) last released its earnings results on Thursday, April 25th. The bank reported $1.72 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.64 by $0.08. The firm had revenue of $302.99 million for the quarter, compared to analysts’ expectations of $304.28 million. IBERIABANK had a net margin of 28.29% and a return on equity of 10.34%. During the same quarter last year, the company earned $1.37 EPS. On average, equities research analysts anticipate that IBERIABANK will post 7.14 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 26th. Stockholders of record on Friday, June 28th will be paid a $0.43 dividend. The ex-dividend date of this dividend is Thursday, June 27th. This represents a $1.72 annualized dividend and a dividend yield of 2.23%. IBERIABANK’s dividend payout ratio is currently 25.71%.

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

Institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. boosted its holdings in shares of IBERIABANK by 6.0% in the first quarter. BlackRock Inc. now owns 4,385,774 shares of the bank’s stock worth $314,504,000 after buying an additional 249,331 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of IBERIABANK by 1.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,326,347 shares of the bank’s stock worth $149,538,000 after buying an additional 23,089 shares during the period. FMR LLC boosted its holdings in shares of IBERIABANK by 2.1% in the first quarter. FMR LLC now owns 1,234,507 shares of the bank’s stock worth $88,526,000 after buying an additional 25,945 shares during the period. AJO LP boosted its holdings in shares of IBERIABANK by 279.6% in the first quarter. AJO LP now owns 804,531 shares of the bank’s stock worth $57,693,000 after buying an additional 592,567 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in shares of IBERIABANK by 7.4% in the fourth quarter. Geode Capital Management LLC now owns 720,988 shares of the bank’s stock worth $46,345,000 after buying an additional 49,577 shares during the period. 84.13% of the stock is currently owned by 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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