Millennium Management LLC reduced its stake in IBERIABANK Corp (NASDAQ:IBKC) by 61.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 593,465 shares of the bank’s stock after selling 926,526 shares during the period. Millennium Management LLC owned 1.07% of IBERIABANK worth $38,148,000 as of its most recent SEC filing.
A number of other institutional investors also recently made changes to their positions in IBKC. Vanguard Group Inc. lifted its holdings in IBERIABANK by 1.3% in the third quarter. Vanguard Group Inc. now owns 4,910,522 shares of the bank’s stock valued at $399,471,000 after acquiring an additional 61,188 shares during the period. Vanguard Group Inc increased its position in shares of IBERIABANK by 1.3% in the third quarter. Vanguard Group Inc now owns 4,910,522 shares of the bank’s stock valued at $399,471,000 after buying an additional 61,188 shares in the last quarter. BlackRock Inc. increased its position in shares of IBERIABANK by 5.1% in the fourth 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 in the last quarter. Dimensional Fund Advisors LP increased its position 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 valued at $149,538,000 after buying an additional 23,089 shares in the last quarter. Finally, Citigroup Inc. increased its position in shares of IBERIABANK by 1.4% in the fourth quarter. Citigroup Inc. now owns 863,812 shares of the bank’s stock valued at $55,527,000 after buying an additional 12,148 shares in the last quarter. Institutional investors own 87.31% of the company’s stock.
A number of research analysts have recently weighed in on IBKC shares. ValuEngine cut IBERIABANK from a “hold” rating to a “sell” rating in a research report on Wednesday, March 20th. BidaskClub upgraded IBERIABANK from a “strong sell” rating to a “sell” rating in a research report on Friday, March 29th. Stephens raised their price target on IBERIABANK from $85.00 to $91.00 and gave the company an “overweight” rating in a research report on Monday, January 28th. Finally, Zacks Investment Research cut IBERIABANK from a “hold” rating to a “sell” rating in a research report on Friday, January 25th. Two analysts have rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $87.60.
IBERIABANK (NASDAQ:IBKC) last posted its quarterly earnings results on Friday, January 25th. The bank reported $1.86 EPS for the quarter, beating the consensus estimate of $1.78 by $0.08. The company had revenue of $265.99 million during the quarter, compared to analysts’ expectations of $308.20 million. IBERIABANK had a return on equity of 9.98% and a net margin of 26.94%. During the same quarter in the previous year, the business earned $1.33 EPS. On average, equities analysts predict that IBERIABANK Corp will post 7.13 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, April 26th. Shareholders of record on Friday, March 29th will be issued a $0.43 dividend. This is a boost from IBERIABANK’s previous quarterly dividend of $0.41. The ex-dividend date of this dividend is Thursday, March 28th. This represents a $1.72 annualized dividend and a yield of 2.27%. IBERIABANK’s payout ratio is 25.71%.
In other news, Vice Chairman Anthony J. Restel sold 7,000 shares of IBERIABANK stock in a transaction dated Friday, February 1st. The stock was sold at an average price of $74.01, for a total value of $518,070.00. Following the transaction, the insider now directly owns 57,592 shares of the company’s stock, valued at approximately $4,262,383.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ricky E. Maples acquired 2,500 shares of IBERIABANK stock in a transaction dated Tuesday, January 29th. The stock was purchased at an average cost of $75.60 per share, for a total transaction of $189,000.00. Following the completion of the purchase, the director now directly owns 6,100 shares in the company, valued at $461,160. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 8,500 shares of company stock valued at $645,450 and sold 21,502 shares valued at $1,609,475. 2.65% of the stock is owned by insiders.
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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