IBERIABANK (NASDAQ:IBKC) Cut to Sell at Zacks Investment Research

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

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

Several other research firms have also recently commented on IBKC. BidaskClub upgraded shares of Zillow Group from a buy rating to a strong-buy rating in a report on Tuesday, July 2nd. Stephens set a $100.00 price target on shares of Cullen/Frost Bankers and gave the stock a hold rating in a report on Friday, April 26th. ValuEngine cut shares of Wave Life Sciences from a buy rating to a hold rating in a report on Tuesday, April 16th. Finally, Raymond James restated a buy rating on shares of Teck Resources in a report on Thursday, April 4th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company’s stock. IBERIABANK presently has a consensus rating of Hold and an average target price of $86.25.

IBKC stock opened at $77.04 on Wednesday. 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 has a market capitalization of $4.15 billion, a PE ratio of 10.85, a P/E/G ratio of 1.34 and a beta of 1.50. The stock’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 posted its quarterly earnings results on Thursday, April 25th. The bank reported $1.72 EPS for the quarter, topping the consensus estimate of $1.64 by $0.08. The business had revenue of $302.99 million during 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 period last year, the company posted $1.37 earnings per share. On average, analysts predict that IBERIABANK will post 7.14 EPS for the current fiscal year.

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

In other IBERIABANK news, Director John E. Koerner III acquired 13,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The shares were purchased at an average price of $74.81 per share, with a total value of $972,530.00. Following the completion of the transaction, the director now owns 7,800 shares in the company, valued at $583,518. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, Director Harry V. Barton, Jr. sold 6,812 shares of the firm’s stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $74.47, for a total transaction of $507,289.64. Following the transaction, the director now directly owns 29,158 shares in the company, valued at approximately $2,171,396.26. The disclosure for this sale can be found here. 2.65% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently modified their holdings of IBKC. Clearbridge Investments LLC raised its position in shares of IBERIABANK by 0.9% in the first quarter. Clearbridge Investments LLC now owns 29,767 shares of the bank’s stock valued at $2,135,000 after purchasing an additional 263 shares during the period. PNC Financial Services Group Inc. raised its position in shares of IBERIABANK by 20.3% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,892 shares of the bank’s stock valued at $122,000 after purchasing an additional 319 shares during the period. Summit Financial Wealth Advisors LLC raised its position in shares of IBERIABANK by 2.8% in the first quarter. Summit Financial Wealth Advisors LLC now owns 12,671 shares of the bank’s stock valued at $920,000 after purchasing an additional 340 shares during the period. Rhumbline Advisers raised its position in shares of IBERIABANK by 0.5% in the first quarter. Rhumbline Advisers now owns 83,913 shares of the bank’s stock valued at $6,017,000 after purchasing an additional 411 shares during the period. Finally, Lido Advisors LLC raised its position in shares of IBERIABANK by 17.9% in the fourth quarter. Lido Advisors LLC now owns 3,886 shares of the bank’s stock valued at $251,000 after purchasing an additional 590 shares during the period. 84.13% of the stock is currently owned by hedge funds and other institutional investors.

About IBERIABANK

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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