IBERIABANK (NASDAQ:IBKC) Downgraded to Sell at ValuEngine

ValuEngine cut shares of IBERIABANK (NASDAQ:IBKC) from a hold rating to a sell rating in a research note released on Thursday morning, ValuEngine reports.

Several other equities analysts also recently weighed in on IBKC. Raymond James set a $85.00 price objective on IBERIABANK and gave the company a buy rating in a research note on Thursday, April 4th. Stephens set a $89.00 price objective on IBERIABANK and gave the company a buy rating in a research note on Friday, July 19th. Zacks Investment Research raised IBERIABANK from a sell rating to a hold rating in a research note on Wednesday, July 24th. Iberia Capital reaffirmed a sell rating on shares of IBERIABANK in a research note on Tuesday, July 23rd. Finally, BidaskClub raised IBERIABANK from a strong sell rating to a sell rating in a research note on Tuesday, July 2nd. Three equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company. The company has an average rating of Hold and an average target price of $86.00.

Shares of IBKC traded down $1.21 during mid-day trading on Thursday, hitting $73.69. The company’s stock had a trading volume of 350,252 shares, compared to its average volume of 271,799. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.94 and a quick ratio of 0.93. The business has a 50-day moving average of $75.82. The stock has a market capitalization of $4.28 billion, a price-to-earnings ratio of 11.01, a P/E/G ratio of 1.38 and a beta of 1.49. IBERIABANK has a 1-year low of $60.82 and a 1-year high of $87.50.

IBERIABANK (NASDAQ:IBKC) last released its quarterly earnings data on Friday, July 19th. The bank reported $1.87 earnings per share for the quarter, beating the consensus estimate of $1.82 by $0.05. IBERIABANK had a return on equity of 10.39% and a net margin of 29.38%. The firm had revenue of $315.18 million during the quarter, compared to the consensus estimate of $313.34 million. During the same period last year, the business posted $1.71 EPS. IBERIABANK’s quarterly revenue was up 4.0% on a year-over-year basis. Sell-side analysts anticipate that IBERIABANK will post 7.14 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Monday, September 30th will be given a dividend of $0.45 per share. This is an increase from IBERIABANK’s previous quarterly dividend of $0.43. The ex-dividend date is Friday, September 27th. This represents a $1.80 annualized dividend and a yield of 2.44%. IBERIABANK’s dividend payout ratio (DPR) is presently 25.71%.

In other IBERIABANK news, EVP Elizabeth A. Ardoin sold 4,300 shares of the firm’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $77.96, for a total transaction of $335,228.00. Following the completion of the transaction, the executive vice president now owns 39,435 shares of the company’s stock, valued at $3,074,352.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Daryl G. Byrd sold 13,750 shares of the firm’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $77.70, for a total value of $1,068,375.00. Following the transaction, the chief executive officer now directly owns 274,031 shares of the company’s stock, valued at approximately $21,292,208.70. The disclosure for this sale can be found here. Insiders have sold 34,862 shares of company stock valued at $2,669,593 in the last three months. 2.65% of the stock is currently owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in the business. AJO LP grew its holdings in shares of IBERIABANK by 279.6% during the first quarter. AJO LP now owns 804,531 shares of the bank’s stock valued at $57,693,000 after purchasing an additional 592,567 shares during the last quarter. Norges Bank bought a new stake in IBERIABANK in the fourth quarter worth $34,178,000. BlackRock Inc. boosted its holdings in 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 purchasing an additional 249,331 shares in the last quarter. Rothschild & Co. Asset Management US Inc. boosted its holdings in IBERIABANK by 21.2% in the first quarter. Rothschild & Co. Asset Management US Inc. now owns 611,067 shares of the bank’s stock worth $43,820,000 after purchasing an additional 107,028 shares in the last quarter. Finally, Acadian Asset Management LLC boosted its holdings in IBERIABANK by 216.8% in the first quarter. Acadian Asset Management LLC now owns 122,003 shares of the bank’s stock worth $8,747,000 after purchasing an additional 83,487 shares in the last quarter. 84.07% of the stock is owned by 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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