Quantitative Systematic Strategies LLC decreased its stake in IBERIABANK Corp (NASDAQ:IBKC) by 61.1% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 9,351 shares of the bank’s stock after selling 14,682 shares during the period. Quantitative Systematic Strategies LLC’s holdings in IBERIABANK were worth $709,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. 361 Capital LLC increased its stake in shares of IBERIABANK by 9.3% in the first quarter. 361 Capital LLC now owns 39,037 shares of the bank’s stock valued at $2,799,000 after buying an additional 3,317 shares during the period. New York State Teachers Retirement System acquired a new stake in shares of IBERIABANK in the second quarter valued at about $372,000. Norges Bank acquired a new stake in shares of IBERIABANK in the fourth quarter valued at about $34,178,000. Rothschild & Co. Asset Management US Inc. increased its stake in shares of IBERIABANK by 21.2% in the first quarter. Rothschild & Co. Asset Management US Inc. now owns 611,067 shares of the bank’s stock valued at $43,820,000 after buying an additional 107,028 shares during the period. Finally, GAM Holding AG increased its stake in shares of IBERIABANK by 108.4% in the first quarter. GAM Holding AG now owns 10,983 shares of the bank’s stock valued at $788,000 after buying an additional 5,713 shares during the period. 84.02% of the stock is owned by institutional investors.
Several equities research analysts have recently weighed in on IBKC shares. Iberia Capital reissued a “sell” rating on shares of IBERIABANK in a research note on Tuesday, July 23rd. ValuEngine cut IBERIABANK from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. BidaskClub raised IBERIABANK from a “strong sell” rating to a “sell” rating in a research note on Tuesday, July 2nd. Stephens set a $89.00 price target on IBERIABANK and gave the company a “buy” rating in a research note on Friday, July 19th. Finally, SunTrust Banks decreased their target price on IBERIABANK to $86.00 and set a “buy” rating for the company in a research note on Monday, July 22nd. Three equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company’s stock. IBERIABANK has an average rating of “Hold” and a consensus target price of $86.00.
IBERIABANK (NASDAQ:IBKC) last released its earnings results on Friday, July 19th. The bank reported $1.87 EPS for the quarter, topping 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 business had revenue of $315.18 million during the quarter, compared to analysts’ expectations of $313.34 million. During the same quarter last year, the firm posted $1.71 earnings per share. The firm’s revenue was up 4.0% on a year-over-year basis. As a group, equities research analysts forecast that IBERIABANK Corp will post 7.14 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Monday, September 30th will be paid a dividend of $0.45 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $1.80 annualized dividend and a yield of 2.54%. This is a boost from IBERIABANK’s previous quarterly dividend of $0.43. IBERIABANK’s dividend payout ratio (DPR) is currently 25.71%.
In other IBERIABANK news, Director Harry V. Barton, Jr. sold 6,812 shares of the stock in a transaction that occurred on Friday, May 24th. The stock was 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 in the company, valued at $2,171,396.26. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Elizabeth A. Ardoin sold 4,300 shares of the stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $77.96, for a total value of $335,228.00. Following the completion of the transaction, the executive vice president now owns 39,435 shares in the company, valued at approximately $3,074,352.60. 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 ninety days. 2.65% of the stock is currently 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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