Meeder Asset Management Inc. increased its stake in shares of IBERIABANK Corp (NASDAQ:IBKC) by 94.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 22,479 shares of the bank’s stock after acquiring an additional 10,948 shares during the quarter. Meeder Asset Management Inc.’s holdings in IBERIABANK were worth $1,705,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. BlackRock Inc. boosted its stake in IBERIABANK by 6.0% during the first quarter. BlackRock Inc. now owns 4,385,774 shares of the bank’s stock worth $314,504,000 after acquiring an additional 249,331 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in IBERIABANK by 1.0% during 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 last quarter. FMR LLC raised its holdings in IBERIABANK by 2.1% during 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 last quarter. AJO LP raised its holdings in IBERIABANK by 279.6% during 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 last quarter. Finally, Geode Capital Management LLC raised its holdings in IBERIABANK by 7.4% during 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 last quarter. 86.86% of the stock is currently owned by institutional investors and hedge funds.
In related news, EVP Elizabeth A. Ardoin sold 4,300 shares of the firm’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $77.96, for a total transaction of $335,228.00. Following the completion of the sale, the executive vice president now owns 39,435 shares in the company, valued at $3,074,352.60. The transaction was disclosed in a filing 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 dated Wednesday, July 24th. The stock was sold at an average price of $77.70, for a total transaction of $1,068,375.00. Following the sale, the chief executive officer now 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 90 days. 2.65% of the stock is currently owned by corporate insiders.
IBERIABANK (NASDAQ:IBKC) last announced its earnings results on Friday, July 19th. The bank reported $1.87 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.82 by $0.05. IBERIABANK had a net margin of 29.38% and a return on equity of 10.33%. The company had revenue of $315.18 million during the quarter, compared to the consensus estimate of $313.34 million. During the same quarter in the prior year, the company posted $1.71 earnings per share. The firm’s revenue for the quarter was up 4.0% on a year-over-year basis. As a group, research analysts expect that IBERIABANK Corp will post 7.13 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Monday, September 30th will be issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 2.56%. The ex-dividend date of this dividend is Friday, September 27th. This is an increase from IBERIABANK’s previous quarterly dividend of $0.43. IBERIABANK’s dividend payout ratio (DPR) is 25.71%.
Several research analysts have weighed in on IBKC shares. Zacks Investment Research upgraded shares of IBERIABANK from a “sell” rating to a “hold” rating in a report on Wednesday, July 24th. Stephens set a $89.00 target price on shares of IBERIABANK and gave the company a “buy” rating in a report on Friday, July 19th. BidaskClub upgraded shares of IBERIABANK from a “strong sell” rating to a “sell” rating in a report on Tuesday, July 2nd. ValuEngine downgraded shares of IBERIABANK from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. Finally, Iberia Capital reiterated a “sell” rating on shares of IBERIABANK in a report on Tuesday, July 23rd. Three research analysts have rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $86.00.
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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