IBERIABANK Corporation (IBKC) Raised to “Buy” at Zacks Investment Research

IBERIABANK Corporation (NASDAQ:IBKC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday, August 1st. The brokerage currently has a $91.00 price objective on the bank’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 19.89% from the company’s current price.

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

IBKC has been the subject of a number of other reports. Hovde Group upgraded IBERIABANK Corporation from a “market perform” rating to an “outperform” rating and set a $87.00 target price for the company in a research report on Monday, June 5th. Barclays PLC upgraded IBERIABANK Corporation to an “outperform” rating and set a $97.00 target price for the company in a research report on Monday, May 1st. BidaskClub upgraded IBERIABANK Corporation from a “sell” rating to a “hold” rating in a research report on Thursday, June 29th. Stephens set a $95.00 target price on IBERIABANK Corporation and gave the company a “buy” rating in a research report on Saturday, July 22nd. Finally, Robert W. Baird upgraded IBERIABANK Corporation from a “neutral” rating to an “outperform” rating and upped their target price for the company from $88.00 to $97.00 in a research report on Monday, May 1st. One investment analyst has rated the stock with a sell rating, one has given a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the stock. IBERIABANK Corporation presently has an average rating of “Buy” and an average target price of $86.92.

Shares of IBERIABANK Corporation (NASDAQ:IBKC) traded down 0.13% on Tuesday, reaching $75.90. The company had a trading volume of 344,978 shares. The company’s 50-day moving average price is $80.39 and its 200-day moving average price is $80.34. The firm has a market capitalization of $4.07 billion, a price-to-earnings ratio of 18.49 and a beta of 1.28. IBERIABANK Corporation has a 52-week low of $62.66 and a 52-week high of $91.10.

IBERIABANK Corporation (NASDAQ:IBKC) last issued its quarterly earnings data on Thursday, July 20th. The bank reported $1.10 EPS for the quarter, missing analysts’ consensus estimates of $1.12 by $0.02. IBERIABANK Corporation had a net margin of 20.08% and a return on equity of 6.86%. The firm had revenue of $239.61 million during the quarter, compared to analyst estimates of $236.73 million. On average, analysts predict that IBERIABANK Corporation will post $4.75 earnings per share for the current year.

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In other IBERIABANK Corporation news, Vice Chairman Michael J. Brown sold 25,000 shares of the company’s stock in a transaction dated Monday, May 22nd. The stock was sold at an average price of $78.82, for a total value of $1,970,500.00. Following the completion of the transaction, the insider now owns 93,878 shares of the company’s stock, valued at approximately $7,399,463.96. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider John R. Davis sold 6,141 shares of the company’s stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $80.12, for a total value of $492,016.92. Following the completion of the transaction, the insider now directly owns 60,553 shares of the company’s stock, valued at approximately $4,851,506.36. The disclosure for this sale can be found here. 3.17% of the stock is owned by corporate insiders.

Large investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in shares of IBERIABANK Corporation by 1.3% in the second quarter. Vanguard Group Inc. now owns 4,141,740 shares of the bank’s stock valued at $337,551,000 after buying an additional 52,383 shares during the last quarter. BlackRock Inc. boosted its stake in shares of IBERIABANK Corporation by 13,809.5% in the first quarter. BlackRock Inc. now owns 3,486,277 shares of the bank’s stock valued at $275,765,000 after buying an additional 3,461,213 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of IBERIABANK Corporation by 2.0% in the first quarter. Dimensional Fund Advisors LP now owns 3,020,769 shares of the bank’s stock valued at $238,943,000 after buying an additional 59,390 shares during the last quarter. State Street Corp boosted its stake in shares of IBERIABANK Corporation by 20.2% in the second quarter. State Street Corp now owns 2,555,707 shares of the bank’s stock valued at $208,292,000 after buying an additional 428,968 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in shares of IBERIABANK Corporation by 22.7% in the first quarter. JPMorgan Chase & Co. now owns 1,884,509 shares of the bank’s stock valued at $149,065,000 after buying an additional 348,845 shares during the last quarter. 86.06% of the stock is owned by institutional investors.

About IBERIABANK Corporation

IBERIABANK Corporation is a financial holding company. The Company is a holding company for IBERIABANK, a Louisiana state chartered banking corporation; Lenders Title Company, an Arkansas-chartered title insurance and closing services agency (Lenders Title); IBERIA Capital Partners LLC (ICP), a corporate finance services firm; 1887 Leasing, LLC, a holding company for its aircraft; IBERIA Asset Management, Inc (IAM), which provides wealth management and trust advisory services to high net worth individuals, pension funds, corporations and trusts; 840 Denning, LLC, which invests in a commercial rental property, and IBERIA CDE, LLC (CDE), which invests in purchased tax credits.

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