Connor Clark & Lunn Investment Management Ltd. bought a new stake in IBERIABANK Corp (NASDAQ:IBKC) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 3,125 shares of the bank’s stock, valued at approximately $237,000.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Advisor Group Inc. grew its position in shares of IBERIABANK by 7.0% during the second quarter. Advisor Group Inc. now owns 2,754 shares of the bank’s stock worth $209,000 after acquiring an additional 180 shares during the last quarter. Bailard Inc. raised its stake in shares of IBERIABANK by 2.8% during the 2nd quarter. Bailard Inc. now owns 7,275 shares of the bank’s stock worth $552,000 after buying an additional 200 shares during the last quarter. Clearbridge Investments LLC raised its stake in shares of IBERIABANK by 0.9% during the 1st quarter. Clearbridge Investments LLC now owns 29,767 shares of the bank’s stock worth $2,135,000 after buying an additional 263 shares during the last quarter. Signition LP raised its stake in shares of IBERIABANK by 9.9% during the 2nd quarter. Signition LP now owns 3,154 shares of the bank’s stock worth $239,000 after buying an additional 284 shares during the last quarter. Finally, Rhumbline Advisers raised its stake in shares of IBERIABANK by 0.5% during the 1st quarter. Rhumbline Advisers now owns 83,913 shares of the bank’s stock worth $6,017,000 after buying an additional 411 shares during the last quarter. 85.84% of the stock is currently owned by institutional investors.
A number of research firms recently commented on IBKC. Zacks Investment Research upgraded IBERIABANK from a “sell” rating to a “hold” rating in a research report on Wednesday, July 24th. SunTrust Banks lowered their price target on IBERIABANK to $86.00 and set a “buy” rating for the company in a report on Monday, July 22nd. Stephens set a $89.00 price target on IBERIABANK and gave the company a “buy” rating in a report on Friday, July 19th. ValuEngine upgraded IBERIABANK from a “sell” rating to a “hold” rating in a report on Wednesday. Finally, BidaskClub cut IBERIABANK from a “sell” rating to a “strong sell” rating in a report on Friday, September 6th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $86.00.
Shares of IBKC traded up $1.62 during trading on Friday, reaching $77.24. The company’s stock had a trading volume of 431,179 shares, compared to its average volume of 331,794. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.34. The company has a market cap of $3.98 billion, a price-to-earnings ratio of 11.55, a P/E/G ratio of 1.30 and a beta of 1.55. IBERIABANK Corp has a twelve month low of $60.82 and a twelve month high of $86.20. The company has a fifty day moving average of $71.66 and a two-hundred day moving average of $74.73.
IBERIABANK (NASDAQ:IBKC) last posted its quarterly earnings results on Friday, July 19th. The bank reported $1.87 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.82 by $0.05. The business had revenue of $315.18 million for the quarter, compared to analyst estimates of $313.34 million. IBERIABANK had a return on equity of 10.33% and a net margin of 29.38%. The business’s revenue was up 4.0% compared to the same quarter last year. During the same period in the prior year, the company posted $1.71 EPS. As a group, equities analysts forecast that IBERIABANK Corp will post 7.13 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Monday, September 30th will be issued a $0.45 dividend. This is a positive change from IBERIABANK’s previous quarterly dividend of $0.43. The ex-dividend date of this dividend is Friday, September 27th. This represents a $1.80 annualized dividend and a dividend yield of 2.33%. IBERIABANK’s dividend payout ratio is 25.71%.
In other news, EVP Elizabeth A. Ardoin sold 4,300 shares of the company’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 sale, the executive vice president now directly owns 39,435 shares of the company’s stock, valued at $3,074,352.60. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Daryl G. Byrd sold 6,000 shares of the company’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $70.44, for a total value of $422,640.00. Following the sale, the chief executive officer now directly owns 254,281 shares of the company’s stock, valued at $17,911,553.64. The disclosure for this sale can be found here. In the last 90 days, insiders sold 34,050 shares of company stock valued at $2,584,943. Insiders own 2.65% of the company’s stock.
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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