State of Tennessee Treasury Department bought a new stake in IBERIABANK Corp (NASDAQ:IBKC) in the 3rd quarter, HoldingsChannel reports. The institutional investor bought 7,494 shares of the bank’s stock, valued at approximately $566,000.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in IBKC. Captrust Financial Advisors lifted its stake in IBERIABANK by 43.8% during the second quarter. Captrust Financial Advisors now owns 509 shares of the bank’s stock worth $39,000 after purchasing an additional 155 shares during the period. Ladenburg Thalmann Financial Services Inc. lifted its stake in IBERIABANK by 38.8% during the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 726 shares of the bank’s stock worth $55,000 after purchasing an additional 203 shares during the period. Steward Partners Investment Advisory LLC bought a new position in IBERIABANK during the second quarter worth about $64,000. Advisor Group Inc. lifted its stake in 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 purchasing an additional 180 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in IBERIABANK during the second quarter worth about $237,000. Institutional investors and hedge funds own 85.44% of the company’s stock.
In other news, CEO Daryl G. Byrd sold 6,000 shares of IBERIABANK stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now owns 254,281 shares in the company, valued at $17,911,553.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.65% of the company’s stock.
NASDAQ:IBKC opened at $73.60 on Friday. IBERIABANK Corp has a 1 year low of $60.82 and a 1 year high of $81.86. The firm has a 50 day moving average of $74.75 and a 200-day moving average of $74.72. The company has a current ratio of 0.97, a quick ratio of 0.95 and a debt-to-equity ratio of 0.34. The stock has a market capitalization of $3.93 billion, a P/E ratio of 10.33, a price-to-earnings-growth ratio of 1.32 and a beta of 1.53.
IBERIABANK (NASDAQ:IBKC) last posted its earnings results on Friday, October 18th. The bank reported $1.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.79 by $0.03. IBERIABANK had a net margin of 28.75% and a return on equity of 10.11%. The company had revenue of $313.01 million during the quarter, compared to analysts’ expectations of $312.94 million. During the same quarter in the previous year, the company posted $1.74 earnings per share. IBERIABANK’s quarterly revenue was down .4% compared to the same quarter last year. As a group, analysts forecast that IBERIABANK Corp will post 7.12 EPS for the current fiscal year.
A number of research analysts have commented on the stock. SunTrust Banks set a $80.00 price target on shares of IBERIABANK and gave the stock a “buy” rating in a research note on Friday, October 18th. ValuEngine upgraded shares of IBERIABANK from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. Sandler O’Neill cut shares of IBERIABANK from a “buy” rating to a “hold” rating and cut their price target for the stock from $86.00 to $76.00 in a research note on Tuesday, October 22nd. Zacks Investment Research upgraded shares of IBERIABANK from a “sell” rating to a “hold” rating in a research note on Tuesday, October 22nd. Finally, Keefe, Bruyette & Woods cut shares of IBERIABANK from an “outperform” rating to a “market perform” rating and raised their price target for the stock from $85.00 to $87.00 in a research note on Thursday, November 7th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $83.00.
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.
Further Reading: What Does a Sell-Side Analyst Rating Mean?
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