Wells Fargo & Company MN lessened its position in IBERIABANK Corp (NASDAQ:IBKC) by 9.5% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 274,037 shares of the bank’s stock after selling 28,922 shares during the quarter. Wells Fargo & Company MN owned approximately 0.51% of IBERIABANK worth $22,514,000 as of its most recent filing with the SEC.
Other institutional investors have also recently made changes to their positions in the company. Ameritas Investment Partners Inc. raised its position in IBERIABANK by 5.0% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 4,441 shares of the bank’s stock valued at $362,000 after buying an additional 213 shares during the last quarter. BB&T Corp acquired a new position in shares of IBERIABANK during the 3rd quarter worth approximately $277,000. Prudential Financial Inc. increased its position in shares of IBERIABANK by 49.7% during the 2nd quarter. Prudential Financial Inc. now owns 238,413 shares of the bank’s stock worth $19,431,000 after purchasing an additional 79,178 shares during the last quarter. Monarch Partners Asset Management LLC acquired a new position in shares of IBERIABANK during the 3rd quarter worth approximately $14,888,000. Finally, Rhumbline Advisers increased its position in shares of IBERIABANK by 6.9% during the 2nd quarter. Rhumbline Advisers now owns 65,064 shares of the bank’s stock worth $5,303,000 after purchasing an additional 4,205 shares during the last quarter. 80.42% of the stock is currently owned by institutional investors and hedge funds.
In other news, Director Ernest P. Breaux, Jr. sold 5,000 shares of the business’s stock in a transaction on Thursday, September 28th. The stock was sold at an average price of $78.18, for a total transaction of $390,900.00. Following the completion of the transaction, the director now owns 27,963 shares of the company’s stock, valued at approximately $2,186,147.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider John R. Davis sold 3,263 shares of the business’s stock in a transaction on Tuesday, November 21st. The stock was sold at an average price of $74.24, for a total value of $242,245.12. Following the transaction, the insider now directly owns 57,886 shares of the company’s stock, valued at approximately $4,297,456.64. The disclosure for this sale can be found here. Corporate insiders own 3.17% of the company’s stock.
IBERIABANK (NASDAQ:IBKC) last released its earnings results on Thursday, October 19th. The bank reported $1.00 earnings per share for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.13). The company had revenue of $270.19 million for the quarter, compared to the consensus estimate of $276.02 million. IBERIABANK had a net margin of 17.14% and a return on equity of 6.57%. The business’s revenue was up 21.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.08 earnings per share. sell-side analysts anticipate that IBERIABANK Corp will post 4.27 earnings per share for the current year.
A number of research firms recently weighed in on IBKC. ValuEngine raised IBERIABANK from a “hold” rating to a “buy” rating in a report on Tuesday, September 26th. Stephens lowered IBERIABANK from an “overweight” rating to an “equal weight” rating in a report on Friday, October 20th. Zacks Investment Research lowered IBERIABANK from a “hold” rating to a “sell” rating in a report on Tuesday, October 17th. Hovde Group lowered IBERIABANK from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $88.00 to $82.00 in a report on Monday, October 23rd. Finally, SunTrust Banks decreased their target price on IBERIABANK to $80.00 and set a “hold” rating on the stock in a report on Wednesday, October 25th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company. IBERIABANK has an average rating of “Buy” and a consensus target price of $89.27.
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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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