In a report released today, Matt Olney from Stephens reiterated a Buy rating on Iberiabank (IBKC), with a price target of $87. The company’s shares closed on Friday at $77.09.
Olney commented:
“We’re encouraged IBKC continues to report strong credit trends (classified assets 1.0% vs peers ~1.5%) as some peers are still experiencing elevated trends and their improvement levels have stalled. We reiterate our Overweight rating and are decreasing our price target to $87 (was $89) which represents a 12x multiple on our 2020 EPS forecast of $7.28 (down from $7.39). KEY EPS Beat; Tweaking Our EPS Forecast; Guidance Updated. IBKC reported 2Q19 GAAP EPS of $1.86. Excluding multiple non-core items, core operating EPS was $1.87 compared to consensus forecast of $1.82. The EPS beat was driven by strong fee income & good expense controls but partially offset by soft NII. We are inceasing our 2019 Op. EPS forecast from $7.12 to $7.13 and our 2020 EPS forecast from $7.39 to $7.28 (see GAAP estimates in table at left).”
According to TipRanks.com, Olney is a 1-star analyst with an average return of -0.2% and a 44.9% success rate. Olney covers the Financial sector, focusing on stocks such as Spirit Of Texas Bancshares Inc, Business First Bancshares Inc, and Hancock Whitney Corporation.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Iberiabank with a $87.50 average price target, representing a 13.5% upside. In a report issued on July 8, Raymond James also maintained a Buy rating on the stock with a $87 price target.
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The company has a one-year high of $87.50 and a one-year low of $60.82. Currently, Iberiabank has an average volume of 324.2K.
Based on the recent corporate insider activity of 88 insiders, corporate insider sentiment is neutral on the stock.
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IBERIABANK Corp. operates as a financial holding company for Iberiabank, which engages in the provision of commercial, consumer, mortgage, and private banking products and services. The firm provides cash management and investment brokerage solutions.
