In a report released today, Matt Olney from Stephens maintained a Buy rating on Iberiabank (IBKC), with a price target of $89. The company’s shares closed yesterday at $75.27.
Olney observed:
“We estimate core PPNR of $144 million, above our forecast of $137 million, driven by impressive fees. IBKC updated the FY2019 guidance that appears generally positive (with the exception of NIM): 9 bps lower NIM outlook at midpoint (added 2 FF cuts assumptions), a $4.5 million decrease in LLP expense, a $6 million increase of core fees, $5.5 million decrease of Op. ex., modestly higher share repurchase activity. The conference call is this morning at 8:30 a.m. Central. Our rating is Overweight.”
According to TipRanks.com, Olney is a 1-star analyst with an average return of -0.2% and a 43.3% 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.
Currently, the analyst consensus on Iberiabank is a Strong Buy with an average price target of $89.38, representing a 18.7% 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 320.6K.
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.
