Is IBERIABANK Corporation (NASDAQ:IBKC) a buy, sell, or hold? Hedge funds are becoming more confident. The number of long hedge fund positions inched up by 2 recently.
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Just as integral, positive insider trading sentiment is another way to parse down the world of equities. Just as you’d expect, there are a number of reasons for a bullish insider to drop shares of his or her company, but only one, very simple reason why they would initiate a purchase. Many academic studies have demonstrated the useful potential of this strategy if “monkeys” know where to look (learn more here).
Keeping this in mind, we’re going to take a gander at the latest action regarding IBERIABANK Corporation (NASDAQ:IBKC).
What have hedge funds been doing with IBERIABANK Corporation (NASDAQ:IBKC)?
Heading into Q2, a total of 9 of the hedge funds we track were bullish in this stock, a change of 29% from one quarter earlier. With hedge funds’ sentiment swirling, there exists a select group of notable hedge fund managers who were boosting their holdings substantially.
According to our comprehensive database, Citadel Investment Group, managed by Ken Griffin, holds the most valuable position in IBERIABANK Corporation (NASDAQ:IBKC). Citadel Investment Group has a $18.1 million position in the stock, comprising less than 0.1%% of its 13F portfolio. The second largest stake is held by Robert Joseph Caruso of Select Equity Group, with a $6.5 million position; the fund has 0.1% of its 13F portfolio invested in the stock. Remaining peers that hold long positions include Israel Englander’s Millennium Management, Eric D. Hovde’s Hovde Capital and Jim Simons’s Renaissance Technologies.
As aggregate interest increased, key money managers have jumped into IBERIABANK Corporation (NASDAQ:IBKC) headfirst. Select Equity Group, managed by Robert Joseph Caruso, initiated the biggest position in IBERIABANK Corporation (NASDAQ:IBKC). Select Equity Group had 6.5 million invested in the company at the end of the quarter. Israel Englander’s Millennium Management also initiated a $4 million position during the quarter. The other funds with brand new IBKC positions are Jim Simons’s Renaissance Technologies, John Overdeck and David Siegel’s Two Sigma Advisors, and D. E. Shaw’s D E Shaw.
What do corporate executives and insiders think about IBERIABANK Corporation (NASDAQ:IBKC)?
Insider purchases made by high-level executives is best served when the company in focus has seen transactions within the past six months. Over the latest 180-day time frame, IBERIABANK Corporation (NASDAQ:IBKC) has experienced 1 unique insiders buying, and 3 insider sales (see the details of insider trades here).
Let’s also review hedge fund and insider activity in other stocks similar to IBERIABANK Corporation (NASDAQ:IBKC). These stocks are EverBank Financial Corp (NYSE:EVER), F.N.B. Corp (NYSE:FNB), Trustmark Corp (NASDAQ:TRMK), Bank Of The Ozarks Inc (NASDAQ:OZRK), and BancorpSouth, Inc. (NYSE:BXS). All of these stocks are in the regional – southeast banks industry and their market caps are closest to IBKC’s market cap.