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Raymond James Slashes Banks Ahead of Summer of Doom

Stocks in this article: C JPM FFIC IBKC UMBF VLY DCOM

IberiaBank Corp.
Raymond James analyst Michael Rose lowered his rating for IberiaBank Corp. (IBKC) of Lafayette, La., to "Outperform" from "Strong Buy," while lowering his price target for the shares to $55 from $60, and cutting his 2012 EPS estimate by three cents to $2.72 and his 2013 EPS estimate by 15 cents to $3.10.

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IberiaBank's shares closed at $45.86 Tuesday, down 6% year-to-date, following a 14% decline last year. The shares trade for 1.2 times their reported March 31 tangible book value of $37.23, and for 14.5 times the consensus 2013 earnings estimate of $3.17. The consensus 2012 EPS estimate is $2.70.

Based on a 34-cent quarterly payout, the shares have a dividend yield of 2.97%. With first-quarter earnings of 66 cents a share, the dividend payout ratio was 52%.

Rose said that although he continues to "view the fundamental story positively, a reduction in EPS estimates /price target renders a less attractive risk/reward given uncertainty around expenses, a lower NIM, and slower (but still robust) loan growth."

The analyst's $55 price target for IBeriaBank "assumes IBKC shares trade at 1.4x our 1Q13E tangible book value estimate of $39.75, in line with the southeast & southwest peer median."

Interested in more on IberiaBank Corp.? See TheStreet Ratings' report card for this stock.

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