LAFAYETTE, La., Sept. 12, 2016 /PRNewswire/ -- The Board of Directors of IBERIABANK Corporation (NASDAQ: IBKC) announced the declaration of a quarterly cash dividend of $0.36 per common share, an increase of 6% compared to the common dividend declared in June 2016. The dividend is payable on October 28, 2016, to shareholders of record as of September 30, 2016.
Daryl G. Byrd, President and Chief Executive of the Company, commented "Over the last several years, we achieved a significant improvement in the financial performance of our Company. As a result of this performance and our confidence in our future, we are pleased to provide an increase in our cash dividend this quarter to our common shareholders."
This increased quarterly dividend level equates to an annualized dividend rate of $1.44 per common share. Based on the closing common stock price on September 12, 2016, of $68.77 per common share, the indicated dividend yield on the Company's common stock was 2.09%.
The Company's common stock trades on the NASDAQ Global Select Market under the symbol "IBKC". The Company's common stock market capitalization was approximately $2.8 billion, based on the NASDAQ Global Select Market closing common stock price on September 12, 2016.
IBERIABANK Corporation common shareholders may take advantage of the Company's Dividend Reinvestment Plan. This program provides a convenient, economical way for common shareholders to increase their holdings of the Company's common stock. Common stock shareholders pay no brokerage commissions or service charges while participating in the plan.
To enroll in IBERIABANK Corporation's common stock Dividend Reinvestment Plan, shareholders must have their common stock certificate numbers and complete an enrollment form. Enrollment forms and a summary of the plan are available from Computershare by calling (800) 368-5948.
IBERIABANK Corporation is a financial holding company based in Lafayette, Louisiana with locations in 10 states. IBERIABANK Corporation and its predecessor organizations have served clients for 129 years.
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SOURCE IBERIABANK Corporation