LAFAYETTE, La., July 17, 2019 /PRNewswire/ -- The Board of Directors of IBERIABANK Corporation (NASDAQ: IBKC) announced the declaration of a quarterly cash dividend of $0.45 per common share, payable on October 25, 2019, to shareholders of record as of September 30, 2019.
The announced quarterly cash dividend represents an increase of approximately 5% compared to the prior quarterly cash dividend declared by the Board on May 8, 2019, and payable on July 26, 2019. In total, declared common dividends for 2019 will represent a 13% increase in common dividends paid in 2018.
Daryl G. Byrd, President and Chief Executive Officer, commented, "Our Company continues to achieve strong financial results. The increase in the quarterly cash dividend is another way to provide our shareholders enhanced returns on their investments. The two cent increase to our cash dividend on common stock is our second increase in 2019."
This increased quarterly dividend level equates to an annualized dividend rate of $1.80 per common share. Based on the closing common stock price on July 17, 2019, of $74.42 per common share, the new indicated dividend yield on the Company's common stock would be 2.3%.
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 $3.9 billion, based on the NASDAQ Global Select Market closing common stock price on July 17, 2019.
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.
Shareholders may enroll in IBERIABANK Corporation's common stock Dividend Reinvestment Plan through the Investor Center at www.computershare.com, or by completing 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 with locations in Louisiana, Arkansas, Tennessee, Alabama, Texas, Florida, Georgia, South Carolina, North Carolina, Mississippi, Missouri, and New York offering commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, mortgage, and title insurance services.
SOURCE IBERIABANK Corporation