Wunderlich Securities Maintains IBERIABANK Buy, $70 PT (IBKC)

Wunderlich Securities maintained its IBERIABANK IBKC Buy rating and $70 price target in a research report published today. In the report, Wunderlich Securities states, "This morning, IBKC announced the acquisition of Metairie, Louisiana-based Omni Bancshares, Inc., which had $735 million in assets, $646 million in deposits, and 14 branches, primarily in the New Orleans MSA, as of December 31, 2010. Omni shareholders will receive 0.3313 shares of IBKC, valued at approximately $40 million, or roughly $19 per OMBA share, which equates to approximately 1.3x TBV/share. The transaction is expected to close in 2Q11." Shares of IBERIABANK were trading at $56.24 at the time of posting, down 1.63% from last Friday's market close.