7,048,194 Shares in International Bancshares Corporation $IBOC Acquired by BlackRock Inc.

Key Points

• BlackRock acquired 7.05 million shares of International Bancshares in the second quarter, valued at approximately $535.3 million, giving it an 11.33% stake.
• International Bancshares reported quarterly EPS of $1.54, below the $1.61 consensus estimate, while revenue of $214.82 million also missed expectations of $264.13 million.
• The stock opened at $71.54, compared with a consensus analyst price target of $85.00. The company declared a $0.73-per-share dividend, with a 22.02% payout ratio.

BlackRock Inc. purchased a new position in International Bancshares Corporation (NASDAQ:IBOC - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 7,048,194 shares of the bank's stock, valued at approximately $535,310,000. BlackRock Inc. owned approximately 11.33% of International Bancshares as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in the company. Rockefeller Capital Management L.P. raised its position in shares of International Bancshares by 4,020.0% during the fourth quarter. Rockefeller Capital Management L.P. now owns 412 shares of the bank's stock worth $27,000 after purchasing an additional 402 shares during the period. Hantz Financial Services Inc. lifted its holdings in shares of International Bancshares by 82.5% in the 4th quarter. Hantz Financial Services Inc. now owns 489 shares of the bank's stock worth $32,000 after purchasing an additional 221 shares in the last quarter. Quadrant Capital Group LLC grew its position in International Bancshares by 82.0% in the 4th quarter. Quadrant Capital Group LLC now owns 515 shares of the bank's stock valued at $34,000 after purchasing an additional 232 shares during the period. Versant Capital Management Inc grew its position in International Bancshares by 35.8% in the 2nd quarter. Versant Capital Management Inc now owns 596 shares of the bank's stock valued at $45,000 after purchasing an additional 157 shares during the period. Finally, Danske Bank A S bought a new stake in International Bancshares during the 3rd quarter valued at $48,000. Institutional investors and hedge funds own 65.91% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings lowered shares of International Bancshares from a "buy (b+)" rating to a "buy (b)" rating in a research note on Friday. One research analyst has rated the stock with a Buy rating, According to data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $85.00.

International Bancshares Stock Performance

Shares of IBOC opened at $71.54 on Tuesday. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $4.45 billion, a price-to-earnings ratio of 10.79 and a beta of 0.69. The stock has a 50 day moving average of $75.11 and a 200 day moving average of $72.31. International Bancshares Corporation has a 12 month low of $63.19 and a 12 month high of $78.46.

International Bancshares (NASDAQ:IBOC - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The bank reported $1.54 earnings per share for the quarter, missing the consensus estimate of $1.61 by ($0.07). The business had revenue of $214.82 million during the quarter, compared to analysts' expectations of $264.13 million. International Bancshares had a return on equity of 12.67% and a net margin of 38.83%.

International Bancshares Announces Dividend

The business also recently disclosed a dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 14th will be issued a dividend of $0.73 per share. This represents a yield of 199.0%. The ex-dividend date is Friday, August 14th. International Bancshares's dividend payout ratio (DPR) is 22.02%.

International Bancshares Company Profile

International Bancshares Corporation is a bank holding company headquartered in Laredo, Texas, that provides a comprehensive range of financial products and services through its subsidiary, International Bank of Commerce. As one of the largest community banking organizations in the United States, the company serves retail, commercial, and corporate clients with a focus on relationship-driven banking.

The company's offerings include deposit products, consumer and commercial loans, treasury management, mortgage lending, trust and wealth management, and insurance services.

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