Allianz Asset Management GmbH Makes New Investment in International Bancshares Corporation $IBOC

Key Points

• Allianz Asset Management initiated a new International Bancshares position of 28,559 shares valued at approximately $2.17 million. Institutional investors and hedge funds collectively own 65.91% of the bank’s stock.
• International Bancshares reported quarterly earnings of $1.54 per share, missing the $1.61 consensus estimate, while revenue of $214.82 million fell short of the $264.13 million forecast.
• The stock opened at $70.61 and carries a consensus “Buy” rating with an average price target of $85.00, despite Weiss Ratings downgrading it from “buy (b+)” to “buy (b).”

Allianz Asset Management GmbH bought a new stake in International Bancshares Corporation (NASDAQ:IBOC - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 28,559 shares of the bank's stock, valued at approximately $2,169,000.

Other institutional investors also recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of International Bancshares by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,200 shares of the bank's stock worth $2,031,000 after purchasing an additional 1,414 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in International Bancshares by 1.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 547,951 shares of the bank's stock worth $34,554,000 after buying an additional 6,909 shares during the period. United Services Automobile Association bought a new stake in International Bancshares during the 1st quarter worth approximately $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in International Bancshares by 2.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 167,376 shares of the bank's stock valued at $10,555,000 after acquiring an additional 3,689 shares during the period. Finally, Jane Street Group LLC raised its stake in shares of International Bancshares by 202.9% during the first quarter. Jane Street Group LLC now owns 92,422 shares of the bank's stock valued at $5,828,000 after acquiring an additional 61,905 shares during the last quarter. 65.91% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Weiss Ratings lowered International Bancshares from a "buy (b+)" rating to a "buy (b)" rating in a research report on Friday, August 21st. One analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $85.00.

International Bancshares Stock Down 1.1%

Shares of NASDAQ IBOC opened at $70.61 on Thursday. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.04. The firm has a market cap of $4.39 billion, a PE ratio of 10.65 and a beta of 0.67. The company's fifty day simple moving average is $73.97 and its 200 day simple moving average is $72.15. 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 results 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). International Bancshares had a net margin of 38.83% and a return on equity of 12.67%. The company had revenue of $214.82 million during the quarter, compared to the consensus estimate of $264.13 million.

International Bancshares Dividend Announcement

The firm also recently declared a dividend, which was paid on Friday, August 28th. Investors of record on Friday, August 14th were given a $0.73 dividend. The ex-dividend date of this dividend was Friday, August 14th. This represents a yield of 199.0%. International Bancshares's dividend payout ratio (DPR) is presently 22.02%.

About International Bancshares

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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