Azora Capital LP Boosts Stock Position in International Bancshares Corporation $IBOC

Key Points

• Azora Capital LP increased its stake in International Bancshares (NASDAQ:IBOC) by 3.5% in Q3 to 1,128,361 shares (about 1.82% of the company), worth roughly $77.6 million and making IBOC Azora's eighth-largest holding (~3.6% of Azora's portfolio).
• Several large institutions also bought or raised positions — including Norges Bank (new ~$44.9M position), American Century (+19.3% to ~2.89M shares, ~$192.1M), AQR (+101%), and JPMorgan (+49.1%) — leaving institutional ownership at about 65.9%.
• International Bancshares reported quarterly EPS of $1.71 (beat vs. $1.63 estimate), has a market cap of ~$4.2B and a P/E of 10.19, and recently paid a $0.73 dividend with a payout ratio of 22.05%.

Azora Capital LP increased its position in shares of International Bancshares Corporation (NASDAQ:IBOC - Free Report) by 3.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,128,361 shares of the bank's stock after buying an additional 38,195 shares during the period. International Bancshares comprises approximately 3.6% of Azora Capital LP's holdings, making the stock its 8th largest holding. Azora Capital LP owned about 1.82% of International Bancshares worth $77,575,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in IBOC. Norges Bank bought a new position in International Bancshares during the 2nd quarter worth about $44,863,000. American Century Companies Inc. raised its holdings in shares of International Bancshares by 19.3% in the 2nd quarter. American Century Companies Inc. now owns 2,885,687 shares of the bank's stock valued at $192,071,000 after purchasing an additional 466,929 shares in the last quarter. AQR Capital Management LLC lifted its position in shares of International Bancshares by 101.0% in the 2nd quarter. AQR Capital Management LLC now owns 659,381 shares of the bank's stock worth $43,888,000 after purchasing an additional 331,256 shares during the period. Freestone Grove Partners LP purchased a new stake in shares of International Bancshares in the 3rd quarter worth approximately $18,330,000. Finally, JPMorgan Chase & Co. boosted its stake in shares of International Bancshares by 49.1% during the third quarter. JPMorgan Chase & Co. now owns 210,864 shares of the bank's stock valued at $14,497,000 after purchasing an additional 69,466 shares in the last quarter. 65.91% of the stock is currently owned by institutional investors.

International Bancshares Stock Performance

IBOC stock opened at $67.48 on Friday. International Bancshares Corporation has a one year low of $54.11 and a one year high of $75.44. The firm has a market cap of $4.20 billion, a price-to-earnings ratio of 10.19 and a beta of 0.72. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.76 and a current ratio of 0.76. The firm has a 50-day simple moving average of $69.94 and a two-hundred day simple moving average of $68.94.

International Bancshares (NASDAQ:IBOC - Get Free Report) last issued its quarterly earnings data on Thursday, February 26th. The bank reported $1.71 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.63 by $0.08. The firm had revenue of $217.71 million for the quarter. International Bancshares had a net margin of 39.04% and a return on equity of 13.41%.

International Bancshares Dividend Announcement

The company also recently declared a dividend, which was paid on Friday, February 27th. Shareholders of record on Friday, February 13th were issued a $0.73 dividend. This represents a yield of 203.0%. The ex-dividend date of this dividend was Friday, February 13th. International Bancshares's payout ratio is currently 22.05%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on IBOC. Weiss Ratings reissued a "buy (b)" rating on shares of International Bancshares in a research note on Thursday, January 22nd. Loop Capital set a $85.00 target price on International Bancshares in a research report on Wednesday, December 31st. One analyst has rated the stock with a Buy rating, According to MarketBeat.com, International Bancshares has an average rating of "Buy" and a consensus target price of $85.00.

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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