Azora Capital LP Invests $67.27 Million in International Bancshares Corporation $IBOC

Key Points

• Azora Capital purchased 885,768 shares of International Bancshares worth approximately $67.27 million, making the bank its ninth-largest holding and representing about 1.42% of IBOC’s outstanding shares.
• 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.
• IBOC shares opened at $70.77, compared with a 52-week range of $63.19 to $78.46. Analysts maintain a consensus “Buy” rating with an $85 price target, and the company declared a $0.73-per-share dividend.

Azora Capital LP purchased a new position in International Bancshares Corporation (NASDAQ:IBOC - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 885,768 shares of the bank's stock, valued at approximately $67,274,000. International Bancshares accounts for about 2.8% of Azora Capital LP's investment portfolio, making the stock its 9th biggest position. Azora Capital LP owned approximately 1.42% of International Bancshares at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Rockefeller Capital Management L.P. grew its holdings in International Bancshares by 4,020.0% during the fourth quarter. Rockefeller Capital Management L.P. now owns 412 shares of the bank's stock valued at $27,000 after purchasing an additional 402 shares during the period. Hantz Financial Services Inc. increased its holdings in 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 acquiring an additional 221 shares during the last quarter. Quadrant Capital Group LLC raised its stake 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 acquiring an additional 232 shares during the period. Allworth Financial LP bought a new stake in International Bancshares in the 2nd quarter valued at about $42,000. Finally, Versant Capital Management Inc lifted its holdings in International Bancshares by 35.8% during the second 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 last quarter. Hedge funds and other institutional investors own 65.91% of the company's stock.

International Bancshares Stock Down 0.1%

Shares of NASDAQ IBOC opened at $70.77 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 company has a market cap of $4.40 billion, a P/E ratio of 10.67 and a beta of 0.69. International Bancshares Corporation has a 52 week low of $63.19 and a 52 week high of $78.46. The business has a 50-day simple moving average of $74.96 and a two-hundred day simple moving average of $72.26.

International Bancshares (NASDAQ:IBOC - Get Free Report) last announced 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 for the quarter, compared to the consensus estimate of $264.13 million.

International Bancshares Dividend Announcement

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

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings lowered shares of 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, the company has an average rating of "Buy" and a consensus target price of $85.00.

International Bancshares 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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