Bank of America Corp DE Grows Stake in International Bancshares Corporation $IBOC

Key Points

• Bank of America increased its International Bancshares stake by 63.7% in the first quarter, bringing its holdings to 194,541 shares valued at approximately $13.1 million. Institutional investors collectively own 65.91% of the company.
• International Bancshares reported quarterly EPS of $1.54, below the $1.61 analyst consensus, while revenue of $214.82 million also missed estimates of $264.13 million.
• The stock carries a consensus “Buy” rating and an average price target of $85, compared with a recent opening price of $71.49. The company also declared a quarterly dividend of $0.73 per share.

Bank of America Corp DE increased its position in shares of International Bancshares Corporation (NASDAQ:IBOC - Free Report) by 63.7% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 194,541 shares of the bank's stock after purchasing an additional 75,676 shares during the quarter. Bank of America Corp DE owned 0.31% of International Bancshares worth $13,091,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Norges Bank purchased a new position in shares of International Bancshares during the 4th quarter worth approximately $45,598,000. Azora Capital LP lifted its stake in shares of International Bancshares by 35.1% during the fourth quarter. Azora Capital LP now owns 1,524,345 shares of the bank's stock valued at $101,277,000 after buying an additional 395,984 shares during the period. AQR Capital Management LLC boosted its position in International Bancshares by 101.0% during the second quarter. AQR Capital Management LLC now owns 659,381 shares of the bank's stock worth $43,888,000 after acquiring an additional 331,256 shares during the last quarter. Freestone Grove Partners LP acquired a new stake in International Bancshares during the third quarter worth approximately $18,330,000. Finally, Price T Rowe Associates Inc. MD grew its stake in International Bancshares by 447.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 268,654 shares of the bank's stock worth $17,850,000 after acquiring an additional 219,578 shares during the period. 65.91% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Weiss Ratings downgraded International Bancshares from a "buy (a-)" rating to a "buy (b+)" rating in a research report on Friday, August 7th. One analyst has rated the stock with a Buy rating, According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $85.00.

International Bancshares Price Performance

Shares of IBOC stock opened at $71.49 on Friday. The firm has a market cap of $4.45 billion, a P/E ratio of 10.78 and a beta of 0.69. The firm has a fifty day moving average of $75.18 and a two-hundred day moving average of $72.32. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.77 and a quick ratio of 0.77. International Bancshares Corporation has a 1-year low of $63.19 and a 1-year 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 EPS for the quarter, missing analysts' consensus estimates of $1.61 by ($0.07). International Bancshares had a return on equity of 12.67% and a net margin of 38.83%.The firm had revenue of $214.82 million during the quarter, compared to analyst estimates of $264.13 million.

International Bancshares Announces Dividend

The firm also recently declared a dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 14th will be issued a $0.73 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a dividend yield of 199.0%. International Bancshares's payout ratio 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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