Bank of America Corp DE Makes New Investment in International Bancshares Corporation $IBOC

Key Points

• Bank of America bought a new 311,061-share stake in International Bancshares during the second quarter, valued at approximately $23.6 million and representing about 0.50% of the company.
• International Bancshares reported quarterly EPS of $1.54, below the $1.61 consensus estimate, while revenue of $214.82 million also fell short of expectations.
• The stock opened at $69.11, compared with a consensus analyst price target of $85.00. Institutional investors and hedge funds collectively own 65.91% of the shares, and the company recently paid a $0.73 dividend.

Bank of America Corp DE bought a new stake in International Bancshares Corporation (NASDAQ:IBOC - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 311,061 shares of the bank's stock, valued at approximately $23,625,000. Bank of America Corp DE owned approximately 0.50% of International Bancshares as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of IBOC. Rockefeller Capital Management L.P. boosted its position in shares of International Bancshares by 4,020.0% during the 4th quarter. Rockefeller Capital Management L.P. now owns 412 shares of the bank's stock valued at $27,000 after acquiring an additional 402 shares during the last quarter. Hantz Financial Services Inc. raised its stake in International Bancshares by 82.5% during the fourth quarter. Hantz Financial Services Inc. now owns 489 shares of the bank's stock worth $32,000 after purchasing an additional 221 shares during the period. Allworth Financial LP acquired a new position in International Bancshares in the 2nd quarter valued at about $42,000. Versant Capital Management Inc grew its stake in shares of 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 buying an additional 157 shares during the period. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in shares of International Bancshares during the 4th quarter worth approximately $101,000. 65.91% of the stock is owned by institutional investors and hedge funds.

International Bancshares Price Performance

IBOC stock opened at $69.11 on Thursday. 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 $4.30 billion, a PE ratio of 10.42 and a beta of 0.67. International Bancshares Corporation has a 12-month low of $63.19 and a 12-month high of $78.46. The business's fifty day moving average price is $72.97 and its 200 day moving average price is $72.27.

International Bancshares (NASDAQ:IBOC - Get Free Report) last announced its 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). The firm had revenue of $214.82 million for the quarter, compared to analysts' expectations of $264.13 million. International Bancshares had a net margin of 38.83% and a return on equity of 12.67%.

International Bancshares Dividend Announcement

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

Analyst Upgrades and Downgrades

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 research analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $85.00.

International Bancshares Company Profile

International Bancshares Corporation NASDAQ: IBOC is a financial holding company headquartered in Laredo, Texas. Through its principal subsidiary, IBC Bank, the company provides commercial and retail banking services to individuals, businesses and public-sector customers.

IBC Bank's products and services include deposit accounts, commercial and consumer lending, residential and mortgage-related lending, cash-management services, treasury services, online and mobile banking, and trust and investment services.

Want to see what other hedge funds are holding IBOC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for International Bancshares Corporation (NASDAQ:IBOC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.