Bank of New York Mellon Corp Purchases Shares of 436,744 International Bancshares Corporation $IBOC

Key Points

• Bank of New York Mellon acquired 436,744 shares of International Bancshares worth approximately $33.2 million, giving it a 0.70% stake. Institutional investors collectively own 65.91% of the company.
• International Bancshares reported quarterly earnings of $1.54 per share, below the $1.61 analyst consensus, while revenue of $214.82 million also missed expectations of $264.13 million.
• The stock recently traded at $70.93, compared with a consensus analyst price target of $85.00. Analysts maintain a “Buy” consensus, and the company paid a $0.73-per-share dividend with a 22.02% payout ratio.

Bank of New York Mellon Corp acquired 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 & Exchange Commission. The fund acquired 436,744 shares of the bank's stock, valued at approximately $33,171,000. Bank of New York Mellon Corp owned 0.70% of International Bancshares at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Oppenheimer Asset Management Inc. purchased a new position in International Bancshares during the 2nd quarter valued at about $384,000. Walleye Capital LLC purchased a new stake in International Bancshares in the 2nd quarter worth approximately $15,249,000. Reinhart Partners LLC. grew its position in shares of International Bancshares by 0.5% in the 2nd quarter. Reinhart Partners LLC. now owns 749,761 shares of the bank's stock worth $56,946,000 after buying an additional 4,065 shares during the last quarter. Versant Capital Management Inc grew its position 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 worth $45,000 after buying an additional 157 shares during the last quarter. Finally, Bank of America Corp DE increased its stake in shares of International Bancshares by 63.7% during the first quarter. Bank of America Corp DE now owns 194,541 shares of the bank's stock valued at $13,091,000 after buying an additional 75,676 shares during the period. 65.91% of the stock is currently owned by hedge funds and other institutional investors.

International Bancshares Stock Performance

Shares of International Bancshares stock opened at $70.93 on Friday. International Bancshares Corporation has a 12 month low of $63.19 and a 12 month high of $78.46. The firm has a market capitalization of $4.41 billion, a P/E ratio of 10.70 and a beta of 0.69. 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 business has a fifty day simple moving average of $74.84 and a two-hundred day simple moving average of $72.23.

International Bancshares (NASDAQ:IBOC - Get Free Report) last released its earnings results on Thursday, August 6th. The bank reported $1.54 earnings per share 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 business had revenue of $214.82 million during the quarter, compared to analysts' expectations of $264.13 million.

International Bancshares Dividend Announcement

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

Analysts Set New Price Targets

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

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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