Beacon Pointe Advisors LLC Invests $1.12 Million in International Bancshares Corporation $IBOC

Key Points

• Beacon Pointe Advisors purchased 14,800 shares of International Bancshares worth approximately $1.12 million during the second quarter. Institutional investors collectively own 65.91% of the bank’s outstanding stock.
• International Bancshares reported quarterly earnings of $1.54 per share, below the $1.61 consensus estimate, while revenue of $214.82 million also fell short of analyst expectations.
• Weiss Ratings downgraded the stock from “buy (b+)” to “buy (b),” although the broader analyst consensus remains “Buy” with an $85 price target. The company recently paid a $0.73-per-share dividend.

Beacon Pointe Advisors LLC purchased a new stake in shares of International Bancshares Corporation (NASDAQ:IBOC - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 14,800 shares of the bank's stock, valued at approximately $1,124,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in IBOC. Rockefeller Capital Management L.P. increased its position in 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 purchasing an additional 402 shares during the period. Hantz Financial Services Inc. lifted its position in shares of 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 purchasing an additional 221 shares during the period. Quadrant Capital Group LLC boosted its stake in shares of International Bancshares by 82.0% during the fourth quarter. Quadrant Capital Group LLC now owns 515 shares of the bank's stock valued at $34,000 after purchasing an additional 232 shares in the last quarter. Allworth Financial LP bought a new position in shares of International Bancshares during the second quarter valued at approximately $42,000. Finally, Versant Capital Management Inc increased 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 buying an additional 157 shares during the period. 65.91% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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

International Bancshares Price Performance

IBOC opened at $70.93 on Monday. The business's 50-day moving average is $74.84 and its two-hundred day moving average is $72.22. International Bancshares Corporation has a 1 year low of $63.19 and a 1 year high of $78.46. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.77 and a quick ratio of 0.77. The firm has a market capitalization of $4.41 billion, a PE ratio of 10.70 and a beta of 0.69.

International Bancshares (NASDAQ:IBOC - Get Free Report) last announced its 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 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 was paid on Friday, August 28th. Shareholders of record on Friday, August 14th were given a dividend of $0.73 per share. The ex-dividend date of this dividend was Friday, August 14th. This represents a yield of 199.0%. International Bancshares's dividend payout ratio (DPR) is currently 22.02%.

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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