Convergence Financial LLC Buys New Shares in International Bancshares Corporation (NASDAQ:IBOC)

Convergence Financial LLC bought a new stake in International Bancshares Corporation (NASDAQ:IBOC - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 4,090 shares of the bank's stock, valued at approximately $258,000.

A number of other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in International Bancshares by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 6,407,121 shares of the bank's stock valued at $404,674,000 after purchasing an additional 18,408 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in International Bancshares by 4.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,078,168 shares of the bank's stock valued at $131,257,000 after purchasing an additional 81,386 shares during the period. American Century Companies Inc. grew its holdings in International Bancshares by 57.0% in the fourth quarter. American Century Companies Inc. now owns 1,753,478 shares of the bank's stock valued at $110,750,000 after purchasing an additional 636,533 shares during the period. First Trust Advisors LP grew its holdings in International Bancshares by 21.3% in the fourth quarter. First Trust Advisors LP now owns 1,450,040 shares of the bank's stock valued at $91,585,000 after purchasing an additional 255,070 shares during the period. Finally, Northern Trust Corp grew its holdings in International Bancshares by 10.4% in the fourth quarter. Northern Trust Corp now owns 844,517 shares of the bank's stock valued at $53,340,000 after purchasing an additional 79,814 shares during the period. 65.91% of the stock is currently owned by hedge funds and other institutional investors.

International Bancshares Price Performance

International Bancshares stock opened at $66.55 on Monday. International Bancshares Corporation has a 1 year low of $54.11 and a 1 year high of $76.91. The firm has a 50 day moving average price of $63.35 and a 200 day moving average price of $63.53. The company has a market cap of $4.14 billion, a price-to-earnings ratio of 10.13 and a beta of 0.82. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.73 and a current ratio of 0.73.

International Bancshares (NASDAQ:IBOC - Get Free Report) last released its earnings results on Monday, May 5th. The bank reported $1.56 earnings per share (EPS) for the quarter. The firm had revenue of $198.22 million during the quarter. International Bancshares had a net margin of 39.30% and a return on equity of 14.84%.

About International Bancshares

International Bancshares Corporation, a financial holding company, provides commercial and retail banking services in Texas and the State of Oklahoma. It accepts checking and saving deposits; and offers commercial, real estate, personal, home improvement, automobile, and other installment and term loans.

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