Cresta Advisors Ltd. Sells 14,847 Shares of International Bancshares Corporation $IBOC

Key Points

• Cresta Advisors Ltd. reduced its International Bancshares stake by 26.1%, selling 14,847 shares and retaining 42,039 shares worth approximately $2.9 million. Institutional investors collectively own 65.91% of the company.
• International Bancshares shares opened at $67.36, below their 50-day and 200-day moving averages, and remain between a 52-week range of $63.19 to $78.46. The bank’s latest quarterly results missed expectations, with EPS of $1.54 versus the $1.61 consensus and revenue of $214.82 million versus $264.13 million expected.
• The company paid a $0.73-per-share dividend, while analysts maintain a consensus “Buy” rating and an average price target of $85.00; Weiss Ratings downgraded its rating from “buy (b+)” to “buy (b).”

Cresta Advisors Ltd. trimmed its position in International Bancshares Corporation (NASDAQ:IBOC - Free Report) by 26.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 42,039 shares of the bank's stock after selling 14,847 shares during the quarter. International Bancshares accounts for 1.4% of Cresta Advisors Ltd.'s holdings, making the stock its 22nd largest holding. Cresta Advisors Ltd. owned 0.07% of International Bancshares worth $2,879,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the company. Farther Finance Advisors LLC lifted its stake in International Bancshares by 117.9% during the third quarter. Farther Finance Advisors LLC now owns 680 shares of the bank's stock worth $47,000 after purchasing an additional 368 shares during the last quarter. Versant Capital Management Inc increased its stake in shares of International Bancshares by 181.9% in the 3rd quarter. Versant Capital Management Inc now owns 1,680 shares of the bank's stock valued at $115,000 after purchasing an additional 1,084 shares during the last quarter. Sequoia Financial Advisors LLC increased its stake in shares of International Bancshares by 5.9% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 3,659 shares of the bank's stock valued at $278,000 after purchasing an additional 203 shares during the last quarter. Engineers Gate Manager LP raised its holdings in shares of International Bancshares by 132.5% during the 2nd quarter. Engineers Gate Manager LP now owns 44,118 shares of the bank's stock worth $3,351,000 after buying an additional 25,142 shares in the last quarter. Finally, Nykredit A S acquired a new position in shares of International Bancshares during the 2nd quarter worth $272,000. 65.91% of the stock is owned by institutional investors.

International Bancshares Trading Down 0.6%

Shares of International Bancshares stock opened at $67.36 on Wednesday. The firm has a market capitalization of $4.19 billion, a PE ratio of 10.22 and a beta of 0.68. 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 firm's 50 day moving average is $70.82 and its 200 day moving average is $72.44. 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 released its quarterly earnings data on Thursday, August 6th. The bank reported $1.54 earnings per share (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 company had revenue of $214.82 million for the quarter, compared to analyst estimates of $264.13 million.

International Bancshares Announces Dividend

The business also recently declared 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. The ex-dividend date was Friday, August 14th. This represents a dividend yield of 199.0%. International Bancshares's dividend payout ratio is 22.02%.

Analysts Set New Price Targets

Separately, Weiss Ratings downgraded 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. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $85.00.

About International Bancshares

International Bancshares Corporation is a financial holding company headquartered in Laredo, Texas. Its principal subsidiary, IBC Bank, provides banking services to individuals, businesses, and public-sector customers through operations in South Texas and Oklahoma.

IBC Bank offers a broad range of products, including checking and savings accounts, certificates of deposit, consumer and commercial loans, mortgage lending, treasury management, online and mobile banking, and credit and debit card services.

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