Engineers Gate Manager LP Boosts Stake in International Bancshares Corporation $IBOC

Key Points

• Engineers Gate Manager LP increased its International Bancshares stake by 132.5% in the second quarter, owning 44,118 shares valued at approximately $3.35 million. Institutional investors and hedge funds collectively own 65.91% 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 the $264.13 million analyst forecast.
• The company paid a quarterly dividend of $0.73 per share, and analysts maintain a consensus “Buy” rating with an $85.00 price target, compared with a recent share price of $70.94.

Engineers Gate Manager LP increased its stake in shares of International Bancshares Corporation (NASDAQ:IBOC - Free Report) by 132.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 44,118 shares of the bank's stock after buying an additional 25,142 shares during the quarter. Engineers Gate Manager LP owned about 0.07% of International Bancshares worth $3,351,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the company. Rockefeller Capital Management L.P. lifted 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 worth $27,000 after acquiring an additional 402 shares during the period. Hantz Financial Services Inc. raised its stake in shares of International Bancshares by 82.5% in 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 last quarter. Quadrant Capital Group LLC lifted its holdings 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 worth $34,000 after purchasing an additional 232 shares during the period. Allworth Financial LP acquired a new stake in shares of International Bancshares during the second quarter worth about $42,000. Finally, Versant Capital Management Inc boosted its position in International Bancshares by 35.8% in 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 last quarter. 65.91% of the stock is owned by institutional investors and hedge funds.

International Bancshares Price Performance

Shares of IBOC opened at $70.94 on Monday. The business's 50-day moving average is $73.77 and its two-hundred day moving average is $72.17. The company has a market capitalization of $4.41 billion, a P/E ratio of 10.70 and a beta of 0.67. International Bancshares Corporation has a fifty-two week low of $63.19 and a fifty-two week high of $78.46. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.77 and a current ratio of 0.77.

International Bancshares (NASDAQ:IBOC - Get Free Report) last posted its earnings results on Thursday, August 6th. The bank reported $1.54 EPS for the quarter, missing the consensus estimate 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 Dividend Announcement

The company 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 of this dividend was Friday, August 14th. International Bancshares's payout ratio is 22.02%.

Wall Street Analyst Weigh In

Separately, Weiss Ratings downgraded shares of International Bancshares from a "buy (b+)" rating to a "buy (b)" rating in a report on Friday, August 21st. One analyst has rated the stock with a Buy rating, According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $85.00.

About International Bancshares

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.

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