First Trust Advisors LP Sells 226,576 Shares of International Bancshares Corporation $IBOC

Key Points

• First Trust Advisors LP reduced its stake in International Bancshares by 16.6% in the first quarter, selling 226,576 shares and ending with 1,137,572 shares valued at about $76.5 million.
• Other institutional investors were mixed on the stock, with firms like Goldman Sachs and UBS AM adding modestly while Jane Street Group sharply increased its position. Institutional ownership remains high at 65.91%.
• International Bancshares posted earnings below expectations for the quarter, reporting EPS of $1.64 versus the $1.68 estimate and revenue of $208.46 million versus the $257.28 million forecast, even as analysts still rate the stock a Strong Buy with an average price target of $85.

First Trust Advisors LP lessened its position in International Bancshares Corporation (NASDAQ:IBOC - Free Report) by 16.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,137,572 shares of the bank's stock after selling 226,576 shares during the quarter. First Trust Advisors LP owned approximately 1.83% of International Bancshares worth $76,547,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of International Bancshares by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,200 shares of the bank's stock worth $2,031,000 after acquiring an additional 1,414 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of International Bancshares by 1.3% in the first quarter. Goldman Sachs Group Inc. now owns 547,951 shares of the bank's stock worth $34,554,000 after purchasing an additional 6,909 shares in the last quarter. United Services Automobile Association bought a new stake in shares of International Bancshares in the first quarter worth $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of International Bancshares by 2.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 167,376 shares of the bank's stock worth $10,555,000 after purchasing an additional 3,689 shares in the last quarter. Finally, Jane Street Group LLC boosted its holdings in International Bancshares by 202.9% during the first quarter. Jane Street Group LLC now owns 92,422 shares of the bank's stock worth $5,828,000 after purchasing an additional 61,905 shares during the last quarter. Institutional investors own 65.91% of the company's stock.

Analyst Ratings Changes

Separately, Weiss Ratings raised shares of International Bancshares from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Thursday. One research analyst has rated the stock with a Strong Buy rating, According to data from MarketBeat, the company has an average rating of "Strong Buy" and an average price target of $85.00.

International Bancshares Price Performance

NASDAQ:IBOC opened at $76.79 on Friday. International Bancshares Corporation has a 52-week low of $63.19 and a 52-week high of $78.46. The company has a market cap of $4.77 billion, a P/E ratio of 11.46 and a beta of 0.68. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.77 and a current ratio of 0.77. The stock's 50-day simple moving average is $74.64 and its 200 day simple moving average is $71.63.

International Bancshares (NASDAQ:IBOC - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The bank reported $1.64 EPS for the quarter, missing the consensus estimate of $1.68 by ($0.04). The company had revenue of $208.46 million for the quarter, compared to analyst estimates of $257.28 million. International Bancshares had a net margin of 39.33% and a return on equity of 13.16%.

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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