International Bancshares Corporation $IBOC Shares Sold by New York State Teachers Retirement System

Key Points

• New York State Teachers Retirement System cut its stake in International Bancshares by 24.6% in the first quarter, selling 20,920 shares and leaving it with 64,017 shares worth about $4.3 million.
• The stock was down 1.8% and opened at $74.61, while the company’s market cap was about $4.64 billion and its P/E ratio stood at 11.14.
• International Bancshares missed earnings expectations in its latest quarter, reporting $1.64 EPS versus the $1.68 estimate and revenue of $208.46 million versus the $257.28 million forecast; despite that, Weiss Ratings upgraded the stock to buy (a-) and analysts still have a consensus price target of $85.

New York State Teachers Retirement System reduced its position in shares of International Bancshares Corporation (NASDAQ:IBOC - Free Report) by 24.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 64,017 shares of the bank's stock after selling 20,920 shares during the period. New York State Teachers Retirement System owned about 0.10% of International Bancshares worth $4,308,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of IBOC. Janney Montgomery Scott LLC lifted its stake in shares of International Bancshares by 2.3% in the 1st quarter. Janney Montgomery Scott LLC now owns 7,601 shares of the bank's stock valued at $511,000 after purchasing an additional 168 shares in the last quarter. Cetera Investment Advisers increased its position in International Bancshares by 5.3% during the 4th quarter. Cetera Investment Advisers now owns 3,641 shares of the bank's stock worth $242,000 after purchasing an additional 184 shares in the last quarter. WINTON GROUP Ltd increased its position in International Bancshares by 1.1% during the 4th quarter. WINTON GROUP Ltd now owns 18,402 shares of the bank's stock worth $1,223,000 after purchasing an additional 196 shares in the last quarter. Hantz Financial Services Inc. raised its holdings in International Bancshares by 82.5% in the fourth quarter. Hantz Financial Services Inc. now owns 489 shares of the bank's stock valued at $32,000 after buying an additional 221 shares during the period. Finally, Quadrant Capital Group LLC raised its holdings in International Bancshares by 82.0% in the fourth quarter. Quadrant Capital Group LLC now owns 515 shares of the bank's stock valued at $34,000 after buying an additional 232 shares during the period. Hedge funds and other institutional investors own 65.91% of the company's stock.

International Bancshares Trading Down 1.8%

Shares of IBOC opened at $74.61 on Thursday. 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 stock has a 50 day simple moving average of $73.71 and a 200-day simple moving average of $70.99. International Bancshares Corporation has a 1 year low of $63.19 and a 1 year high of $78.46. The stock has a market cap of $4.64 billion, a PE ratio of 11.14 and a beta of 0.68.

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

Analyst Upgrades and Downgrades

Separately, Weiss Ratings upgraded shares of International Bancshares from a "buy (b)" rating to a "buy (a-)" rating in a research note on Monday, June 15th. One investment analyst has rated the stock with a Strong Buy rating, Based on data from MarketBeat.com, International Bancshares has an average rating of "Strong Buy" and a consensus price target of $85.00.

International Bancshares Profile

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.

Want to see what other hedge funds are holding IBOC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for International Bancshares Corporation (NASDAQ:IBOC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.