International Bancshares Corporation $IBOC Shares Sold by Polaris Capital Management LLC

Key Points

• Polaris Capital Management LLC reduced its stake in International Bancshares Corporation by 6.5%, now holding 573,604 shares worth approximately $38.2 million, which accounts for 2.5% of its portfolio.
• International Bancshares announced a semi-annual dividend increase to $0.70 per share, reflecting a yield of 200.0%, up from the previous dividend of $0.66.
• Despite fluctuations in share performance over the past year, with a low of $54.11 and a high of $76.91, analysts maintain an average rating of "Buy" for the stock.

Polaris Capital Management LLC lessened its stake in International Bancshares Corporation (NASDAQ:IBOC - Free Report) by 6.5% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 573,604 shares of the bank's stock after selling 40,200 shares during the period. International Bancshares accounts for 2.5% of Polaris Capital Management LLC's portfolio, making the stock its 9th biggest holding. Polaris Capital Management LLC owned about 0.92% of International Bancshares worth $38,179,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Principal Financial Group Inc. grew its position in International Bancshares by 1.1% in the 1st quarter. Principal Financial Group Inc. now owns 154,667 shares of the bank's stock valued at $9,753,000 after buying an additional 1,741 shares in the last quarter. GAMMA Investing LLC grew its position in International Bancshares by 183.1% in the 1st quarter. GAMMA Investing LLC now owns 1,124 shares of the bank's stock valued at $71,000 after buying an additional 727 shares in the last quarter. Bessemer Group Inc. grew its position in International Bancshares by 8.9% in the 1st quarter. Bessemer Group Inc. now owns 2,712 shares of the bank's stock valued at $171,000 after buying an additional 222 shares in the last quarter. SG Americas Securities LLC bought a new position in International Bancshares in the 1st quarter valued at about $1,255,000. Finally, Janney Montgomery Scott LLC grew its position in International Bancshares by 14.7% in the 1st quarter. Janney Montgomery Scott LLC now owns 9,091 shares of the bank's stock valued at $573,000 after buying an additional 1,166 shares in the last quarter. Institutional investors own 65.91% of the company's stock.

International Bancshares Price Performance

Shares of NASDAQ IBOC opened at $68.67 on Friday. International Bancshares Corporation has a twelve month low of $54.11 and a twelve month high of $76.91. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $4.27 billion, a price-to-earnings ratio of 10.37 and a beta of 0.80. The firm has a 50-day moving average of $69.94 and a two-hundred day moving average of $65.97.

International Bancshares (NASDAQ:IBOC - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The bank reported $1.61 earnings per share for the quarter. International Bancshares had a net margin of 39.51% and a return on equity of 14.37%.

International Bancshares Increases Dividend

The business also recently disclosed a semi-annual dividend, which was paid on Friday, August 29th. Shareholders of record on Friday, August 15th were issued a dividend of $0.70 per share. This represents a yield of 200.0%. The ex-dividend date was Friday, August 15th. This is a boost from International Bancshares's previous semi-annual dividend of $0.66. International Bancshares's dividend payout ratio is presently 21.15%.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a "buy (b)" rating on shares of International Bancshares in a research report on Saturday, September 27th. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the company currently has an average rating of "Buy".

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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