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

Key Points

• Polaris Capital Management trimmed its stake in International Bancshares by 12.6% in Q4, selling 68,700 shares to hold 477,304 shares, while other large investors (AQR, Millennium, American Century, JPMorgan) materially increased or established positions; institutional ownership stands at 65.91%.
• International Bancshares beat quarterly expectations with EPS of $1.71 versus the $1.63 consensus and reported $217.71 million in revenue, posting a net margin of 39.04% and ROE of 13.41%.
• The bank paid a $0.73 per-share dividend (ex-dividend Feb 13) and carries a consensus analyst rating of Buy with an average target price of $85.00.

Polaris Capital Management LLC lowered its stake in International Bancshares Corporation (NASDAQ:IBOC - Free Report) by 12.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 477,304 shares of the bank's stock after selling 68,700 shares during the quarter. International Bancshares comprises about 2.6% of Polaris Capital Management LLC's portfolio, making the stock its 14th biggest holding. Polaris Capital Management LLC owned about 0.77% of International Bancshares worth $31,712,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. AQR Capital Management LLC lifted its position in shares of International Bancshares by 101.0% during the second quarter. AQR Capital Management LLC now owns 659,381 shares of the bank's stock worth $43,888,000 after purchasing an additional 331,256 shares in the last quarter. Freestone Grove Partners LP acquired a new stake in International Bancshares in the third quarter valued at approximately $18,330,000. Millennium Management LLC raised its holdings in International Bancshares by 56.6% in the third quarter. Millennium Management LLC now owns 603,574 shares of the bank's stock valued at $41,496,000 after acquiring an additional 218,039 shares in the last quarter. American Century Companies Inc. raised its holdings in International Bancshares by 7.1% in the third quarter. American Century Companies Inc. now owns 3,090,223 shares of the bank's stock valued at $212,453,000 after acquiring an additional 204,536 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in International Bancshares by 49.1% in the third quarter. JPMorgan Chase & Co. now owns 210,864 shares of the bank's stock valued at $14,497,000 after acquiring an additional 69,466 shares in the last quarter. Institutional investors and hedge funds own 65.91% of the company's stock.

International Bancshares Stock Performance

Shares of International Bancshares stock opened at $71.31 on Friday. The firm has a market capitalization of $4.43 billion, a P/E ratio of 10.77 and a beta of 0.69. International Bancshares Corporation has a 52 week low of $59.81 and a 52 week high of $75.44. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.04. The firm's 50 day moving average is $69.14 and its two-hundred day moving average is $68.75.

International Bancshares (NASDAQ:IBOC - Get Free Report) last announced its earnings results on Thursday, February 26th. The bank reported $1.71 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.63 by $0.08. The business had revenue of $217.71 million for the quarter. International Bancshares had a net margin of 39.04% and a return on equity of 13.41%.

International Bancshares Announces Dividend

The firm also recently announced a dividend, which was paid on Friday, February 27th. Stockholders of record on Friday, February 13th were given a dividend of $0.73 per share. The ex-dividend date was Friday, February 13th. This represents a dividend yield of 203.0%. International Bancshares's dividend payout ratio (DPR) is 22.05%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on IBOC. Loop Capital set a $85.00 target price on shares of International Bancshares in a report on Wednesday, December 31st. Weiss Ratings reaffirmed a "buy (b)" rating on shares of International Bancshares in a report on Thursday, January 22nd. One equities research analyst has rated the stock with a Buy rating, According to MarketBeat, International Bancshares currently has a consensus rating of "Buy" and an average target price of $85.00.

International Bancshares Company 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.

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