International Bancshares Corporation $IBOC Shares Sold by Reinhart Partners LLC.

Key Points

• Reinhart Partners reduced its International Bancshares stake by 2.6%, selling 19,832 shares and retaining 729,929 shares worth approximately $50 million. Institutional investors collectively own 65.91% of the company.
• International Bancshares reported quarterly earnings of $1.54 per share, below the $1.61 analyst consensus, while revenue of $214.82 million also fell short of estimates.
• The stock opened at $67.92, compared with a 12-month range of $63.19 to $78.46. Analysts maintain a consensus “Buy” rating with an average price target of $85.00.

Reinhart Partners LLC. lowered its stake in shares of International Bancshares Corporation (NASDAQ:IBOC - Free Report) by 2.6% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 729,929 shares of the bank's stock after selling 19,832 shares during the period. Reinhart Partners LLC. owned 1.17% of International Bancshares worth $49,996,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the stock. BlackRock Inc. bought a new position in shares of International Bancshares in the second quarter valued at $535,310,000. Dimensional Fund Advisors LP lifted its stake in International Bancshares by 0.3% in the first quarter. Dimensional Fund Advisors LP now owns 3,186,820 shares of the bank's stock valued at $214,442,000 after acquiring an additional 9,468 shares during the last quarter. Azora Capital LP lifted its stake in International Bancshares by 35.1% in the fourth quarter. Azora Capital LP now owns 1,524,345 shares of the bank's stock valued at $101,277,000 after acquiring an additional 395,984 shares during the last quarter. Tamar Securities LLC grew its position in shares of International Bancshares by 0.8% in the 4th quarter. Tamar Securities LLC now owns 738,357 shares of the bank's stock valued at $49,056,000 after acquiring an additional 5,521 shares during the period. Finally, Bank of New York Mellon Corp bought a new position in shares of International Bancshares in the 2nd quarter valued at about $33,171,000. Institutional investors and hedge funds own 65.91% of the company's stock.

International Bancshares Stock Performance

IBOC opened at $67.92 on Friday. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.04. International Bancshares Corporation has a 12-month low of $63.19 and a 12-month high of $78.46. The business has a 50 day moving average of $71.17 and a 200-day moving average of $72.41. The stock has a market cap of $4.22 billion, a price-to-earnings ratio of 10.24 and a beta of 0.68.

International Bancshares (NASDAQ:IBOC - Get Free Report) last posted its earnings results on Thursday, August 6th. The bank reported $1.54 earnings per share for the quarter, missing analysts' consensus estimates of $1.61 by ($0.07). International Bancshares had a return on equity of 12.67% and a net margin of 38.83%. The business had revenue of $214.82 million for the quarter, compared to analyst estimates of $264.13 million.

International Bancshares Dividend Announcement

The business also recently disclosed a dividend, which was paid on Friday, August 28th. Shareholders of record on Friday, August 14th were issued a $0.73 dividend. This represents a dividend yield of 199.0%. The ex-dividend date was Friday, August 14th. International Bancshares's payout ratio is currently 22.02%.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings lowered shares of International Bancshares from a "buy (b+)" rating to a "buy (b)" rating in a research note on Friday, August 21st. One analyst has rated the stock with a Buy rating. According to MarketBeat.com, International Bancshares has a consensus rating of "Buy" and an average price target of $85.00.

International Bancshares Profile

International Bancshares Corporation is a financial holding company headquartered in Laredo, Texas. Its principal subsidiary, IBC Bank, provides banking services to individuals, businesses, and public-sector customers through operations in South Texas and Oklahoma.

IBC Bank offers a broad range of products, including checking and savings accounts, certificates of deposit, consumer and commercial loans, mortgage lending, treasury management, online and mobile banking, and credit and debit card services.

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