International Bancshares Corporation $IBOC Stock: Vest Financial LLC Lowers Holdings

Key Points

• Vest Financial LLC reduced its International Bancshares stake by 46.6% in the third quarter, selling 23,575 shares and retaining 26,974 shares valued at approximately $1.85 million.
• Institutional investors own 65.91% of IBOC, with several major firms—including BlackRock, Azora Capital, and Bank of New York Mellon—initiating sizable positions during the second quarter.
• IBOC recently traded at $67.16, while its latest quarterly results fell short of expectations: EPS was $1.54 versus the $1.61 estimate, and revenue was $214.82 million versus the $264.13 million forecast. Analysts nonetheless maintain a “Buy” consensus with an $85 target price.

Vest Financial LLC cut its stake in International Bancshares Corporation (NASDAQ:IBOC - Free Report) by 46.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 26,974 shares of the bank's stock after selling 23,575 shares during the quarter. Vest Financial LLC's holdings in International Bancshares were worth $1,848,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. BlackRock Inc. purchased a new stake in shares of International Bancshares in the second quarter worth about $535,310,000. Azora Capital LP purchased a new stake in shares of International Bancshares during the 2nd quarter valued at about $67,274,000. Bank of New York Mellon Corp purchased a new stake in shares of International Bancshares during the 2nd quarter valued at about $33,171,000. Bank of America Corp DE purchased a new stake in shares of International Bancshares during the 2nd quarter valued at about $23,625,000. Finally, Walleye Capital LLC acquired a new position in International Bancshares during the 2nd quarter worth approximately $15,249,000. Institutional investors and hedge funds own 65.91% of the company's stock.

International Bancshares Price Performance

IBOC opened at $67.16 on Friday. International Bancshares Corporation has a twelve month low of $63.19 and a twelve month high of $78.46. The firm has a market cap of $4.18 billion, a price-to-earnings ratio of 10.13 and a beta of 0.68. 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 company has a fifty day simple moving average of $69.72 and a 200 day simple moving average of $72.36.

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

International Bancshares Dividend Announcement

The firm also recently announced a dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 14th were given a dividend of $0.73 per share. This represents a dividend yield of 199.0%. The ex-dividend date of this dividend was Friday, August 14th. International Bancshares's payout ratio is presently 22.02%.

Analyst Upgrades and Downgrades

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

International Bancshares Profile

International Bancshares Corporation is a financial holding company headquartered in Laredo, Texas. Through its principal subsidiary, IBC Bank, the company provides banking and related financial services to individuals, businesses and institutions.

IBC Bank offers consumer and commercial deposit accounts, business and personal lending, mortgage services, cash management, treasury services, trust and wealth management, and international banking. Its products are designed to support everyday banking needs as well as commercial financing and cross-border transactions.

Founded in 1966, International Bancshares Corporation has built a regional banking franchise serving communities across South, Central and Southeast Texas, as well as Oklahoma.

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