Lazard Asset Management LLC Makes New Investment in International Bancshares Corporation $IBOC

Key Points

• Lazard Asset Management initiated a position in International Bancshares, buying 25,872 shares valued at approximately $1.74 million. Institutional investors and hedge funds collectively own 65.91% of the company.
• International Bancshares reported quarterly earnings of $1.64 per share, missing estimates by $0.04, while revenue of $208.46 million came in below the $257.28 million consensus forecast.
• The company declared a $0.73-per-share dividend payable August 28, and analysts maintain a “Strong Buy” consensus with an average price target of $85, above the stock’s reported $76.22 price.

Lazard Asset Management LLC bought a new position in shares of International Bancshares Corporation (NASDAQ:IBOC - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 25,872 shares of the bank's stock, valued at approximately $1,741,000.

A number of other institutional investors have also recently made changes to their positions in IBOC. Rockefeller Capital Management L.P. raised its stake in International Bancshares by 4,020.0% in the 4th quarter. Rockefeller Capital Management L.P. now owns 412 shares of the bank's stock valued at $27,000 after purchasing an additional 402 shares during the last quarter. Hantz Financial Services Inc. grew its position in shares of 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 purchasing an additional 221 shares in the last quarter. Quadrant Capital Group LLC grew its holdings in International Bancshares by 82.0% in the 4th quarter. Quadrant Capital Group LLC now owns 515 shares of the bank's stock valued at $34,000 after buying an additional 232 shares in the last quarter. Meeder Asset Management Inc. acquired a new position in shares of International Bancshares during the 4th quarter valued at about $47,000. Finally, Danske Bank A S purchased a new position in International Bancshares during the third quarter worth about $48,000. 65.91% of the stock is owned by institutional investors and hedge funds.

International Bancshares Trading Down 0.4%

Shares of IBOC stock opened at $76.22 on Tuesday. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.77 and a quick ratio of 0.77. The firm has a market cap of $4.74 billion, a PE ratio of 11.38 and a beta of 0.68. The company has a 50-day moving average of $75.17 and a two-hundred day moving average of $71.98. International Bancshares Corporation has a 1-year low of $63.19 and a 1-year high of $78.46.

International Bancshares (NASDAQ:IBOC - Get Free Report) last posted its earnings results on Thursday, May 7th. The bank reported $1.64 earnings per share for the quarter, missing the consensus estimate 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 during the quarter, compared to analyst estimates of $257.28 million.

International Bancshares Dividend Announcement

The company also recently announced a dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 14th will be issued a dividend of $0.73 per share. This represents a yield of 192.0%. The ex-dividend date is Friday, August 14th. International Bancshares's dividend payout ratio (DPR) is 21.79%.

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded International Bancshares from a "buy (b+)" rating to a "buy (a-)" rating in a report on Thursday, July 23rd. One analyst has rated the stock with a Strong Buy rating, According to data from MarketBeat.com, International Bancshares presently has a consensus rating of "Strong Buy" and an average target price of $85.00.

About International Bancshares

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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