Millennium Management LLC Sells 33,845 Shares of International Bancshares Corporation $IBOC

Key Points

• Millennium Management LLC has reduced its stake in International Bancshares Corporation by 9.8%, now owning 312,340 shares valued at approximately $19.7 million.
• International Bancshares recently increased its semi-annual dividend from $0.66 to $0.70, representing a yield of 200.0% and a payout ratio of 21.15%.
• The bank reported earnings of $1.61 per share for the quarter, with a return on equity of 14.37% and a net margin of 39.51%.

Millennium Management LLC lessened its stake in International Bancshares Corporation (NASDAQ:IBOC - Free Report) by 9.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 312,340 shares of the bank's stock after selling 33,845 shares during the quarter. Millennium Management LLC owned approximately 0.50% of International Bancshares worth $19,696,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. American Century Companies Inc. raised its holdings in shares of International Bancshares by 37.9% in the 1st quarter. American Century Companies Inc. now owns 2,418,758 shares of the bank's stock worth $152,527,000 after purchasing an additional 665,280 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of International Bancshares by 3.1% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,141,959 shares of the bank's stock worth $135,072,000 after purchasing an additional 63,791 shares during the period. Azora Capital LP raised its holdings in shares of International Bancshares by 28.4% in the 1st quarter. Azora Capital LP now owns 947,229 shares of the bank's stock worth $59,732,000 after purchasing an additional 209,643 shares during the period. Reinhart Partners LLC. raised its holdings in shares of International Bancshares by 13.2% in the 1st quarter. Reinhart Partners LLC. now owns 777,713 shares of the bank's stock worth $49,043,000 after purchasing an additional 90,553 shares during the period. Finally, Panagora Asset Management Inc. raised its holdings in shares of International Bancshares by 0.5% in the 1st quarter. Panagora Asset Management Inc. now owns 360,459 shares of the bank's stock worth $22,731,000 after purchasing an additional 1,742 shares during the period. Institutional investors own 65.91% of the company's stock.

International Bancshares Stock Performance

Shares of NASDAQ:IBOC traded up $1.61 during mid-day trading on Thursday, reaching $70.95. The company had a trading volume of 231,139 shares, compared to its average volume of 192,429. 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 firm has a market cap of $4.41 billion, a price-to-earnings ratio of 10.72 and a beta of 0.87. The company's 50-day moving average price is $69.98 and its 200-day moving average price is $65.43. International Bancshares Corporation has a one year low of $54.11 and a one year high of $76.91.

International Bancshares (NASDAQ:IBOC - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The bank reported $1.61 EPS 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 firm also recently announced 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 of this dividend was Friday, August 15th. This is a positive change from International Bancshares's previous semi-annual dividend of $0.66. International Bancshares's payout ratio is presently 21.15%.

International Bancshares Profile

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.