Millennium Management LLC Cuts Position in 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 reduced its stake in shares of International Bancshares Corporation (NASDAQ:IBOC - Free Report) by 9.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 312,340 shares of the bank's stock after selling 33,845 shares during the period. Millennium Management LLC owned approximately 0.50% of International Bancshares worth $19,696,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the company. Summit Securities Group LLC acquired a new position in International Bancshares during the first quarter valued at $30,000. CENTRAL TRUST Co purchased a new position in shares of International Bancshares during the 1st quarter valued at about $63,000. GAMMA Investing LLC lifted its holdings in shares of International Bancshares by 183.1% in the 1st quarter. GAMMA Investing LLC now owns 1,124 shares of the bank's stock valued at $71,000 after buying an additional 727 shares during the period. Point72 Asset Management L.P. acquired a new position in shares of International Bancshares in the 4th quarter valued at about $88,000. Finally, Bessemer Group Inc. boosted its stake in shares of International Bancshares by 8.9% in the first quarter. Bessemer Group Inc. now owns 2,712 shares of the bank's stock worth $171,000 after buying an additional 222 shares during the last quarter. Hedge funds and other institutional investors own 65.91% of the company's stock.

International Bancshares Stock Performance

IBOC stock traded up $0.63 during trading on Wednesday, hitting $69.48. 126,491 shares of the company traded hands, compared to its average volume of 254,563. The company has a market cap of $4.32 billion, a PE ratio of 10.52 and a beta of 0.87. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.75 and a quick ratio of 0.75. The stock's 50-day simple moving average is $69.98 and its 200 day simple moving average is $65.37. International Bancshares Corporation has a 1 year low of $54.11 and a 1 year high of $76.91.

International Bancshares (NASDAQ:IBOC - Get Free Report) last posted its earnings results on Thursday, August 7th. The bank reported $1.61 EPS for the quarter. International Bancshares had a return on equity of 14.37% and a net margin of 39.51%.

International Bancshares Increases Dividend

The firm also recently disclosed a semi-annual dividend, which was paid on Friday, August 29th. Shareholders of record on Friday, August 15th were issued a $0.70 dividend. This represents a yield of 200.0%. The ex-dividend date 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 currently 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.