Russell Investments Group Ltd. Boosts Stock Holdings in International Bancshares Corporation $IBOC

Key Points

• Russell Investments Group Ltd. increased its stake in International Bancshares Corporation by 8.7% during the first quarter, now holding $2.8 million worth of shares.
• International Bancshares announced a dividend increase to $0.70 per share, scheduled for distribution on August 29th, 2023, reflecting a significant yield boost.
• The stock has seen a 5.1% increase recently, with a current market cap of $4.5 billion and a one-year high of $76.91.

Russell Investments Group Ltd. grew its stake in International Bancshares Corporation (NASDAQ:IBOC - Free Report) by 8.7% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 44,957 shares of the bank's stock after acquiring an additional 3,588 shares during the period. Russell Investments Group Ltd. owned about 0.07% of International Bancshares worth $2,835,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Charles Schwab Investment Management Inc. raised its stake 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 valued at $135,072,000 after acquiring an additional 63,791 shares during the period. Northern Trust Corp raised its stake in shares of International Bancshares by 10.4% in the 4th quarter. Northern Trust Corp now owns 844,517 shares of the bank's stock valued at $53,340,000 after acquiring an additional 79,814 shares during the period. Reinhart Partners LLC. raised its stake 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 valued at $49,043,000 after acquiring an additional 90,553 shares during the period. Millennium Management LLC raised its stake in shares of International Bancshares by 1,883.6% in the 4th quarter. Millennium Management LLC now owns 346,185 shares of the bank's stock valued at $21,865,000 after acquiring an additional 328,733 shares during the period. Finally, AQR Capital Management LLC raised its stake in shares of International Bancshares by 2.2% in the 4th quarter. AQR Capital Management LLC now owns 344,645 shares of the bank's stock valued at $21,768,000 after acquiring an additional 7,380 shares during the period. 65.91% of the stock is owned by hedge funds and other institutional investors.

International Bancshares Trading Down 0.3%

Shares of International Bancshares stock traded down $0.19 on Friday, reaching $71.54. The company had a trading volume of 261,735 shares, compared to its average volume of 219,430. The firm's 50 day moving average price is $69.34 and its two-hundred day moving average price is $64.91. The firm has a market cap of $4.45 billion, a PE ratio of 10.81 and a beta of 0.85. International Bancshares Corporation has a 52-week low of $54.11 and a 52-week high of $76.91. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.75 and a current ratio of 0.75.

International Bancshares (NASDAQ:IBOC - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The bank reported $1.61 earnings per share (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. Investors of record on Friday, August 15th were paid 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 an increase from International Bancshares's previous semi-annual dividend of $0.66. International Bancshares's payout ratio is currently 21.15%.

About International Bancshares

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.