Squarepoint Ops LLC Cuts Position in International Bancshares Corporation $IBOC

Key Points

• Squarepoint Ops LLC cut its International Bancshares stake by 51.8% in the second quarter, selling 48,405 shares and retaining 44,966 shares valued at approximately $3.4 million. Institutional investors collectively own 65.91% of the company.
• International Bancshares reported quarterly earnings of $1.54 per share, below the $1.61 analyst consensus, while revenue of $214.82 million also fell short of the $264.13 million estimate.
• The bank paid a $0.73-per-share dividend and has an average analyst rating of “Buy” with an $85 price target, compared with a recent share price of $70.94.

Squarepoint Ops LLC reduced its holdings in shares of International Bancshares Corporation (NASDAQ:IBOC - Free Report) by 51.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 44,966 shares of the bank's stock after selling 48,405 shares during the quarter. Squarepoint Ops LLC owned 0.07% of International Bancshares worth $3,415,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the business. Rockefeller Capital Management L.P. lifted its holdings in shares of International Bancshares by 4,020.0% during the 4th quarter. Rockefeller Capital Management L.P. now owns 412 shares of the bank's stock valued at $27,000 after acquiring an additional 402 shares in the last quarter. Hantz Financial Services Inc. raised its position in 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 during the period. Quadrant Capital Group LLC lifted its stake in shares of International Bancshares by 82.0% during the fourth quarter. Quadrant Capital Group LLC now owns 515 shares of the bank's stock worth $34,000 after purchasing an additional 232 shares in the last quarter. Allworth Financial LP purchased a new stake in shares of International Bancshares in the second quarter worth about $42,000. Finally, Versant Capital Management Inc boosted its position in shares of International Bancshares by 35.8% in the second quarter. Versant Capital Management Inc now owns 596 shares of the bank's stock worth $45,000 after buying an additional 157 shares during the period. Hedge funds and other institutional investors own 65.91% of the company's stock.

International Bancshares Stock Performance

Shares of IBOC opened at $70.94 on Friday. The business's 50 day moving average is $73.77 and its two-hundred day moving average is $72.14. International Bancshares Corporation has a 52-week low of $63.19 and a 52-week high of $78.46. The firm has a market cap of $4.41 billion, a price-to-earnings ratio of 10.70 and a beta of 0.67. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.04.

International Bancshares (NASDAQ:IBOC - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The bank reported $1.54 earnings per share for the quarter, missing analysts' consensus estimates of $1.61 by ($0.07). The company had revenue of $214.82 million for 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 Announces Dividend

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

Analyst Upgrades and Downgrades

Separately, Weiss Ratings downgraded 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.com, the company presently has an average rating of "Buy" and an average price target of $85.00.

About International Bancshares

International Bancshares Corporation NASDAQ: IBOC is a financial holding company headquartered in Laredo, Texas. Through its principal subsidiary, IBC Bank, the company provides commercial and retail banking services to individuals, businesses and public-sector customers.

IBC Bank's products and services include deposit accounts, commercial and consumer lending, residential and mortgage-related lending, cash-management services, treasury services, online and mobile banking, and trust and investment services.

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