Vanguard Group Inc. Sells 83,799 Shares of International Bancshares Corporation $IBOC

Key Points

• Vanguard Group Inc. trimmed its stake by 1.3% in Q4, selling 83,799 shares and now holds 6,219,187 shares—about 10.01% of International Bancshares, valued at roughly $413.2 million.
• International Bancshares beat quarterly estimates with EPS of $1.71 (vs. $1.63) and $217.7M in revenue, posting a 13.41% ROE and 39.04% net margin; the stock carries a Wall Street consensus Buy rating with a $85 price target.

Vanguard Group Inc. trimmed its stake in International Bancshares Corporation (NASDAQ:IBOC - Free Report) by 1.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,219,187 shares of the bank's stock after selling 83,799 shares during the quarter. Vanguard Group Inc. owned approximately 10.01% of International Bancshares worth $413,203,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. AQR Capital Management LLC boosted its stake in shares of International Bancshares by 101.0% during the 2nd quarter. AQR Capital Management LLC now owns 659,381 shares of the bank's stock worth $43,888,000 after acquiring an additional 331,256 shares during the period. Freestone Grove Partners LP bought a new position in shares of International Bancshares during the 3rd quarter worth approximately $18,330,000. Millennium Management LLC boosted its stake in shares of International Bancshares by 56.6% during the 3rd quarter. Millennium Management LLC now owns 603,574 shares of the bank's stock worth $41,496,000 after acquiring an additional 218,039 shares during the period. American Century Companies Inc. boosted its stake in shares of International Bancshares by 7.1% during the 3rd quarter. American Century Companies Inc. now owns 3,090,223 shares of the bank's stock worth $212,453,000 after acquiring an additional 204,536 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in shares of International Bancshares by 49.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 210,864 shares of the bank's stock worth $14,497,000 after acquiring an additional 69,466 shares during the period. 65.91% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a "buy (b)" rating on shares of International Bancshares in a research note on Thursday, January 22nd. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $85.00.

International Bancshares Stock Performance

NASDAQ:IBOC opened at $72.56 on Thursday. The stock has a market cap of $4.51 billion, a P/E ratio of 10.96 and a beta of 0.69. The stock has a 50 day simple moving average of $69.20 and a 200 day simple moving average of $68.97. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.04. International Bancshares Corporation has a 1-year low of $61.15 and a 1-year high of $75.44.

International Bancshares (NASDAQ:IBOC - Get Free Report) last released its quarterly earnings results on Thursday, February 26th. The bank reported $1.71 earnings per share for the quarter, topping the consensus estimate of $1.63 by $0.08. The business had revenue of $217.71 million during the quarter. International Bancshares had a return on equity of 13.41% and a net margin of 39.04%.

International Bancshares Company Profile

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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