Weiss Asset Management LP Acquires Shares of 21,120 International Bancshares Corporation $IBOC

Key Points

• Weiss Asset Management acquired 21,120 shares of International Bancshares during the first quarter, worth approximately $1.42 million. Institutional investors and hedge funds collectively own 65.91% of the company.
• International Bancshares recently reported quarterly earnings of $1.64 per share, below the $1.68 consensus estimate, while revenue of $208.46 million also fell short of analysts’ $257.28 million forecast.
• The stock opened at $76.65, near its 52-week high of $78.46. Weiss Ratings upgraded the shares to “buy (a-),” and analysts have a “Strong Buy” consensus with an $85 price target.

Weiss Asset Management LP bought a new position in shares of International Bancshares Corporation (NASDAQ:IBOC - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 21,120 shares of the bank's stock, valued at approximately $1,421,000.

A number of other institutional investors have also modified their holdings of IBOC. Rockefeller Capital Management L.P. increased its stake in International Bancshares by 4,020.0% in the fourth quarter. Rockefeller Capital Management L.P. now owns 412 shares of the bank's stock valued at $27,000 after purchasing an additional 402 shares during the period. Hantz Financial Services Inc. boosted its stake in shares of International Bancshares by 82.5% during the fourth quarter. Hantz Financial Services Inc. now owns 489 shares of the bank's stock worth $32,000 after buying an additional 221 shares during the period. Quadrant Capital Group LLC boosted 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 buying an additional 232 shares during the period. Meeder Asset Management Inc. purchased a new position in shares of International Bancshares during the fourth quarter worth about $47,000. Finally, Danske Bank A S acquired a new position in International Bancshares in the 3rd quarter valued at about $48,000. 65.91% of the stock is owned by institutional investors and hedge funds.

International Bancshares Stock Performance

NASDAQ:IBOC opened at $76.65 on Tuesday. 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 Corporation has a fifty-two week low of $63.19 and a fifty-two week high of $78.46. The firm's fifty day simple moving average is $74.73 and its 200-day simple moving average is $71.71. The stock has a market cap of $4.77 billion, a PE ratio of 11.44 and a beta of 0.68.

International Bancshares (NASDAQ:IBOC - Get Free Report) last issued its earnings results on Thursday, May 7th. The bank reported $1.64 earnings per share for the quarter, missing the consensus estimate of $1.68 by ($0.04). International Bancshares had a return on equity of 13.16% and a net margin of 39.33%.The company had revenue of $208.46 million for the quarter, compared to analyst estimates of $257.28 million.

Wall Street Analyst Weigh In

Separately, Weiss Ratings raised International Bancshares from a "buy (b+)" rating to a "buy (a-)" rating in a report on Thursday. One analyst has rated the stock with a Strong Buy rating, According to data from MarketBeat, the company currently has an average rating of "Strong Buy" and a consensus target price of $85.00.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.