International Bancshares Corporation (NASDAQ:IBOC) Sees Significant Drop in Short Interest

Key Points

• Short interest fell sharply — short interest declined 23.9% in March to 1,401,575 shares, equal to about 2.6% of shares outstanding and a short-interest ratio of 2.1 days.
• Analysts and institutions remain supportive — the stock carries an average "Buy" rating with an $85.00 target and roughly 65.91% of shares are held by institutional investors, with several funds modestly increasing positions.
• Fundamentals show recent strength — IBOC beat Q earnings estimates with $1.71 EPS, paid a $0.73 dividend, and trades around $72 with a $4.48 billion market cap and a P/E of 10.89.

International Bancshares Corporation (NASDAQ:IBOC - Get Free Report) saw a significant decrease in short interest in March. As of March 31st, there was short interest totaling 1,401,575 shares, a decrease of 23.9% from the March 15th total of 1,841,066 shares. Based on an average daily trading volume, of 670,131 shares, the short-interest ratio is currently 2.1 days. Approximately 2.6% of the company's shares are sold short.

Hedge Funds Weigh In On International Bancshares

Institutional investors and hedge funds have recently modified their holdings of the stock. Rockefeller Capital Management L.P. raised its position in shares of International Bancshares by 4,020.0% in the 4th quarter. Rockefeller Capital Management L.P. now owns 412 shares of the bank's stock worth $27,000 after purchasing an additional 402 shares during the last quarter. Hantz Financial Services Inc. grew its position in International Bancshares by 82.5% during the 4th 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 last quarter. Quadrant Capital Group LLC increased its stake in International Bancshares by 82.0% during the 4th quarter. Quadrant Capital Group LLC now owns 515 shares of the bank's stock valued at $34,000 after purchasing an additional 232 shares in the last quarter. Rothschild Investment LLC raised its holdings in International Bancshares by 554.4% in the third quarter. Rothschild Investment LLC now owns 589 shares of the bank's stock worth $40,000 after buying an additional 499 shares during the last quarter. Finally, Meeder Asset Management Inc. purchased a new position in International Bancshares in the fourth quarter worth about $47,000. 65.91% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Weiss Ratings reaffirmed a "buy (b)" rating on shares of International Bancshares in a research report on Thursday, January 22nd. Loop Capital set a $85.00 target price on International Bancshares in a research note on Wednesday, December 31st. One research analyst has rated the stock with a Buy rating, According to MarketBeat, International Bancshares presently has an average rating of "Buy" and an average target price of $85.00.

International Bancshares Trading Down 0.4%

Shares of NASDAQ IBOC opened at $72.08 on Wednesday. International Bancshares has a 1 year low of $57.11 and a 1 year high of $75.44. The stock has a market cap of $4.48 billion, a P/E ratio of 10.89 and a beta of 0.69. The firm has a 50-day moving average of $69.40 and a 200 day moving average of $68.59. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.76 and a quick ratio of 0.76.

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

International Bancshares Announces Dividend

The business also recently disclosed a dividend, which was paid on Friday, February 27th. Investors of record on Friday, February 13th were given a dividend of $0.73 per share. This represents a yield of 203.0%. The ex-dividend date of this dividend was Friday, February 13th. International Bancshares's dividend payout ratio (DPR) is 22.05%.

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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