International Bancshares (NASDAQ:IBOC) Posts Earnings Results, Misses Estimates By $0.07 EPS

Key Points

• International Bancshares missed quarterly earnings expectations: The bank reported $1.54 in EPS, $0.07 below consensus, while revenue of $214.82 million came in well below the $266.36 million estimate.
• Shares fell 2.1% to $73.55 following the results. Despite the decline, analysts maintain a consensus “Buy” rating with an average price target of $85.00.
• The company declared a $0.73 per-share dividend payable August 28 to shareholders of record August 14, while institutional investors own approximately 65.91% of the stock.

International Bancshares (NASDAQ:IBOC - Get Free Report) announced its quarterly earnings data on Thursday. The bank reported $1.54 EPS for the quarter, missing analysts' consensus estimates of $1.61 by ($0.07), Zacks reports. International Bancshares had a return on equity of 12.82% and a net margin of 38.83%.The company had revenue of $214.82 million for the quarter, compared to analyst estimates of $266.36 million.

International Bancshares Stock Down 2.1%

Shares of International Bancshares stock traded down $1.56 during trading hours on Friday, hitting $73.55. The company had a trading volume of 402,481 shares, compared to its average volume of 300,106. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.77 and a quick ratio of 0.77. International Bancshares has a twelve month low of $63.19 and a twelve month high of $78.46. The company has a market cap of $4.57 billion, a P/E ratio of 11.09 and a beta of 0.69. The company's 50-day moving average is $75.39 and its two-hundred day moving average is $72.11.

International Bancshares Announces Dividend

The business also recently announced a dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 14th will be issued a $0.73 dividend. The ex-dividend date is Friday, August 14th. This represents a dividend yield of 192.0%. International Bancshares's dividend payout ratio is presently 21.79%.

Analysts Set New Price Targets

Separately, Weiss Ratings cut shares of International Bancshares from a "buy (a-)" rating to a "buy (b+)" rating in a report on Friday. One equities research analyst has rated the stock with a Buy rating, According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $85.00.

Institutional Trading of International Bancshares

A number of hedge funds and other institutional investors have recently made changes to their positions in IBOC. AQR Capital Management LLC boosted its stake in shares of International Bancshares by 101.0% during the second quarter. AQR Capital Management LLC now owns 659,381 shares of the bank's stock worth $43,888,000 after buying an additional 331,256 shares during the period. Freestone Grove Partners LP acquired a new position in International Bancshares in the 3rd quarter valued at about $18,330,000. Price T Rowe Associates Inc. MD increased its position in International Bancshares by 447.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 268,654 shares of the bank's stock valued at $17,850,000 after acquiring an additional 219,578 shares during the period. Millennium Management LLC raised its stake in International Bancshares by 56.6% during the 3rd quarter. Millennium Management LLC now owns 603,574 shares of the bank's stock valued at $41,496,000 after acquiring an additional 218,039 shares during the last quarter. Finally, First Trust Advisors LP raised its stake in International Bancshares by 7.4% during the 4th quarter. First Trust Advisors LP now owns 1,364,148 shares of the bank's stock valued at $90,634,000 after acquiring an additional 93,610 shares during the last quarter. Institutional investors and hedge funds own 65.91% of the company's stock.

About International Bancshares

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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