International Bancshares (IBOC) Upgraded by BidaskClub to “Hold”

BidaskClub upgraded shares of International Bancshares (NASDAQ:IBOC) from a sell rating to a hold rating in a research note published on Friday.

IBOC traded down $0.86 on Friday, hitting $40.48. 465,900 shares of the company traded hands, compared to its average volume of 184,778. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.54. The company has a market cap of $2.98 billion, a PE ratio of 15.73 and a beta of 1.46. International Bancshares has a 12-month low of $36.65 and a 12-month high of $47.95.

International Bancshares (NASDAQ:IBOC) last posted its quarterly earnings data on Tuesday, August 7th. The bank reported $0.79 EPS for the quarter. The firm had revenue of $144.58 million during the quarter. International Bancshares had a return on equity of 10.38% and a net margin of 31.78%.

The firm also recently announced a semiannual dividend, which will be paid on Tuesday, October 16th. Stockholders of record on Tuesday, October 9th will be paid a dividend of $0.42 per share. This represents a dividend yield of 1.87%. This is an increase from International Bancshares’s previous semiannual dividend of $0.33. The ex-dividend date of this dividend is Friday, October 5th.

In other news, Director Antonio R. Sanchez, Jr. sold 200,000 shares of the stock in a transaction that occurred on Wednesday, September 5th. The stock was sold at an average price of $46.78, for a total transaction of $9,356,000.00. Following the completion of the transaction, the director now directly owns 1,865,131 shares of the company’s stock, valued at approximately $87,250,828.18. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 17.12% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. BlackRock Inc. raised its stake in shares of International Bancshares by 4.1% during the 2nd quarter. BlackRock Inc. now owns 6,207,064 shares of the bank’s stock worth $265,662,000 after buying an additional 246,596 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of International Bancshares by 1.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,755,301 shares of the bank’s stock worth $203,529,000 after buying an additional 71,715 shares in the last quarter. Millennium Management LLC grew its holdings in shares of International Bancshares by 12.4% in the 1st quarter. Millennium Management LLC now owns 1,282,237 shares of the bank’s stock worth $49,879,000 after acquiring an additional 141,671 shares during the period. Schwab Charles Investment Management Inc. grew its holdings in shares of International Bancshares by 9.8% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 616,168 shares of the bank’s stock worth $26,372,000 after acquiring an additional 55,192 shares during the period. Finally, Foundry Partners LLC grew its holdings in shares of International Bancshares by 6.6% in the 1st quarter. Foundry Partners LLC now owns 411,681 shares of the bank’s stock worth $16,014,000 after acquiring an additional 25,471 shares during the period. 58.00% of the stock is owned by institutional investors and hedge funds.

About International Bancshares

International Bancshares Corporation, a financial holding company, provides commercial and retail banking services. It accepts checking and saving deposits; and offers commercial, real estate, personal, home improvement, automobile, and other installment and term loans. The company also provides international banking services, including letters of credit, commercial and industrial loans, and foreign exchange.

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