The Manufacturers Life Insurance Company Purchases New Position in International Bancshares Corporation $IBOC

The Manufacturers Life Insurance Company acquired a new position in shares of International Bancshares Corporation (NASDAQ:IBOC) during the 2nd quarter, Holdings Channel reports. The fund acquired 51,636 shares of the bank’s stock, valued at approximately $3,922,000.

Other institutional investors have also recently bought and sold shares of the company. 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 in the last quarter. Hantz Financial Services Inc. boosted its position 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 purchasing an additional 221 shares in the last quarter. Quadrant Capital Group LLC boosted its position 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 purchasing an additional 232 shares in the last quarter. Allworth Financial LP acquired a new position in shares of International Bancshares in the 2nd quarter valued at $42,000. Finally, Versant Capital Management Inc grew its holdings in shares of International Bancshares by 35.8% in the 2nd quarter. Versant Capital Management Inc now owns 596 shares of the bank’s stock valued at $45,000 after buying an additional 157 shares during the period. Institutional investors and hedge funds own 65.91% of the company’s stock.

International Bancshares Trading Down 0.7%

International Bancshares stock opened at $69.64 on Wednesday. The firm has a 50-day moving average of $74.62 and a 200-day moving average of $72.19. International Bancshares Corporation has a one year low of $63.19 and a one year high of $78.46. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.77 and a quick ratio of 0.77. The company has a market cap of $4.33 billion, a price-to-earnings ratio of 10.50 and a beta of 0.67.

International Bancshares (NASDAQ:IBOC) last released its earnings results on Thursday, August 6th. The bank reported $1.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.61 by ($0.07). International Bancshares had a return on equity of 12.67% and a net margin of 38.83%.The company had revenue of $214.82 million for the quarter, compared to the consensus estimate of $264.13 million.

International Bancshares Announces Dividend

The business also recently declared a dividend, which was paid on Friday, August 28th. Shareholders of record on Friday, August 14th were given a dividend of $0.73 per share. The ex-dividend date of this dividend was Friday, August 14th. This represents a dividend yield of 199.0%. International Bancshares’s payout ratio is 22.02%.

Analysts Set New Price Targets

Separately, Weiss Ratings downgraded International Bancshares from a “buy (b+)” rating to a “buy (b)” rating in a research note on Friday, August 21st. One analyst has rated the stock with a Buy rating, According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $85.00.

International Bancshares 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.