International Bancshares (NASDAQ:IBOC) Issues Earnings Results, Misses Expectations By $0.07 EPS

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

International Bancshares Price Performance

NASDAQ:IBOC traded down $1.56 during trading hours on Friday, hitting $73.55. 402,481 shares of the stock were exchanged, compared to its average volume of 300,106. International Bancshares has a 52-week low of $63.19 and a 52-week high of $78.46. The firm’s fifty day moving average price is $75.39 and its 200 day moving average price is $72.11. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.04. The company has a market cap of $4.57 billion, a P/E ratio of 11.09 and a beta of 0.69.

International Bancshares Dividend Announcement

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

Hedge Funds Weigh In On International Bancshares

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. increased its position in shares of International Bancshares by 2.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,277,879 shares of the bank’s stock worth $151,342,000 after purchasing an additional 45,980 shares in the last quarter. First Trust Advisors LP lifted its holdings in International Bancshares by 7.4% in the 4th quarter. First Trust Advisors LP now owns 1,364,148 shares of the bank’s stock valued at $90,634,000 after purchasing an additional 93,610 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its holdings in International Bancshares by 6.9% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,091,549 shares of the bank’s stock valued at $72,523,000 after purchasing an additional 70,193 shares in the last quarter. AQR Capital Management LLC boosted its stake in International Bancshares by 101.0% during the 2nd quarter. AQR Capital Management LLC now owns 659,381 shares of the bank’s stock worth $43,888,000 after purchasing an additional 331,256 shares during the last quarter. Finally, Millennium Management LLC boosted 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 worth $41,496,000 after purchasing an additional 218,039 shares during the last quarter. Hedge funds and other institutional investors own 65.91% of the company’s stock.

Analyst Upgrades and Downgrades

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

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About International Bancshares

(Get Free Report)

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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Earnings History for International Bancshares (NASDAQ:IBOC)

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