Lazard Asset Management LLC Makes New $1.74 Million Investment in International Bancshares Corporation $IBOC

Lazard Asset Management LLC acquired a new position in shares of International Bancshares Corporation (NASDAQ:IBOC) in the first quarter, HoldingsChannel.com reports. The institutional investor acquired 25,872 shares of the bank’s stock, valued at approximately $1,741,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. Weiss Asset Management LP purchased a new stake in shares of International Bancshares during the 1st quarter worth $1,421,000. Entropy Technologies LP boosted its position in shares of International Bancshares by 143.7% during the 1st quarter. Entropy Technologies LP now owns 9,937 shares of the bank’s stock worth $669,000 after acquiring an additional 5,859 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in shares of International Bancshares by 14.0% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 8,158 shares of the bank’s stock valued at $549,000 after acquiring an additional 999 shares during the last quarter. Inceptionr LLC purchased a new position in shares of International Bancshares in the 1st quarter valued at about $438,000. Finally, Sei Investments Co. raised its position in shares of International Bancshares by 28.2% during the 1st quarter. Sei Investments Co. now owns 6,843 shares of the bank’s stock worth $460,000 after acquiring an additional 1,505 shares in the last quarter. Institutional investors and hedge funds own 65.91% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings upgraded shares of International Bancshares from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Thursday, July 23rd. One analyst has rated the stock with a Strong Buy rating, Based on data from MarketBeat, the company presently has an average rating of “Strong Buy” and a consensus target price of $85.00.

International Bancshares Stock Down 0.4%

Shares of NASDAQ IBOC opened at $76.22 on Tuesday. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.04. International Bancshares Corporation has a 52-week low of $63.19 and a 52-week high of $78.46. The business has a 50-day moving average price of $75.17 and a 200 day moving average price of $71.98. The stock has a market cap of $4.74 billion, a PE ratio of 11.38 and a beta of 0.68.

International Bancshares (NASDAQ:IBOC) last posted its quarterly earnings data on Thursday, May 7th. The bank reported $1.64 earnings per share for the quarter, missing the consensus estimate of $1.68 by ($0.04). The firm had revenue of $208.46 million during the quarter, compared to analyst estimates of $257.28 million. International Bancshares had a net margin of 39.33% and a return on equity of 13.16%.

International Bancshares Dividend Announcement

The firm 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. This represents a dividend yield of 192.0%. The ex-dividend date of this dividend is Friday, August 14th. International Bancshares’s dividend payout ratio is presently 21.79%.

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.